Foreign nationals applying for a Canadian study permit will soon need to demonstrate over $2,000 in additional financial support.
Immigration, Refugees and Citizenship Canada (IRCC) has updated the financial requirements for international students applying for a study permit. Effective September 1, 2025, applicants must show higher proof of funds to cover living expenses, in addition to the first year’s tuition and travel costs.
For a single applicant, the required minimum funds will rise from $20,635 to $22,895.
This change, announced on June 2, 2025, applies to students studying in all Canadian provinces and territories except Quebec.
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International students must provide evidence that they have sufficient funds to support themselves and any accompanying family members while living in Canada. These updates are made annually in accordance with the rising cost of living.
Updated Financial Requirements Effective September 1, 2025
| Family Members (including applicant) | Minimum Funds Required per Year (CAD) |
|---|---|
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each additional family member | $6,170 |
These updated requirements apply to all study permit applications submitted on or after September 1, 2025. The current financial threshold, which took effect on January 1, 2024, remains in place for applications submitted before that date.
Acceptable Proof of Financial Support
IRCC accepts the following documents as proof that an international student can meet the required financial threshold:
- A Canadian bank account in the applicant’s name, showing transferred funds
- A Guaranteed Investment Certificate (GIC) from a participating Canadian bank
- Proof of a student or education loan from a recognized financial institution
- Bank statements from the past four months
- A bank draft convertible to Canadian dollars
- A letter from a sponsor or educational institution providing financial support
- Proof of scholarship or financial assistance from within Canada
These changes aim to ensure that international students are financially prepared for life in Canada. Applicants are encouraged to review the updated requirements carefully and gather the necessary documentation before submitting their applications.
