Study Permit - New Financial Requirements
Starting September 1, 2025, the minimum proof of funds required for study permit applications (outside Quebec) will increase by 10.95%, bringing the amount for a single applicant to CAD 22,895. This figure excludes tuition fees for the first year and travel costs, which must also be covered. For students bringing family members, the requirements scale based on family size. According to IRCC, the new minimums are as follows:
1 person: CAD 22,895
2 people: CAD 28,502
3 people: CAD 35,040
4 people: CAD 42,543
For each additional family member beyond four, an extra CAD 7,147 is required. These amounts are designed to cover living expenses such as rent (approximately CAD 1,200–1,800/month in major cities), groceries (CAD 300–500/month), transportation (CAD 100–150/month), and other essentials, with some room for leisure activities.
For students planning to study in Quebec, financial requirements differ due to the province’s unique immigration policies. While IRCC oversees study permits, Quebec sets its own cost-of-living thresholds, which are expected to be updated soon. Applicants to Quebec institutions should check the official IRCC website or Quebec’s immigration portal for the latest figures.
Why the Increase? The 10.95% increase is driven by Canada’s rising cost of living, particularly in housing, food, and transportation. IRCC’s goal is to ensure international students can afford to live comfortably while focusing on their studies, without facing financial hardship. The adjustment aligns with Statistics Canada’s LICO, which is updated annually to reflect inflation and economic changes. By raising the financial threshold, IRCC aims to reduce the risk of students arriving in Canada only to find their funds inadequate, a problem that became evident when the requirement remained at CAD 10,000 for too long.
Acceptable Proof of Funds
To meet the financial requirement, applicants must provide verifiable evidence of sufficient funds. Acceptable forms of proof include:
Canadian bank account: A statement showing funds transferred to a Canadian bank account in the applicant’s name.
Guaranteed Investment Certificate (GIC): A GIC from a participating Canadian financial institution, such as those offered through the Student Direct Stream (SDS) program.
Bank statements: Statements from the past four months showing consistent funds.
Proof of a student loan: Documentation from a bank or financial institution confirming a loan.
Bank draft: A draft in Canadian dollars that can be converted to cash.
Paid tuition and housing fees: Receipts showing prepaid expenses.
Scholarship or funding letters: Official letters from institutions or governments confirming financial support.
Affidavit of support: For funds from a sponsor (e.g., a parent), accompanied by their bank statements and proof of relationship.
Funds must be readily accessible and not tied to assets like property or investments that cannot be quickly liquidated. Applicants should ensure their documentation is recent, clear, and translated into English or French if necessary.
