As of September 1, 2025, new financial requirements for study permits have officially taken effect. International students planning to pursue their education in Canada will now need to demonstrate a higher amount of proof of funds in order to qualify for a study permit. The updated requirement means that a single applicant must now show at least CAD $22,895, which is an increase of CAD $2,260 compared to the earlier threshold.
This new benchmark, set by Immigration, Refugees and Citizenship Canada (IRCC), is designed to ensure that incoming international students are financially capable of supporting themselves throughout their stay in the country. The adjustment is part of Canada’s ongoing review of its student immigration policies, which aim to balance student welfare with sustainable immigration management.
Who is affected by this change?
The revised proof of funds requirement applies to all new study permit applications submitted on or after September 1, 2025. It is important to note that the proof of funds requirement is completely separate from tuition fees and transportation costs. This means applicants must be prepared to show that they can cover living expenses in addition to their tuition at their Designated Learning Institution (DLI).
Furthermore, the amount increases based on the number of family members an applicant is bringing with them. For instance, while a single student must show CAD $22,895, a family of four will need to show CAD $42,543. The higher the family size, the higher the funds required.
Updated Fund Requirements for Study Permits
Here’s a detailed breakdown of the new financial thresholds effective September 1, 2025:
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1 person (principal applicant): CAD $22,895 (+$2,260)
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2 family members: CAD $28,502 (+$2,812)
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3 family members: CAD $35,040 (+$3,457)
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4 family members: CAD $42,543 (+$4,197)
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5 family members: CAD $48,252 (+$4,760)
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6 family members: CAD $54,420 (+$5,369)
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7 family members: CAD $60,589 (+$5,978)
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Each additional family member: CAD $6,170 (+$611)
Applicants must also show how they plan to pay their tuition fees separately, meaning the proof of funds is not a substitute for tuition coverage.
Special requirements for students in Quebec
Quebec operates under a separate immigration system, and international students wishing to study there must first apply for a Quebec Acceptance Certificate (CAQ) before submitting a study permit application to IRCC.
Because of this, students heading to Quebec must meet two sets of proof of funds requirements—one for the Ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI) in Quebec and another for IRCC. However, the same funds can be used to satisfy both requirements.
To obtain a CAQ, students must prove they can cover:
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Tuition fees for their chosen program
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Enrollment-related costs at the institution
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Round-trip transportation expenses
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Living expenses for themselves and any dependents
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Settlement funds (CAD $500 for 2025)
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Health insurance costs (unless covered by valid Quebec health insurance or a social security agreement)
Living expense benchmarks for Quebec applicants include:
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One person under 18: CAD $7,756
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One person over 18: CAD $15,508
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Two adults: CAD $22,745
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Two adults + one child: CAD $25,479
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Two adults + two children: CAD $27,499
How can international students prove their funds?
IRCC requires applicants to provide documentary evidence that they have sufficient financial resources. This step is critical, as incomplete or unconvincing financial proof often leads to study permit refusals.
Accepted forms of proof include:
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Receipts for tuition and housing payments (with proof of at least the first year’s tuition covered).
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Canadian bank account statements in the applicant’s name showing transferred funds.
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Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution.
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Education or student loan documents approved by a recognized bank.
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Bank statements for the past four months from Canadian or foreign banks.
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Bank drafts in Canadian dollars (or easily convertible currency).
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Letter of financial support from an individual or institution, with additional proof of available funds.
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Scholarship or sponsorship documents if applicable.
Applicants from countries with foreign exchange restrictions must also prove they are legally permitted to transfer funds out of their country.
Why these changes matter
The rising cost of living in Canada has prompted IRCC to update these requirements. The government wants to ensure that international students are not left financially vulnerable upon arrival, especially given the challenges of securing part-time work or adjusting to new living conditions.
For prospective students, this means more careful financial planning before applying. Having clear documentation, such as bank statements, GICs, or sponsorship letters, is now more critical than ever.
Final Thoughts
Canada remains one of the most sought-after destinations for international students, offering world-class education, multicultural exposure, and post-graduation opportunities. However, with the new proof of funds requirement now in place, students must ensure they are financially prepared before submitting their study permit applications.
By carefully planning finances, gathering proper documentation, and staying updated with IRCC policies, international students can still achieve their academic and career goals in Canada while meeting the country’s updated immigration standards.
