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Higher Financial Criteria for Study Permits Come Into Effect
From September 1, 2025, international students applying for a Canadian study permit must show they have more money available to support themselves. The required funds have increased by $2,260 CAD, bringing the total to $22,895 CAD for a single applicant.
This new financial threshold applies to all study permit applications submitted on or after September 1. The required amount will be higher if family members are accompanying the student. Importantly, this proof of funds is separate from tuition and travel expenses, meaning applicants must budget for both.
Updated Financial Requirement Explained
Immigration, Refugees and Citizenship Canada (IRCC) now asks students not only to prove they can cover living expenses but also to demonstrate how they plan to pay tuition at their Designated Learning Institution (DLI).
| Number of family members | New fund requirement (Sept 1, 2025, onward) | Change from previous requirement |
| 1 (The principal applicant) | $22,895 | +$2,260 |
| 2 | $28,502 | +$2,812 |
| 3 | $35,040 | +$3,457 |
| 4 | $42,543 | +$4,197 |
| 5 | $48,252 | +$4,760 |
| 6 | $54,420 | +$5,369 |
| 7 | $60,589 | +$5,978 |
| Each additional member | $6,170 | +$611 |
Requirements for Quebec-Bound Students
Students planning to study in Quebec must follow an extra step before applying for a study permit. They first need a Quebec Acceptance Certificate (CAQ), as Quebec manages its own immigration system.
This means applicants must prove funds twice once to Quebec’s Ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI) and once to IRCC. However, the same financial evidence can be used for both applications.
To obtain a CAQ, students must show they can cover:
- Tuition fees charged by their institution
- Enrollment-related costs required by the DLI
- Transportation to and from Canada
- One year of living expenses
- Settlement funds (set at $500 CAD for 2025)
- Health and hospital insurance (unless already covered by a plan or agreement with Quebec)
Living Expense:
| Family Composition | Funds Required (CAN$) |
| One person under the age of 18 – principal applicant | $7,756 |
| One person aged 18 and over | $15,508 |
| Two people aged 18 and over | $22,745 |
| Two people aged 18 and over and one person under 18 | $25,479 |
| Two people aged 18 and over and two people under 18 | $27,499 |
Acceptable Proof of Funds for Study Permits
To meet these requirements, international students must provide supporting documents with their applications. IRCC accepts several types of proof, such as:
- Receipts for tuition or accommodation already paid
- Bank account evidence in Canada under the student’s name
- A Guaranteed Investment Certificate (GIC)
- An approved student loan from a recognized bank
- Bank statements covering at least the last four months
- A bank draft in Canadian dollars (or easily converted currency)
- A letter of financial support from a sponsor, with proof of available funds
- Scholarship or Canadian program funding confirmation
IRCC may ask for additional documents depending on the applicant’s home country or financial situation. Students from nations with foreign exchange restrictions must also show proof that they are legally allowed to transfer money to Canada.