Canada Raises Financial Requirement for Study Permits
International students planning to study in Canada will soon need to demonstrate higher financial capacity when applying for a study permit.
On June 2, 2025, Immigration, Refugees and Citizenship Canada (IRCC) announced that the minimum proof of financial support for study permit applicants will increase as of September 1, 2025. This change applies to applications submitted on or after that date and affects students across all provinces and territories outside of Quebec.
For a single applicant, the new minimum required amount for living expenses alone will rise to CAD $22,895, up from the current CAD $20,635. This is in addition to the first-year tuition and travel expenses, which must also be covered separately.
Updated Financial Thresholds for Study Permits (Effective September 1, 2025)
| Number of Family Members | Minimum Funds Required (CAD) |
|---|---|
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each additional person | +$6,170 |
These figures are reviewed annually by IRCC to reflect changes in the cost of living in Canada. The goal is to ensure that international students and their accompanying family members are financially prepared to live in Canada without hardship.
Who Will Be Affected?
This change applies to all new study permit applicants who submit their application on or after September 1, 2025. Those who submit before September 1, 2025 will be assessed under the current requirement of $20,635 for a single applicant.
The increase affects both independent students and those bringing family members. For example, an applicant bringing a spouse and one child will need to demonstrate access to at least $35,040 in available funds for living costs, in addition to tuition and airfare.
Acceptable Forms of Proof
To meet the financial requirement, applicants must provide verifiable documentation. IRCC accepts the following types of evidence:
• Bank account in the applicant or sponsor’s name
• A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
• Proof of a student or education loan from a financial institution
• Bank statements for the past four months
• A bank draft that can be converted into Canadian dollars
• A letter of financial support from an individual or institution
• Proof of funding from within Canada, such as a scholarship or a Canadian government-funded education program
Applicants are advised to ensure that their documents are clear, current, and traceable to their name or the name of the sponsor. While the new threshold may help filter for students who are better financially prepared, it could also create new challenges for individuals from lower-income backgrounds or countries with weaker currencies. Education consultants, institutions, and applicants alike should factor these changes into their planning for the 2025–2026 academic year.
Final Notes
Students intending to submit a study permit application in the coming months should pay close attention to their submission date. Those who apply before September 1, 2025, will be assessed under the current threshold. However, IRCC will require that all documents clearly reflect the applicant’s capacity to support themselves during their stay in Canada.
