Canada Raises Study Permit Funds Requirement for International Students

International students who wish to apply for a Canadian study permit need to show greater financial capacity.

From September 1, 2026, a single applicant living outside Quebec needs to demonstrate at least CAD $23,448. The previous first-year living expenses were $22,895, representing an increase of CAD $553.

However, having the required funds alone may not be enough. Canada has also provided clearer guidance on showing financial proof, including the source of funds.

Additionally, the living-expense amount does not include transportation and tuition costs, which candidates must account for separately.

The policy is intended to make sure that applicants can financially support themselves. They should not depend on jobs in Canada to fulfil their basic needs.

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How Much Money Do You Need for Living Expenses?

The table below compares the previous and revised financial requirements based on family size for Canada Study Visa applicants. 

These figures will apply to candidates made on or after September 1, 2026. It is for all territories and provinces except Quebec.

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Proof of Financial Support for Canada Study Permit

Canada requires study permit candidates to show that they have sufficient funds to cover their expenses in Canada. 

Candidates can use different types of financial proof, depending on whether the fee has already been paid, the funds are presently available, or financial support is to be expected. 

Fees Already Paid

Applicants who have already paid their accommodation and tuition costs can submit receipts issued by their universities and colleges. 

However, they still need to submit evidence that they have enough money to fulfill their travel and living expenses. 

Funds Currently Available

Candidates need to show available funds to study in Canada which includes:

• A bank or educational loan.
• A Canadian bank account in their name that holds transferred funds.
• A GIC from a Canadian financial institution.
• Bank statements from Canadian or international accounts for the last six months.
• Documents indicating funds held in a pension plan.
• Evidence of income from rental properties.

Expected Financial Support

Students may also show evidence of financial help that they anticipate receiving, including:

• Scholarship or funding confirmation from a Government of Canada-sponsored 
• educational program.
• Recent work pay slips.
• A financial assistance letter from a person or organization.

The support letter should state the sponsor's relationship with the applicant, employment or occupation, dependents (if any), and the amount they intend to provide. 

Additional documentation may be necessary to prove the link and validate the sponsor's identification or business registration. This can help simplify their pathway to immigrate to Canada. 

These examples are not exhaustive. IRCC may seek extra financial evidence based on the applicant's circumstances and the country of application.

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Source: canada.ca

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