In a move aimed at better supporting international students amid Canada’s increasing living costs, Immigration, Refugees and Citizenship Canada (IRCC) has announced updated financial support requirements for study permit applicants. Starting September 1, 2025, students must demonstrate access to significantly higher funds before they can be approved to study in Canada.
The new financial benchmark for a single applicant has been raised to CAD 22,895, marking a substantial increase from the previous threshold of CAD 20,635. This amount is required in addition to the first year’s tuition fees and travel expenses, and applies to study permit applications submitted from September onward.
Also Read Canada Tightens Financial Rules for Study Permits
Why the Increase?
Canada updates these minimum financial thresholds every year to match the country’s rising cost of living. The adjustment helps ensure that international students and their families are adequately prepared to support themselves while studying in the country. It also aims to reduce instances of financial hardship, which could lead to violations of study permit conditions.
“This update is part of Canada’s commitment to ensure international students are set up for success, both academically and financially,” IRCC stated in the announcement made on June 2, 2025.
Who Is Affected?
The new policy will impact all international students applying to institutions outside Quebec, who are planning to arrive in Canada on or after September 1, 2025. Students applying before this date will continue to be assessed under the current 2024 financial criteria.
The revised living expense requirements vary based on the number of family members accompanying the student. Here’s a breakdown:
| Number of People (Including Student) | Minimum Funds Required (Per Year) |
| 1 | CAD $22,895 |
| 2 | CAD $28,502 |
| 3 | CAD $35,040 |
| 4 | CAD $42,543 |
| 5 | CAD $48,252 |
| 6 | CAD $54,420 |
| 7 | CAD $60,589 |
| Each additional member | CAD $6,170 |
Acceptable Forms of Proof of Funds
To meet the financial requirement, applicants must submit valid documentation as part of their study permit application. IRCC recognizes several forms of proof, including:
- Canadian bank account statements in the applicant’s name (if funds have already been transferred to Canada).
- A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution.
- Documentation for a student loan or educational loan from a recognized financial institution.
- Bank statements from the past four months.
- A convertible bank draft made out in Canadian dollars.
- A formal letter from a sponsor or educational institution confirming financial support.
- Proof of Canadian scholarships or bursaries, if applicable.
Planning Ahead: What Applicants Should Know
The new financial requirements reflect Canada’s ongoing adjustments to maintain a fair, transparent, and economically viable immigration system for students. Prospective applicants are strongly advised to prepare their finances well in advance and ensure that all documentation meets IRCC’s standards.
With this update, Canada continues to position itself as a top destination for international education—while also emphasizing the importance of financial preparedness in ensuring student success.
For those aiming to study in Canada in 2025 or beyond, early planning and financial readiness will be more important than ever.
Stay Informed
To avoid delays or refusals, international students should consult the official IRCC website or work with certified immigration consultants to verify that their documents meet the updated criteria.
