Canada has increased the minimum amount of funds required for study permits for foreign students. Immigration, Refugees and Citizenship Canada (IRCC) has revised its proof of financial assistance criteria for study permit applications, requiring international students to provide over $ 2,000 in additional funding.
The minimum required funds for a family of one, including first-year tuition and travel costs, will rise from $20,635 to $22,895. The change, announced on June 2, 2025, will apply to international students applying for a study permit on or after September 1, 2025.
This policy applies to international students studying in all provinces and territories outside Quebec.
Canada needs proof of financial support for you to prove that you have enough money, without working in Canada, to pay for tuition fees for the course or program of studies, living expenses for yourself and the family members who come with you while you’re in Canada and, transportation to and from Canada for yourself and your accompanying family members.
You must provide at least one of the following:
Proof you paid your tuition and housing fees. For multiple-year programs, you must prove you paid your first year’s tuition.
Proof that you can pay for living expenses and transportation costs. For this, you can provide proof of a Canadian bank account in your name, if you’ve transferred money to Canada, or a Guaranteed Investment Certificate (GIC) or proof of a student or education loan from a bank, or your bank statements for the past 4 months.
The current requirement, effective from January 1, 2024, will continue to apply to all study applications submitted before September 1, 2025. Canada updates financial support requirements annually to accommodate rising living costs.
Funds required for those applying for a study permit on or after September 1, 2025 for all provinces/territories except Quebec:
If the number of family members (including the applicant) is 1, then the amount of funds required per year (not including tuition) will be CAN$22,895.
If the number of family members (including the applicant) is 2, then the amount of funds required per year (not including tuition) will be CAN$28,502.
If the number of family members (including the applicant) is 3, then the amount of funds required per year (not including tuition) will be CAN$35,040.