Canada is increasing the amount of financial support international students must show when applying for a study permit. Study in Canada – Parisa Erfani
As announced by Immigration, Refugees and Citizenship Canada (IRCC) on June 2, 2025, the minimum proof of financial support requirement will rise from $20,635 to $22,895 for a single applicant. This amount is in addition to the first year’s tuition and travel expenses.
This change will take effect for study permit applications submitted on or after September 1, 2025, and applies to students studying outside of Quebec in all provinces and territories.
Why the Increase?
Each year, IRCC adjusts the cost-of-living requirement to reflect Canada’s rising living expenses. This adjustment ensures international students are better prepared to support themselves while living and studying in Canada.
New Financial Support Requirements (Effective September 1, 2025)
| Family Members (Including the Applicant) | 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 member (above 7) | +$6,170 |
These figures apply only to applications filed on or after September 1, 2025. Any application submitted before this date will still be assessed under the current requirement of $20,635 for one person, which took effect on January 1, 2024.
Acceptable Proof of Financial Support
To meet the financial requirement, applicants must provide clear evidence of how they will cover their cost of living in Canada. Acceptable documents include:
- A Canadian bank account in the applicant’s name, showing a transferred amount
- A Guaranteed Investment Certificate (GIC) from a Canadian financial institution
- Student or education loan documents from a recognized bank
- Bank statements from the past 4 months
- A bank draft convertible to Canadian dollars
- A letter of financial support from an individual or institution
- Proof of funding such as a scholarship or Canadian-funded educational program
What This Means for International Students
International students planning to study in Canada need to review their financial plans and prepare early to meet the new threshold. Delays in proof of funds can result in rejected applications or postponed studies.
If you’re unsure whether your documents or financial support qualify, consider speaking with an immigration advisor or licensed consultant to ensure your application is complete and compliant.
Canada to increase financial support requirements for international students | CIC News
