Canada will increase the minimum funds international students must show when applying for a study permit from September 1, 2026.
The new requirement will apply to students planning to study outside Quebec. According to Immigration, Refugees and Citizenship Canada (IRCC), a single applicant must show at least CAD 23,448 for living expenses.
The current requirement stands at CAD 22,895 for applications submitted between January 1, 2025, and August 31, 2026. Therefore, the new requirement represents an increase of CAD 553.
Importantly, the amount only covers living expenses for one year. Applicants must also prove they can pay their tuition fees and transportation costs to and from Canada.
Canada Updates Required Funds for Families
The financial requirement increases when students bring family members to Canada. From September 1, 2026, applicants must meet the following minimum amounts.
A family of two, including the student, must show CAD 29,192. For three family members, the requirement rises to CAD 35,888.
Meanwhile, a family of four must demonstrate CAD 43,572. Five family members require CAD 49,419, while six require CAD 55,736.
For seven family members, the minimum amount reaches CAD 62,054. Applicants must show an additional CAD 6,318 for each family member beyond seven.
Students Must Prove Financial Stability
IRCC requires students to demonstrate sufficient funds for themselves and accompanying family members. They must show that they can cover their expenses without relying on employment in Canada.
Furthermore, students entering programs longer than one year must demonstrate funds for their first year. They must also explain how they plan to finance the remaining period of their studies.
Applicants can provide several documents as proof of financial support. These include Canadian bank accounts, Guaranteed Investment Certificates, student loans, scholarships, and bank statements.
Additionally, applicants can submit employment pay stubs, pension documents, rental income records, or evidence of financial support from another person or institution.
Bank statements may cover the previous six months. Applicants may also need to provide documents explaining the source of their income.
Students living in countries with foreign exchange controls must provide further evidence. They need to demonstrate that they can transfer enough money to Canada for their expenses.
Quebec Has Separate Financial Requirements
The new financial amounts will apply across Canada except Quebec. Students planning to study in Quebec must meet separate financial requirements linked to the Quebec Acceptance Certificate (CAQ).
IRCC updates study permit financial requirements annually to reflect changes in living costs. The adjustments also aim to ensure international students have adequate resources during their studies.
Therefore, prospective students should review the latest financial requirements before submitting their study permit applications. They should also account for tuition, travel, and other expenses beyond the required living-cost amount.
