Canada to Increase Study Permit Financial Requirements from September 2025
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International students planning to study in Canada will soon need to provide higher financial support when applying for their study permit. Immigration, Refugees and Citizenship Canada (IRCC) announced that, starting September 1, 2025 applicants demonstrate increased funds to cover their cost of living in Canada.
For a single applicant, the minimum financial requirement, excluding the 1st year tuition and travel expenses, would witness a rise from CAD 20,635 to CAD 22,895. This change was announced on June 2, 2025 and affects all provinces and territories, except Quebec.
This adjustment aligns with Canada's annual updates to reflect rising living costs. Applicants must show they can financially support themselves and any accompanied family members for the duration of their stay.
Updated Proof of Funds Requirement Effective From September 1, 2025
| Number of Family Members | Required Funds (CAD/ year) |
|---|---|
| 1 | 22,895 |
| 2 | 28,502 |
| 3 | 35,040 |
| 4 | 42,543 |
| 5 | 48,252 |
| 6 | 54,420 |
| 7 | 60,589 |
| Each additional member | 6,170 |
The updated proof of funds amounts are in addition to tuition fees and travel expenses
Learn How to Show Proof of Funds for Canada Immigration in 2025?
Accepted Proof of Financial Support By Canada
To meet the proof of funds requirements international students can submit any of the following documents:
- A Canadian bank account statement in their name showing transport funds.
- A Guaranteed Investment Certificate (GIC) from a recognised Canadian financial institution.
- Proof of a student loan or education loan from a bank
- Bank statements from the past four months
- A bank draft convertible to Canadian dollars
- Letter confirming financial support from an individual or institution
- Proof of internal Canadian funding, such as scholarships or sponsorship.
Students applying before September 1, 2025 would still follow the current financial thresholds, which was introduced on January 1, 2024
Explore What is GIC Canada for International Students along with the 9 Financial Documents Required to Study Abroad in 2025
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