Canada has announced an increase in the minimum funds international students must show when applying for a study permit, with the new requirements taking effect on September 1, 2026.
According to Immigration, Refugees and Citizenship Canada (IRCC), a single applicant studying outside Quebec will be required to show at least CAD 23,448 to cover one year of living expenses.
The current requirement is CAD 22,895 for applications submitted between January 1, 2025, and August 31, 2026. This means the minimum requirement for a single applicant will increase by CAD 553 from September.
Importantly, the amount only covers living expenses. Applicants must also demonstrate that they have sufficient funds to pay their tuition fees and transportation costs to and from Canada.
The amount required will increase depending on the number of family members accompanying the student.
| Family Members, Including Applicant | Funds Required From September 1, 2026 |
|---|---|
| 1 | CAD 23,448 |
| 2 | CAD 29,192 |
| 3 | CAD 35,888 |
| 4 | CAD 43,572 |
| 5 | CAD 49,419 |
| 6 | CAD 55,736 |
| 7 | CAD 62,054 |
| Each additional family member | CAD 6,318 |
IRCC requires applicants to prove that they have enough money to support themselves and any accompanying family members without relying on employment in Canada.
Students applying for programs longer than one year must show that they have enough funds for the first year and explain how they plan to finance the remainder of their studies.
Applicants can use different documents as proof of financial support, including Canadian bank accounts, Guaranteed Investment Certificates (GICs), student or education loans from banks, scholarships, bank statements, employment pay stubs, pension documents, rental income, or proof of financial support from another person or institution.
Bank statements may cover the previous six months, including the month in which the application is submitted or the month immediately before it. Applicants may also be required to provide evidence showing the source of their income.
Students living in countries with foreign exchange controls must also prove that they will be able to transfer enough money to Canada to cover their expenses.
The new amounts apply across Canada except Quebec. Students planning to study in Quebec must meet the separate financial requirements associated with obtaining a Quebec Acceptance Certificate (CAQ).
Canada updates its study permit financial requirements each year to keep pace with the cost of living and help protect international students from exploitation.
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