Starting September 1, 2025, IRCC is tightening its financial support rules for Canada study permit applicants. As part of an annual review that adjusts financial thresholds in line with inflation and cost of living, Immigration, Refugees and Citizenship Canada (IRCC) has announced a revised minimum fund requirement. International students will now need to show they have over $2,000 more than before on top of their tuition and travel costs.
This means that for a single applicant, the new amount required for living expenses will rise to $22,895, up from $20,635. This change could significantly impact how future students plan their budgets and applications.
New Financial Thresholds for Canada Study Permit
Canada study permit financial requirement is a critical aspect of getting approved. This rule ensures that international students can support themselves (and accompanying family members) without relying on public resources.
Here’s a quick snapshot of what’s changing from September 1, 2025:
| Family Size | Funds Required Per Year (CAD) |
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each Additional | $6,170 |
These amounts do not include tuition fees or travel expenses. The update affects all provinces and territories outside Quebec.
What Proof of Funds Is Accepted by IRCC?
To meet the new Canada study permit financial requirement, IRCC accepts the following documents as proof:
- A Canadian bank account in the student’s name (with transferred funds)
- A Guaranteed Investment Certificate (GIC) from a participating financial institution
- A loan document for student or educational purposes
- Bank statements for the last 4 months
- Bank drafts convertible to Canadian dollars
- A letter from a sponsor or institution funding the student
- Evidence of scholarship or a Canadian government-funded program
Students must be ready to provide original documents and ensure the funds are easily accessible.
Who Is Affected by the Change?
This change applies to all new study permit applicants submitting applications on or after September 1, 2025. Those applying before this date will be evaluated using the current $20,635 requirement. It’s important to note that Quebec has a different requirement system due to its separate immigration agreement with the federal government.
Why Is Canada Making This Move?
The IRCC updates financial benchmarks annually to reflect the real cost of living in Canada. With rising housing, food, and transportation costs, this change aims to ensure that international students:
- Have enough funds to support themselves comfortably
- Do not fall into financial difficulty after arriving
- Can focus on education rather than survival
The federal government is also addressing concerns about overcrowding in institutions, the strain on housing markets, and gaps in student support services.
Plan Early for the New Canada Study Permit Financial Requirement
International students dreaming of studying in Canada must begin preparing now. With the Canada study permit financial requirement increasing from September 1, 2025, early budgeting and accurate documentation are more important than ever. The update may seem steep, but with proper planning, it’s manageable. For those needing help evaluating financial readiness, our team at ImmigCanada can help guide you through every step of the application process. Stay tuned for more Canada immigration updates and subscribe to ImmigCanada blog for accurate, timely news that impacts your future.
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