Canada Increases Financial Requirement For Study Permits

International students planning to study in Canada will soon need more money to apply for a study permit. Starting September 1, 2025, they must show higher proof of funds to cover their living costs.

Details of the Update
On June 2, 2025, Canada’s immigration department announced the new requirement. From September 1, students applying for a study permit must show they have $22,895 as yearly living expenses. This is for a single person and does not include tuition or travel costs. That’s a jump from the current amount of $20,635.

This change applies to students heading to any province or territory in Canada, except Quebec.

Why the Increase?
The Canadian government reviews and adjusts the financial requirements every year. The updates help match the rising cost of living across the country. The new numbers make sure that students have enough money to live comfortably while they study.

Updated Proof of Funds Table
Here’s the new chart showing how much money is needed, depending on how many people are in the family:

This new rule will only affect applications submitted on or after September 1, 2025. Students applying before that date will still follow the current rules.

How to Prove You Have Enough Money
Canada accepts several documents to prove financial support. Students can use any of the following:

• A Canadian bank account in their name with transferred funds.
  
• A Guaranteed Investment Certificate (GIC) from a Canadian bank.
  
• A student or education loan from a bank.
  
• Bank statements from the past four months.
  
• A bank draft in Canadian dollars.
  
• A letter from the person or school providing financial support.
  
• Proof of funding from a Canadian scholarship or educational program.
  

These documents help the immigration officers confirm that students can support themselves financially while in Canada.

Who Needs to Worry About This?
Anyone applying for a Canadian study permit after September 1, 2025, must follow these new financial rules. Whether you're going alone or with your family, you must show proof that you have enough money to cover your stay.