CANADA RAISES FINANCIAL THRESHOLD FOR INTERNATIONAL STUDY PERMIT APPLICANTS
July 11, 2025 2025-07-11 14:21CANADA RAISES FINANCIAL THRESHOLD FOR INTERNATIONAL STUDY PERMIT APPLICANTS
CANADA RAISES FINANCIAL THRESHOLD FOR INTERNATIONAL STUDY PERMIT APPLICANTS
International students seeking to study in Canada will need to demonstrate a higher financial capacity as part of their visa application process. The Immigration, Refugees and Citizenship Canada (IRCC) has revised the minimum financial support requirement for study permits, increasing the amount applicants must show as living expenses.
Effective September 1, 2025, individuals applying for a Canadian study permit will be required to show proof of at least $22,895, an increase of CA$2,260 from the previous amount which was announced on January 1, 2024. This sum is exclusive to tuition fees for the first academic year and travel expenses.
The adjustment, announced by IRCC on June 2, 2025, applies to all provinces and territories outside Quebec and is intended to reflect the rising cost of living across Canada. Applicants must also demonstrate sufficient funds to support any accompanying family members throughout their stay in Canada. This financial benchmark is reviewed and updated annually by Canadian authorities to align with current economic conditions and ensure students are adequately prepared for the cost of living in the country.
| Family members (including the applicant) | Funds required per year |
| 1 | CAN $22,895 |
| 2 | CAN$28,502 |
| 3 | CAN$35,040 |
| 4 | CAN$42,543 |
| 5 | CAN$48,252 |
| 6 | CAN$54,420 |
| 7 | CAN$60,589 |
| Additional family member | CAN$6,170 |
The funds required as proof of financial support for study permits are updated annually.
The current financial threshold, set at $20,635 will still apply to all study permit applications submitted before September 1, 2025.
To meet the cost-of-living requirement, international students should provide various forms of financial proof, including:
- A Canadian or foreign bank account statement in their name or sponsor’s name.
- A Guaranteed Investment Certificate (GIC) from a recognized Canadian bank.
- A student or education loan from a financial institution.
- Recent bank statements covering the past four months.
- A convertible bank draft.
- A letter from a sponsor or institution providing financial support.
- Proof of scholarship or funding from within Canada.
These documents help verify that students can support themselves and any accompanying family while studying in the country.
