Canada Updates Proof of Funds Rules for Student Visas
New Cost-of-Living Standards Set for 2025
In its latest announcement, Immigration, Refugees and Citizenship Canada (IRCC) revealed that students planning to study in Canada will need to show increased financial backing to qualify for a study permit. The changes reflect a proactive effort to align with inflation and rising living expenses across the country.
New Financial Requirements for Study Applicants
As part of the revised criteria, solo applicants will now need to prove they have at least CAD $22,895 available to cover living expenses during their first year in Canada. This amount is exclusive of tuition fees and travel costs and must be shown separately when applying for a study permit.
For applicants bringing dependents or family members, the financial requirement scales accordingly:
| Family Size | Minimum Required Funds (Annual) |
|---|---|
| 1 person (student only) | CAD $22,895 |
| 2 people | CAD $28,502 |
| 3 people | CAD $35,040 |
| 4 people | CAD $42,543 |
| 5 people | CAD $48,252 |
| 6 people | CAD $54,420 |
| 7 people | CAD $60,589 |
| Additional family member | CAD $6,170 |
These figures represent a significant increase from the earlier requirement of CAD $20,635 for a single applicant, which had been in effect since January 1, 2024.
Effective Date and Applicability
The updated financial criteria will only apply to applications submitted on or after September 1, 2025. Individuals who apply prior to that date will be assessed under the current 2024 standards.
These adjustments are applicable to international students attending institutions across all Canadian provinces and territories, except Quebec, which has its own separate financial guidelines for study permits.
Purpose Behind the Update
How Can Students Demonstrate Financial Readiness?
- Statements from a Canadian bank account under the student’s name.
- A Guaranteed Investment Certificate (GIC) issued by a participating financial institution in Canada.
- Valid student loan approval documents from recognized banks.
- Bank statements for the past four months.
- A bank draft that can be converted into Canadian currency.
- A signed letter confirming financial support from a family member, friend, or institution.
- Confirmation of scholarships, bursaries, or financial aid issued from within Canada.
Students Urged to Plan Ahead
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