Increased Fund Requirements for Study Permits Take Effect
Starting September 1, 2025, international students applying for a Canadian study permit will need to demonstrate a higher level of financial resources. This change, announced by Immigration, Refugees and Citizenship Canada (IRCC), aims to reflect the rising cost of living in Canada.
The updated requirements ensure that students have sufficient funds to cover living expenses, separate from tuition and travel costs. For a single applicant, the minimum required amount for living expenses has increased to CAN $22,895 per year, up from $20,635.
The required amount scales with the number of accompanying family members. For each additional person, an extra $6,170 is needed. This applies to all provinces and territories except Quebec, which sets its own financial requirements.
Here’s a breakdown of the new minimum funds required for study permit applicants, effective September 1, 2025:
- 1 person: $22,895
- 2 people: $28,502
- 3 people: $35,040
- 4 people: $42,543
- 5 people: $48,252
- 6 people: $54,420
- 7 people: $60,589
- Each additional person: $6,170
These funds are strictly for living expenses and do not cover tuition or travel costs. Applicants must also provide proof of funds for the first year’s tuition and travel expenses separately.
Acceptable evidence of funds includes bank statements, student loan documents, or scholarship letters. IRCC updates these requirements annually to align with inflation and the increasing cost of living in Canada.
The new rules apply to applications submitted on or after September 1, 2025. Applications received before this date will be assessed under the previous, lower thresholds.
Prospective international students should plan accordingly, as IRCC will strictly assess the availability of these funds at the time of application. Failing to meet the requirements may result in the refusal of the study permit.
Key Changes and Implications for International Students
What’s Included and Excluded
The minimum funds requirement is specifically for living expenses, such as housing, food, and daily needs. It does not cover tuition fees or travel expenses. Applicants must provide separate proof of funds for at least the first year’s tuition and travel costs.
Acceptable evidence of these funds includes bank statements, student loan documents, or scholarship letters. IRCC requires clear and verifiable proof that the funds are readily available to support the applicant and any accompanying family members during their stay in Canada.
Rationale and Scope
The IRCC updates these financial requirements annually to account for inflation and the rising cost of living in Canada. This policy aims to ensure that international students have sufficient resources to support themselves financially without relying on public funds or facing financial hardship after arriving in Canada.
By adjusting the proof-of-funds threshold, the Canadian government seeks to balance the needs of international students with the country’s economic and social goals. This ensures that students can focus on their academic pursuits without undue financial stress.
Transition and Application
The new financial requirements will apply to all study permit applications submitted on or after September 1, 2025. Applications received before this date will be assessed under the previous, lower thresholds.
It’s important to note that these requirements apply to all provinces and territories outside Quebec. Quebec sets its own financial thresholds for international students, which may differ from the federal requirements. Applicants planning to study in Quebec should consult the specific requirements set by the province.
Summary of Impact
Prospective international students should budget for the higher proof-of-funds threshold and plan ahead to ensure they meet the new requirements. IRCC will strictly assess the availability of these funds at the time of application, and failing to meet the requirements may result in the refusal of the study permit.
By updating the financial requirements, Canada is taking steps to ensure that international students are well-prepared to manage the higher cost of living and successfully complete their studies without facing financial difficulties.
[500] internal_server_error Internal Server Error
