International students planning to study in Canada will soon need to demonstrate higher financial capacity, as the federal government updates its cost-of-living requirement for study permit applicants.
Immigration, Refugees and Citizenship Canada (IRCC) announced that, beginning September 1, 2025, foreign nationals applying for a Canadian study permit must show higher minimum proof of funds; an increase of over $2,000 for single applicants compared to the current standard.
This update, part of IRCC’s annual adjustment in line with Canada’s rising cost of living, raises the minimum required financial support for one person from $20,635 to $22,895. This amount is separate from tuition and travel expenses and is meant to ensure that international students can sustain themselves throughout their first year in the country.
Updated Financial Requirement by Family Size
The revised figures apply to all provinces and territories except Quebec and will affect anyone submitting a new study permit application on or after September 1, 2025. Below is the updated table of required funds based on family size:
| Family Members (including the applicant) | Minimum Funds Required (CAD) |
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each additional member (above 7) | $6,170 |
The updated requirement reflects Canada’s continued effort to balance immigration intake with economic realities. The government says it wants to ensure that incoming international students are adequately prepared for real living costs, particularly amid increased inflation and rising housing prices.
What Does This Mean for Students?
If you’re an international student planning to apply for a study permit for programs beginning in late 2025 or early 2026, you will need to provide financial documentation proving you can meet these updated figures.
This could affect applicants from countries where exchange rates or economic conditions make it more difficult to gather this level of financial support. However, Canadian immigration authorities argue that the changes are meant to protect students from unexpected financial hardship after arriving in the country.
Acceptable Proof of Financial Support
IRCC accepts a range of documents as valid proof of financial capability, including:
- A Canadian bank account in the applicant’s name
- A Guaranteed Investment Certificate (GIC)
- An education or student loan letter from a bank
- Four months’ worth of bank statements
- A bank draft convertible to Canadian dollars
- A letter of financial support from an individual or educational institution
- Documentation showing scholarship or internal funding within Canada
Who’s Not Affected?
Students who submit their complete study permit applications before September 1, 2025, will still be assessed under the previous requirement of $20,635 for one-person households.
This policy update is part of Canada’s broader strategy to strengthen the integrity of its international education system and ensure that newcomers can thrive academically and financially. For those planning to study in Canada in 2026 and beyond, early financial planning is now more important than ever.