Foreign nationals planning to study in Canada will soon need to demonstrate significantly more financial support as part of their study permit application. On June 2, 2025, Immigration, Refugees and Citizenship Canada (IRCC) announced an update to the minimum proof of financial support required. Starting September 1, 2025, international students applying for a study permit will be required to show that they have at least $22,895 available to support themselves during their first year in Canada—an increase of over $2,000 from the previous requirement of $20,635. This amount is in addition to the costs of first-year tuition and travel, and applies to a single applicant with no accompanying family members. The updated threshold is part of Canada’s broader efforts to ensure international students are financially prepared for the cost of living in the country.
International students applying for a study permit to Canada must provide acceptable proof of funds to demonstrate they can support themselves during their studies. Several forms of financial evidence are accepted by Immigration, Refugees and Citizenship Canada (IRCC). These include proof of a Canadian bank account in the applicant’s name if the money has already been transferred to Canada, or a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution. Students may also submit proof of a student or education loan from a bank, bank statements for the past four months, or a bank draft that can be converted to Canadian dollars. Additionally, a letter from the person or institution providing financial support, or evidence of funding received from within Canada—such as a scholarship or a Canadian-funded educational program—can be used to meet the requirement. These documents collectively help verify that international students have the financial resources needed to live and study in Canada.
