Canada increases financial requirements for international students seeking study permit from September 1
PTC News Desk: Canada has introduced significantly higher financial requirements for international students applying to study permits starting September 1. According to the Immigration, Refugees and Citizenship Canada, applicants must now show increased proof of funds to demonstrate their ability to support themselves during their studies.
The change has been introduced in the view of rising living costs and ensuring that students are financially prepared.
According to Immigration, Refugees and Citizenship Canada (IRCC), a single student applying for a Canadian study permit outside Quebec must now show CAN$23,448 to cover one year of living expenses. This amount does not include tuition fees or travel costs.
IRCC said the financial requirement is updated every year based on changes in the cost of living. The aim is to ensure international students have enough money to support themselves and reduce the risk of exploitation.
How much money must students show ?
The new amount is higher than the previous requirement of CAN$22,895, which applied to study permit applications submitted between January 1, 2025 and August 31, 2026. The requirement for a single student has therefore increased by CAN$553.
Students travelling with family members must show additional funds. The required amount is:
Two family members: CAN$29,192 per year
Three family members: CAN$35,888
Four family members: CAN$43,572
Five family members: CAN$49,419
Six family members: CAN$55,736
Seven family members: CAN$62,054
For every additional family member beyond seven, applicants must show another CAN$6,318.
Students must prove that they have enough money to cover their living expenses during the first year of their studies. If their course lasts more than one year, they must also explain how they will pay for the remaining years.
Applicants can provide documents such as bank statements, education loan documents, scholarship letters, proof of tuition or accommodation payments and employment-related financial records.
IRCC will check both the amount of money available and where the funds have come from.
The CAN$23,448 requirement applies to all Canadian provinces and territories except Quebec. Students planning to study in Quebec must meet the separate financial requirements set by the Quebec authorities.
- With inputs from agencies
