Canada is increasing the minimum funds international students must show when applying for a study permit. The new financial requirements will take effect on September 1, 2026.
According to Immigration, Refugees and Citizenship Canada, the change applies to students studying outside Quebec. A single applicant must show at least CAD 23,448 for one year of living expenses.
The current requirement is CAD 22,895 for applications submitted through August 31, 2026. This means the minimum amount will increase by CAD 553 from September.
New Canada Student Visa Funds Requirement
The required amount only covers a student’s living expenses in Canada. Applicants must separately show enough money for tuition fees and transportation costs.
The Visa financial requirement also increases when family members accompany the student. From September 1, the required amounts will be:
| Family Members | Required Funds |
|---|---|
| 1 | CAD 23,448 |
| 2 | CAD 29,192 |
| 3 | CAD 35,888 |
| 4 | CAD 43,572 |
| 5 | CAD 49,419 |
| 6 | CAD 55,736 |
| 7 | CAD 62,054 |
| Each additional member | CAD 6,318 |
These amounts apply to the applicant and accompanying family members.
Students Must Prove Financial Support
International students must demonstrate that they can financially support themselves while studying in Canada.
They must also have enough money to support any family members traveling with them. Applicants should not depend on employment in Canada to meet these financial requirements.
Students entering programs longer than one year must show enough funds for their first year. They must also explain how they plan to finance the remaining period of their studies.
This requirement is an important part of the Canadian study Visa application process.
Documents Students Can Use as Financial Proof
Applicants can provide different documents to demonstrate their financial position.
These may include Canadian bank accounts or Guaranteed Investment Certificates, commonly known as GICs. Student or education loans from financial institutions may also be accepted.
Other options include scholarships, bank statements, pay stubs, pension documents, and rental income evidence. Applicants may also provide proof of financial support from another person or institution.
Bank statements can cover the previous six months, including the application month. Authorities may also request documents explaining where the applicant’s money or income came from.
Students from countries with foreign exchange controls face an additional requirement.
They must demonstrate that enough money can be transferred to Canada for their expenses.
Quebec Has Separate Requirements
The new financial amounts apply across Canada except Quebec.
Students planning to study in Quebec must follow separate financial requirements.
These requirements are linked to obtaining a Quebec Acceptance Certificate, also known as a CAQ. Applicants should therefore check which financial rules apply before submitting their Visa or study permit application.
Canada reviews its study permit financial requirements regularly to reflect changes in living costs.
In other news read more about: US Plans New Changes to H-1B Visa Program
The higher amount is intended to ensure international students have sufficient financial resources during their studies.
