Proof-of-Funds Requirement for Canadian Study Permit Applications to Increase on September 1, 2026

Immigration, Refugees and Citizenship Canada (IRCC) has announced an increase to the minimum proof-of-funds requirement for study permit applications, effective September 1, 2026.

Applicants submitting a study permit application on or after September 1, 2026, will need to demonstrate that they have at least CAN$23,448 to cover one year of living expenses. This amount is required in addition to tuition fees and transportation costs.

The current requirement is CAN$22,895, meaning that the minimum amount for a single applicant will increase by CAN$553.

The new amounts apply to all Canadian provinces and territories except Quebec.

Applicants who will be accompanied by family members must demonstrate the following amounts based on the total number of family members, including the applicant.

These amounts do not include tuition fees or transportation costs to and from Canada.

For example, an applicant travelling to Canada with two accompanying family members will need to show at least CAN$35,888 for their first year’s living expenses, in addition to the first year’s tuition and transportation costs for all three family members.

The new amounts apply to study permit applications submitted on or after September 1, 2026.

Applicants who submit their applications by August 31, 2026, will remain subject to the current proof-of-funds amounts.

Those who are already preparing an application should therefore pay close attention to the submission date, as the required amount will change depending on whether the application is submitted by August 31 or on or after September 1.

To qualify for a study permit, applicants must generally demonstrate that they have enough money, without relying on employment in Canada, to cover:

• Tuition fees 
• Living expenses for the applicant and accompanying family members 
• Transportation costs to and from Canada for the applicant and accompanying family members 

Applicants enrolling in a program that lasts longer than one year must not only demonstrate sufficient funds for the first year but also explain how they intend to pay for the entire duration of their studies.

IRCC will assess not only the amount of money shown but also the source of the funds and whether the money will remain available throughout the applicant’s studies. For example, a large deposit made shortly before the application is submitted may require supporting documents and a clear explanation of the source of the money.

IRCC provides the following examples of documents that may be submitted as proof of financial support:

• Bank statements from Canadian or foreign accounts for the past six months 
• Receipts showing payment of first-year tuition or student housing fees 
• Proof of a student or education loan from a financial institution 
• Proof of a scholarship 
• A Guaranteed Investment Certificate (GIC) from a Canadian financial institution 
• A financial support letter from the person or institution providing the funds 
• The financial supporter’s employment letter, pay stubs and identification 
• Documents proving the relationship between the applicant and the financial supporter 

Bank statements should show more than the closing balance. Supporting documents demonstrating how the funds were accumulated—such as employment income or transfers from savings—may also be important.

Applicants planning to study in Quebec are subject to the financial requirements established by the Quebec government rather than the amounts shown above.

Those applying to an educational institution in Quebec must also review the financial requirements for obtaining a Quebec Acceptance Certificate, commonly known as a CAQ.

The proof-of-funds requirement is not simply a check of an applicant’s bank balance. It is an important part of assessing whether the applicant has a realistic financial plan to pay for tuition and living expenses throughout their studies.

Although this year’s increase is approximately 2.4%, the overall amount can be substantial for applicants travelling with family members. Applicants should also consider the tuition fees charged by their institution, the cost of living in their destination and the total length of their program.

Preparing a realistic financial plan well before submitting the application is more important than simply meeting the published minimum amount.

Visa JP Canada provides comprehensive support for international students, from selecting a suitable school and planning their long-term pathway in Canada to preparing and submitting a study permit application.

For proof of financial support, it is important not only to demonstrate that the required amount is available but also to clearly document the source of the funds and explain how the full cost of the program will be covered.

Those planning to study in Canada are encouraged to begin preparing early and contact us for professional assistance.