From September 01, 2025, Canada has raised the funds requirements for study permit applications. The means the applicant must show $22,895 CAD in proof of funds, an increase of $2,260 from previous funds requirements. International students who bring spouse and children needs to show higher funds.
Many applicants confuse funds requirements with the tuition fees payment. As per IRCC, the funds requirement are independent from tuition and transportation costs. Canada requires international students to demonstrate that they have enough financial resources to cover living expenses, tuition, travelling expense, and other costs during their stay in Canada.
New Fund Requirements for Study Permit by Family Size
| Number of Family Members | New Fund Requirement (CAD) | Increase From Previous |
|---|---|---|
| 1 (Principal Applicant) | $22,895 | +$2,260 |
| 2 | $28,502 | +$2,812 |
| 3 | $35,040 | +$3,457 |
| 4 | $42,543 | +$4,197 |
| 5 | $48,252 | +$4,760 |
| 6 | $54,420 | +$5,369 |
| 7 | $60,589 | +$5,978 |
| Each additional family member | +$6,170 | +$611 |
This means an international student coming to Canada with a spouse and two children will need to show over $42,500 CAD, excluding tuition. Yes, this is true you can bring your spouse to Canada on open work permit as an international student if you meet the eligibility criteria.
Even international students in Canada applying for study permit extension need to meet this requirement. We have seen application refusals in Canada not meeting this requirement.
How to Show Proof of Funds and What documents are Accepted by IRCC
When applying for study permit application you can show these documents to meet the funds requirements set by IRCC. You can submit one or multiple of following documents in your study permit application:
- proof you paid your tuition and housing fees
- You must also provide additional documents showing that you have enough money to cover your living expenses and travel costs.
- For multiple-year programs, you must prove you paid your first year’s tuition fees.
- proof of a Canadian bank account in your name, if you’ve transferred money to Canada
- You can open Canadian bank in your home country online and transfer the funds
- a guaranteed investment certificate (GIC) from a participating Canadian financial institution
- Always select Canadian financial institution rather than other financial institution as Canadian banks have better customer service and they have better financial products to offer to international students when they land in Canada plus a vast ATM network.
- Student or education loan:
- Proof of an approved loan from a recognized bank. Try to negotiate with bank to lower the interest rate.
- your bank statements (for your Canadian or foreign bank account) for the past 4 months
- a bank draft that can be converted to Canadian dollars
- a letter from the person or institution giving you money
- This must be accompanied by other documents showing proof of funds.
- proof of financial support within Canada, if you have a scholarship or are in a Canadian-funded educational program
It’s important to note that this is not the complete list but just some examples of the documents required. The visa office may require other additional documents depending upon their requirements.
International Students you can target Colleges and Universities which have lower tuition than majority of other Colleges and Universities. There are many good community colleges in Canada which have tuition lower than $10,000. Plus you should aim to secure the scholarships from the educational institution. It’s important to remember that Universities offer more scholarships than colleges as they have bigger funds than colleges.
Special Rules for Quebec Students
Students heading to Quebec need extra document called Quebec Acceptance Certificate (CAQ) from Quebec government before they submit final application to IRCC. This is only for students who want to study in Quebec.
Quebec has control over its immigration policies thus applicant has to prove to Quebec Ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI) and IRCC that they meet the funds requirements. We advice our students to avoid studying in Quebec as they have additional CAQ requirement plus they only speak French in Quebec moreover to complete your education from QC you need to pass the French language exams.
You can visit Quebec Website to check their funds requirements. It’s separate from IRCC federal government requirements.