Canada continues to be one of the most attractive destinations for international students. But as of September 1, 2025, new rules will apply—particularly regarding how much money students must show as proof of financial support. If you’re planning to apply for a Canadian study permit, this update could impact your eligibility.
🧾 What Has Changed?
As of June 2, 2025, Immigration, Refugees and Citizenship Canada (IRCC) announced that the cost-of-living financial requirement for study permit applicants will increase by over $2,000.
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New Minimum Requirement (effective September 1, 2025):
A single applicant must now show $22,895 in available funds (up from $20,635).
This amount is in addition to:-
Your first-year tuition fees
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Travel expenses to Canada
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The update applies to all provinces and territories except Quebec and reflects Canada’s rising cost of living.
📊 Updated Financial Requirements (Effective September 1, 2025)
| Family Members (incl. applicant) | Required Funds (CAD) |
|---|---|
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each additional family member | +$6,170 |
These changes apply only to study permit applications submitted on or after Sept 1, 2025. Those applying before that date will be assessed under the previous thresholds from January 1, 2024.
📁 What Can Be Used as Proof of Funds?
To meet the study permit financial requirements, international students can present:
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Bank statements from the last 4 months
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A Guaranteed Investment Certificate (GIC) from a recognized Canadian bank
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Proof of a student loan from a financial institution
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A Canadian bank account in the applicant’s name
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A bank draft in convertible currency
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A letter of financial support from a sponsor
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Confirmation of scholarship or funding from within Canada
These documents must clearly demonstrate that the student can cover living expenses for the duration of their stay in Canada.
🎯 Why Is Canada Making This Change?
IRCC adjusts the minimum proof of funds annually based on the low-income cut-off (LICO) to reflect real-world cost-of-living increases. This ensures that international students arriving in Canada are financially stable and less likely to face hardship or rely on public services.
🌟 Planning to Study in Canada? ICC Immigration Can Help
At ICC Immigration, we understand that navigating Canada’s immigration and study permit process can be overwhelming—especially with ongoing changes like this. Our team of certified experts is here to help you make the smartest, safest, and most strategic move for your future in Canada.
💼 Our Services Include:
✔️ Study Permit Guidance
We help students gather the right documents, prove financial eligibility, and ensure applications are fully compliant with IRCC’s latest requirements.
✔️ Permanent Residency (PR) Pathways
Planning to stay in Canada long-term? We’ll assess your profile and suggest Express Entry, Provincial Nominee Programs (PNPs), or post-graduation work options that can lead to PR—without relying on asylum claims.
✔️ Work and Family Sponsorships
Whether you’re looking to bring your family or get a valid work permit, we’ll guide you through every step of the legal process.
✔️ Trusted Legal Advice
Understanding immigration laws is complex. That’s why we offer expert legal consultation to ensure every move you make supports your goal of staying and thriving in Canada.
🔒 Say No to Asylum Claims—Choose a Legal, Secure Path
With ICC Immigration, you don’t have to gamble your future on uncertain options like asylum. Instead, we help you build a stable path to Canadian PR that reflects your qualifications and goals.
📞 Start Your Canadian Journey Today
Don’t let updated financial requirements or changing policies derail your dream of studying in Canada. Whether you’re already in Canada or applying from abroad, ICC Immigration is ready to help you study, work, and settle with confidence.
👉 Contact us for a personalized consultation today.