Canada Increases Financial Requirements for International Students Starting September 2025
International students planning to study in Canada will face a notable change in financial proof requirements beginning September 1, 2025. Immigration, Refugees and Citizenship Canada (IRCC) now requires applicants to demonstrate they have at least CAN $22,895 (around ₹14 lakh) to cover their yearly living expenses. This marks a CAN $2,000 increase from the existing criteria.
Who Does This Change Affect?
This adjustment applies universally to all provinces and territories across Canada except Quebec. Students submitting study permit applications before the September cutoff will still be bound to the older funding threshold of CAN $20,635.
Financial Proof Scaling According to Family Size
The new financial requirement scales up in relation to the number of people supported. The updated minimum fund proofs are as follows:
- Two people: CAN $28,502
- Three people: CAN $35,040
- Four people: CAN $42,543
- Five people: CAN $48,252
- Six people: CAN $54,420
- Seven people: CAN $60,589
For every additional dependent beyond seven, an extra CAN $6,170 must be demonstrated.
What Counts as Acceptable Proof of Funds?
To satisfy IRCC's financial prerequisites, students must submit valid evidence showcasing their ability to manage living expenses during their academic tenure in Canada. Typical forms of proof include:
- A Canadian bank account statement in the student’s name if funds have already been transferred
- A Guaranteed Investment Certificate (GIC) from a participating Canadian bank
- Proof of an education loan sanctioned by a recognised financial institution
- Bank statements from the last four months or a bank draft convertible to Canadian dollars
- A sponsorship letter from an individual or educational institution assuring financial support
- Documentation of Canadian-based funds like scholarships, bursaries, or paid educational programs
What This Means for Students
This hike in the financial threshold reflects the steadily rising cost of living in Canada, aiming to ensure that international students and any dependents accompanying them remain adequately supported throughout their studies. Prospective applicants should prepare accordingly to meet the updated requirements and avoid delays or refusals in their study permit process.
