Updated: September 1, 2026
International students planning to study in Canada should be aware of an important change to the financial requirements for Canadian study permits.
Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum amount applicants must demonstrate for living expenses when applying for a study permit outside Quebec.
The new requirements apply to study permit applications received on or after September 1, 2026.
This change means prospective international students must carefully review their financial documentation before submitting an application.
How Much Money Do You Need for a Canadian Study Permit?
For applicants intending to study in any Canadian province or territory other than Quebec, the minimum amount required for living expenses for the first year is now:
Number of family members Minimum living expenses required
1 – Applicant only $23,448
2 $29,192
3 $35,888
4 $43,572
5 $49,419
6 $55,736
7 $62,054
Each additional family member $6,318
These amounts are for living expenses only.
They do not include:
- First-year tuition fees; or
- Transportation costs to and from Canada.
Therefore, an applicant generally needs to demonstrate sufficient funds for tuition + living expenses + transportation.
For example, a single student applying to study outside Quebec would need to demonstrate at least $23,448 for living expenses, in addition to the required funds for first-year tuition and transportation.
IRCC’s official requirements confirm that the financial assessment covers tuition, living expenses and transportation.
What Changed on September 1, 2026?
The previous minimum living-expense requirement for one applicant was $22,895.
It has now increased to $23,448.
The increase reflects IRCC’s annual adjustment of the financial requirement based on changes in the cost of living. The federal government has indicated that these amounts are adjusted annually.
The previous and new amounts are:
Family size Previous requirement New requirement
1 $22,895 $23,448
2 $28,502 $29,192
3 $35,040 $35,888
4 $42,543 $43,572
5 $48,252 $49,419
6 $54,420 $55,736
7 $60,589 $62,054
Additional person $6,170 $6,318
Applications received before September 1, 2026 are assessed using the financial requirements that applied when the application was received.
Does Tuition Count Toward the Proof-of-Funds Requirement?
No.
The living-expense amount is separate from tuition.
Applicants should demonstrate that they can afford:
First-year tuition + required living expenses + transportation costs
For example, if a student’s first-year tuition is $20,000 and they are applying alone outside Quebec, they would need to account for at least:
- $20,000 in first-year tuition
- $23,448 in living expenses
- Transportation costs to and from Canada
The actual amount required will therefore depend on the student’s tuition, travel costs and family circumstances.
IRCC specifically states that applicants must demonstrate sufficient financial resources for the first year of their studies.
What If the Program Is Longer Than One Year?
Students enrolled in programs lasting more than one year should not focus only on showing enough money for the first year.
IRCC requires applicants to explain how they intend to finance the entire duration of their studies.
This could include evidence such as:
- Continuing employment or business income of parents or sponsors;
- Long-term savings;
- Scholarships;
- Education loans;
- Investments or other legitimate financial resources; or
- Other reliable sources of financial support.
The financial plan should make sense in the context of the applicant’s overall circumstances.
Simply showing a large bank balance may not be enough if the applicant cannot reasonably explain where the money came from or how future study expenses will be covered.
IRCC Is Looking at the Source of Funds
One of the most important considerations for study permit applicants is not just how much money is available, but where that money came from.
IRCC’s current guidance confirms that officers assess the amount of funds as well as their source and whether the funds will remain available throughout the applicant’s studies.
This means applicants should be prepared to explain significant deposits, recent transfers or other unusual activity in their financial records.
For example, if a parent is financially supporting a student, the application should clearly establish:
- The relationship between the student and sponsor;
- The sponsor’s employment or occupation;
- The sponsor’s financial capacity;
- The amount of support being provided; and
- Evidence demonstrating the source of those funds.
A well-documented financial history can make the financial portion of a study permit application much easier for an officer to assess.
What Documents Can Be Used as Proof of Funds?
IRCC provides several examples of documents that may be used to demonstrate financial capacity.
Bank Statements
Bank statements can be used to demonstrate available funds.
IRCC’s current guidance indicates that applicants may provide statements from Canadian or foreign accounts and should include documentation explaining the source of funds shown in the statements.
Guaranteed Investment Certificate
A Guaranteed Investment Certificate (GIC) from a Canadian financial institution may also be used as financial evidence where applicable.
Education or Student Loans
Applicants may provide evidence of an education or student loan from a bank.
Paid Tuition and Housing
If tuition or housing has already been paid, receipts can be submitted as evidence.
However, paying tuition does not eliminate the requirement to demonstrate funds for living expenses and transportation.
Scholarships
Scholarship documentation can be used to demonstrate financial support.
If the scholarship covers only tuition, the applicant should still provide evidence showing how living and transportation expenses will be paid.
Employment Income
Recent pay stubs and other employment documentation can help demonstrate the sponsor’s ability to financially support the student.
Support From a Family Member or Other Sponsor
If someone else is providing financial support, the application should include a detailed support letter along with documentation establishing the sponsor’s financial capacity and relationship to the applicant.
IRCC notes that the list of acceptable documents is not exhaustive, and additional evidence may be appropriate depending on the applicant’s circumstances and country of application.
Family Members Must Also Be Considered
The required living-expense amount is based on the number of family members accompanying the applicant to Canada.
For example, a student applying alone falls under the one-person requirement of $23,448.
If the student is accompanied by a spouse or dependent child, the applicable family-size amount increases.
Applicants should therefore calculate their family size correctly before preparing their proof of funds.
Transportation expenses must also account for the applicant and accompanying family members.
What About Students Going to Quebec?
Quebec has a separate financial assessment process.
Students intending to study in Quebec generally need to obtain a Quebec Acceptance Certificate (CAQ) before applying for a study permit.
Quebec has its own financial requirements for living expenses, which are separate from the federal amounts applicable to most other provinces and territories.
Therefore, students planning to study in Quebec should review the current Quebec requirements rather than relying on the federal figures listed above.
Strong Financial Documentation Matters More Than Ever
Meeting the minimum dollar amount is an important part of a study permit application, but it is not the only financial consideration.
A strong application should demonstrate that:
- The required funds are actually available;
- The funds come from a credible and explainable source;
- The applicant has sufficient money for tuition, living expenses and transportation;
- Any financial support from parents or other sponsors is properly documented;
- Large or recent deposits can be explained;
- The applicant has a realistic plan to finance the remainder of the program if it lasts more than one year.
Applicants should avoid relying on unexplained last-minute deposits simply to reach the required amount.
The financial evidence should tell a consistent story about the applicant and their family’s financial circumstances.
Does Having Enough Money Guarantee Study Permit Approval?
No.
Proof of funds is only one component of a Canadian study permit application.
IRCC also considers other requirements, including whether the applicant has been accepted by a designated learning institution, whether they meet admissibility requirements and whether they satisfy the requirements applicable to their study permit application. Applicants must also satisfy the officer that they will leave Canada when their authorized stay ends, unless otherwise authorized.
This is why a strong study permit application should address the applicant’s complete circumstances, rather than focusing only on the bank balance.
Planning to Apply for a Canadian Study Permit?
The September 1, 2026 increase makes it especially important for prospective students to prepare their finances and supporting documents well in advance.
Before submitting your application, make sure you understand:
- The new IRCC proof-of-funds amount applicable to your family size;
- Your first-year tuition requirements;
- Transportation costs;
- The source of your available funds;
- Your sponsor’s financial capacity, if applicable;
- Any large or recent deposits;
- How you will finance the remainder of your program; and
- Any additional document requirements applicable to your country of application.
At Red Swan Immigration Consultancy Inc., we assist international students with Canadian study permit applications, including application strategy, financial documentation and supporting submissions.
If you are planning to study in Canada and are unsure whether your financial documents meet the new requirements, professional review before submission can help identify potential concerns and strengthen your application.