International students planning to study in Canada will face stricter financial requirements beginning September 1, 2025. According to an update from Immigration, Refugees and Citizenship Canada (IRCC), the minimum funds needed to apply for a Canadian study permit will increase significantly to reflect the rising cost of living.
What’s Changing: Cost-of-Living Threshold Increased by Over CAD 2,000
For a single study permit applicant, the required proof of funds will increase from CAD 20,635 to CAD 22,895. This change represents a CAD 2,260 increase and is intended to ensure international students can financially support themselves while studying in Canada.
The revised financial requirements apply nationwide, excluding Quebec (which has its own separate financial criteria), and are in addition to tuition fees and travel expenses.
Table of Contents
Key Dates to Remember
- New Financial Threshold Announcement: June 2, 2025
- Effective Date: September 1, 2025
- Applications Before Sept 1: Evaluated using the 2024 cost-of-living levels
If you plan to submit a study permit application before September 1, 2025, your application will still be assessed under the current 2024 requirement.
Breakdown of Old vs New Cost-of-Living Requirements
| Family Size | Before Sept 1, 2025 | From Sept 1, 2025 |
|---|---|---|
| 1 | CAD 20,635 | CAD 22,895 |
| 2 | CAD 25,690 | CAD 28,502 |
| 3 | CAD 31,583 | CAD 35,040 |
| 4 | CAD 38,346 | CAD 42,543 |
| 5 | CAD 43,492 | CAD 48,252 |
| 6 | CAD 49,091 | CAD 54,420 |
| 7 | CAD 54,690 | CAD 60,589 |
| Each additional person | CAD 5,599 | CAD 6,170 |
These amounts are reviewed annually by IRCC to reflect changes in Canada’s low-income cut-off (LICO), which is used to determine minimum living expenses.
Acceptable Proof of Financial Support: What You Can Submit
To meet the new financial requirement, students may submit one or more of the following documents:
Bank and Loan Documents
- A Canadian bank account in the applicant’s name
- A Guaranteed Investment Certificate (GIC) from a Canadian financial institution
- Proof of a student or education loan from a financial institution
Financial History
- Bank statements from the past four months
- A convertible bank draft
Third-Party or Sponsored Support
- A letter of financial support from an individual or institution
- Documentation confirming a scholarship or Canadian government-funded financial assistance
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Why the Financial Proof Requirement Matters
The proof of funds is not just a formality—it is a core eligibility requirement for international students applying for a Canadian study permit. IRCC uses this criterion to assess whether a student has the financial stability needed to live and study in Canada without becoming financially dependent on the state.
All required financial documents must be accurate, verifiable, and submitted at the time of application. Failure to meet the threshold can result in delays or refusal of the study permit.
Final Thoughts: Plan Ahead for September 2025 and Beyond
If you are an international student planning to study in Canada after September 2025, make sure to factor in the new cost-of-living requirements when budgeting and preparing your documents. This increase emphasizes Canada’s commitment to ensuring that international students are well-prepared for life in the country, financially and otherwise.
For the most up-to-date details or case-specific advice, consult the official IRCC website or a certified immigration consultant.