Canada hikes fund requirement for student visa applicants by over CAD 2,000

International students applying for a Canadian study permit after September 1, 2025, must show higher proof of funds as part of their visa application, according to an update from Immigration, Refugees and Citizenship Canada ( IRCC). The new cost-of-living threshold for a single applicant has been raised to CAD 22,895, up from CAD 20,635—a difference of over CAD 2,000.

The revision applies to study permit applicants across all provinces and territories outside Quebec and is in addition to the cost of the first year’s tuition and travel. International students must prove they can financially support themselves and any family members accompanying them to Canada.

IRCC updates the financial requirement annually in line with Canada’s cost of living. The new figures were announced on June 2, 2025, and come into effect from September 1, 2025. Applications submitted before this date will be assessed under the current threshold that has been in place since January 1, 2024.

Old vs New Annual Cost-of-Living Requirement for Study Permits
Note: Prior year amounts are estimated based on standard IRCC calculations.

International students may use a range of documents to show they meet the financial requirement. These include:

• Proof of a Canadian bank account in the student’s name
  
  
• Guaranteed Investment Certificate (GIC) from a Canadian financial institution
  
  
• Bank-issued student or education loan documents
  
  
• Past four months’ bank statements
  
  
• A convertible bank draft
  
  
• A letter from the individual or institution providing financial support
  
  
• Proof of scholarship or Canadian government funding
  
  

The financial requirement is a key eligibility criterion for study permits and must be met in full at the time of application.