Canada to Raise Financial Support Criteria for International Students
Canada to Raise Financial Support Requirements for International Students
Foreign nationals seeking Canadian study permits will soon face an increase in the financial support they need to demonstrate. Immigration, Refugees and Citizenship Canada (IRCC) has announced a revision to its financial proof requirements for international students. Starting on September 1, 2025, the minimum funds required for a single applicant will rise to $22,895, up from the previous threshold of $20,635. This adjustment was made public on June 2, 2025.
This financial requirement applies to students intending to study in any Canadian province or territory, excluding Quebec. Applicants must show that they possess these funds to cover living expenses for themselves and any family members accompanying them during their stay in Canada. The yearly financial requirements are updated annually to align with the rising cost of living across the country.
The updated financial support requirements for study permit applications, effective from September 1, 2025, are as follows:
- For 1 family member (the applicant): CAN$22,895
- For 2 family members: CAN$28,502
- For 3 family members: CAN$35,040
- For 4 family members: CAN$42,543
- For 5 family members: CAN$48,252
- For 6 family members: CAN$54,420
- For 7 family members: CAN$60,589
- For each additional family member beyond 7: CAN$6,170
For international students applying for a study permit before September 1, 2025, the existing requirements, which came into effect on January 1, 2024, will still apply.

To substantiate their ability to meet these financial requirements, students can offer several forms of proof, including:
- A Canadian bank account statement in their name, showing the transferred funds.
- A Guaranteed Investment Certificate (GIC) from an accredited Canadian financial institution.
- Documentation of an education loan from a recognized bank.
- Bank statements for the prior four months.
- A bank draft convertible to Canadian dollars.
- A letter from a supporter or educational institution providing financial assistance.
- Evidence of funding received within Canada, such as a scholarship or financial support from a Canadian educational program.
This modification in financial support requirements underscores Canada’s commitment to ensuring that international students are adequately prepared for their educational journey and living expenses while studying in the country.
In conclusion, staying informed about these financial requirements is crucial for prospective international students wishing to study in Canada. This change not only reflects the growing cost of living but also reinforces the emphasis on financial preparedness for successful academic pursuits in Canada. For more assistance regarding study permits or any immigration-related queries, feel free to reach out to our team.
Please email hello@bisonimmigration.com for more information










