Canadian Study Permit Financial Requirements 2025: Updated Proof of Funds

As of September 1, 2025, international students applying for a Canadian study permit (outside Quebec) must meet new financial requirements, reflecting an 11% increase from current thresholds. This update, announced by Immigration, Refugees and Citizenship Canada (IRCC), ensures students can support themselves amid Canada’s rising cost of living. Below, we break down the Canadian Study Permit Financial Requirements 2025, acceptable proof of funds, and tips for a successful application.

Updated Financial Requirements for Canadian Study Permits (2025)

Starting September 1, 2025, applicants must show proof of funds covering living expenses (excluding tuition and travel). The new minimums are:

• Single applicant: CAD 22,895 (up from CAD 20,635)

• Two people: CAD 28,502

• Three people: CAD 35,040

• Four people: CAD 42,543

These figures apply to all provinces except Quebec, which follows separate financial criteria set by MIFI. The increase aligns with Statistics Canada’s Low-Income Cut-Off (LICO) to ensure students can afford essentials like housing, food, and transportation.

Why This Change? Nearly 20% of study permit rejections since 2023 were due to insufficient funds. The new Canadian Study Permit Financial Requirements 2025 aim to reduce financial strain on students and minimize reliance on public resources.

Acceptable Proof of Funds for a Canadian Study Permit

IRCC accepts the following documents as proof of financial support:

✅ Bank statements (last 4–6 months, stamped by the bank)

✅ Guaranteed Investment Certificate (GIC) from a Canadian bank (e.g., RBC, Scotiabank)

✅ Education loan approval letter from a recognized institution

✅ Scholarship/funding letter (official documentation required)

✅ Sponsorship letter (notarized, with sponsor’s financial proof)

✅ Proof of paid tuition or housing (reduces liquid fund requirements)

For full details, visit the official IRCC page on study permit financial requirements here.

Tips for a Strong Study Permit Application

1. Start Early – If applying before September 1, 2025, the current (CAD 20,635) threshold applies. However, preparing for the new amount ensures compliance.

2. Explain Large Deposits – If your bank statements show sudden increases, provide a letter explaining the source.

3. Use a GIC for SDS Applicants – A Guaranteed Investment Certificate simplifies proof of funds under the Student Direct Stream (SDS).

4. Check Quebec’s Rules – Quebec has different financial criteria; confirm via MIFI’s website.

5. Consult Experts – Immigration advisors or platforms like VisasUpdate can help streamline your application.

How the 2025 Changes Affect International Students

This update follows a major 2024 adjustment, when IRCC doubled the financial requirement from CAD 10,000 to CAD 20,635. The new Canadian Study Permit Financial Requirements 2025 (CAD 22,895) reflect inflation and rising living costs, particularly in cities like Toronto and Vancouver, where rent averages CAD 1,200–1,800/month.

Despite stricter rules, Canada remains a top study destination, with 94% of international students still interested in studying there (2025 survey). However, the government has also introduced a study permit cap (437,000 for 2025), making early preparation crucial.

Final Thoughts

The Canadian Study Permit Financial Requirements 2025 ensure students can sustain themselves without financial hardship. By securing proper proof of funds—GICs, bank statements, or scholarships—you improve approval chances.

For more updates, follow VisasUpdate or consult an RCIC-licensed immigration consultant.

Need help with your application? Check IRCC’s official guidelines here.