Indian students seeking to study in Canada will soon be required to show more money in their bank accounts. Starting September 1, 2025, applicants for a Canadian study permit must have at least CAN $22,895 (Rs 14 lakh) in living costs, up from the current CAN $20,635.
Immigration, Refugees, and Citizenship Canada (IRCC) announced the new regulation on June 2, 2025, and it will apply to all foreign students travelling to provinces and territories other than Quebec. The price is in addition to the first year's tuition and travel costs.
The revised requirement is a yearly update based on the cost of living. Students who invite family members must additionally provide proof of extra income.
The monetary requirements for one person is CAN $22,895. For each additional family member, the student must have CAN $6,170 more in their account, Business Standard reports.
This restriction is only applicable to study permit applications received on or after September 1, 2025. The present requirement, CAN $20,635, will remain in force for any applications submitted prior to that date.
IRCC accepts a range of financial documentation as proof that a student can sustain themselves in Canada. This includes:
A Canadian bank account in the student's name (assuming funds have previously been sent)
A Guaranteed Investment Certificate (GIC) issued by a participating Canadian banking institution
Proof of a student or education loan from a reputable bank.
Bank statements from the last four months
A bank draft converted into Canadian dollars.
A letter from the person or school that funds the student.
Proof of support from within Canada (such as a scholarship or sponsored educational program).
These materials assist in determining if a student can afford the cost of living while studying in Canada.
For applicants with dependents (such as spouses or children), the total evidence of finances must include their living expenses as well.
