International students heading to Canada will now face higher financial requirements to qualify for study permits. Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum proof of funds for a single applicant to Canadian Dollar (CAD) $22,895, up by CAD $2,260, reported Business Today.
Impact on families
The changes, effective for all applications submitted on or after September 1, 2025, scale according to family size.
A family of four must now show CAD $42,543, an increase of CAD $4,197. Each additional family member adds CAD $6,170 to the requirement. For example, the threshold for three members has risen to CAD $35,040, while six members must show CAD $54,420.
Quebec-bound students must provide separate proof of funds to both IRCC and Quebec’s Ministry of Immigration, Francisation and Integration (MIFI). Living expenses in Quebec range from CAD $7,756 for a single minor to CAD $27,499 for a family of four.
Proof of funds options
Applicants can meet the requirement through various means such as tuition and housing payment receipts, Canadian bank accounts, Guaranteed Investment Certificates (GICs), student loans, bank statements, drafts, letters of financial support, or scholarships. Country-specific rules, including foreign exchange controls, will also apply.
According to IRCC, the update is aimed at ensuring international students and their dependents can financially sustain themselves during their studies in Canada.
