Canada Increases Financial Requirements for International Students
Canada is raising the financial bar for international students, effective September 1, 2025. The updated requirements, announced by Immigration, Refugees and Citizenship Canada, mandate that foreign students demonstrate access to CAN $22,895 (approximately ₹14 lakh) to cover living expenses, a rise from the previous CAN $20,635. This change affects students in all provinces and territories except Quebec.
Financial Proof Requirements
International students must provide documented proof of these funds to support themselves and any family members accompanying them. The required amount varies depending on family size. For example, a couple needs CAN $28,502, while a family of four requires CAN $42,543.
Accepted Documents
The IRCC accepts various documents as proof of funds, including:
- Canadian bank accounts
- Guaranteed Investment Certificates (GICs) from Canadian financial institutions
- Student or education loans
- Bank statements
- Bank drafts convertible to Canadian dollars
- Letters from sponsors
- Proof of funding from Canadian scholarships or educational programs
These new financial requirements will be applicable for study permit applications submitted on or after September 1, 2025.
