Canada Study Permit 2025: New Financial Requirements Update
Canada Increases Financial Requirement for Study Permits: What International Students Need to Know in 2025
Key Highlights
- Starting September 1, 2025, study permit applicants must show higher financial support.
- The minimum required funds for a single applicant will increase to CAN$22,895.
- This amount is separate from tuition and travel costs and applies across all provinces except Quebec.
- The increase reflects Canada’s rising cost of living.
- Accepted documents include bank statements, GICs, education loans, and more.
- These changes apply to all applications submitted on or after September 1, 2025.
New Proof of Financial Support Requirements for International Students in Canada
If you’re planning to study in Canada in 2025 or beyond, there’s an important update you’ll want to be aware of. As of September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) is increasing the minimum proof of financial support required for international students applying for a study permit.
This update is part of Canada’s annual adjustment to reflect the ever-changing cost of living. So, what does this mean for you—or a loved one—looking to start or continue their studies in Canada? Let’s break it down.
What’s Changing in 2025?
Currently, international students are required to show that they have enough funds to cover living expenses for their time in Canada, separate from tuition and travel costs.
Starting September 1, 2025, the minimum amount of funds needed for a single applicant will rise from CAN$20,635 to CAN$22,895. That’s an increase of over $2,000—a significant shift for students and families budgeting for international education.
This updated requirement applies to all international students studying anywhere in Canada outside of Quebec.
New Financial Requirements Based on Family Size
The required amount isn’t just for solo students. If you’re bringing family members with you, the financial requirements rise accordingly. Here’s a quick look at what you’ll need to show:
| Family members (including the applicant) | Funds required per year |
|---|---|
| 1 | CAN$22,895 |
| 2 | CAN$28,502 |
| 3 | CAN$35,040 |
| 4 | CAN$42,543 |
| 5 | CAN$48,252 |
| 6 | CAN$54,420 |
| 7 | CAN$60,589 |
| If more than 7 people, each additional family member | CAN$6,170 |
These numbers are updated annually and reflect Canada’s rising cost of living. If you’re applying before September 1, 2025, the 2024 financial requirement still applies.
Why This Matters
Canada is one of the top destinations in the world for international education, thanks to its high-quality institutions and welcoming environment. But studying abroad is a major investment, and the Canadian government wants to ensure students are financially prepared—not just for tuition, but for everyday living expenses once they arrive.
This requirement helps students avoid financial hardship while they’re studying, and it’s also a key part of your study permit application. If you don’t meet the minimum financial threshold, your application may be refused.
What Documents Can You Use to Prove Financial Support?
To meet this requirement, you’ll need to submit documents that clearly show you have access to the required funds. IRCC accepts a variety of proof-of-funds documents, including:
- Canadian bank account statements in your name (if you’ve already transferred funds to Canada)
- Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
- Proof of a student or education loan from a recognized bank
- Bank statements showing financial activity over the past 4 months
- Bank draft that can be converted to Canadian dollars
- Letter from a sponsor or school confirming they’re providing you with financial support
- Proof of Canadian scholarship or educational program funding
It’s important to ensure that any documents you submit are clear, recent, and easy for IRCC officers to verify. When in doubt, include more documentation rather than less.
Planning Ahead for Your Application
If you’re considering applying for a Canadian study permit after September 1, 2025, now is the time to start planning your finances. Budgeting for tuition, travel, and now a slightly higher living expense threshold is key to a successful application.
Also, keep in mind that securing admission to a Canadian institution is just one part of the journey. You’ll also need to meet the financial requirement, show intent to leave Canada after studies (unless transitioning to PR), and provide other supporting documents depending on your situation.
Want to Study in Canada?
Canada continues to be a top choice for international students—and for good reason. The country offers world-class education, multicultural communities, and a pathway to permanent residency for those who qualify.
If you’re planning to apply through a provincial stream like the Manitoba PNP or need help understanding your study permit options, it’s a good idea to explore all the available pathways and requirements.
Final Thoughts
The upcoming financial requirement increase is something every aspiring international student should take seriously. While it may seem like a lot, it’s a reflection of the real cost of living in Canada—and Canada’s commitment to ensuring students have a safe, stable, and enriching experience.
If you’re considering studying in Canada, start preparing your documents and finances early. And remember, you don’t have to go through it alone—there are plenty of resources and professional advisors who can guide you along the way.
Looking for more guidance?
Check out our complete guide to studying in Canada or contact us for personalized support in planning your education journey.
