International students will face higher proof of funds requirements to study in Canada.
Starting September 1, 2025, international students applying for a Canadian study permit will need to demonstrate $22,895 CAD in proof of funds—an increase of $2,260 CAD from previous requirements.
This requirement, set by Immigration, Refugees and Citizenship Canada (IRCC), applies to all new study permit applications submitted on or after September 1, 2025. The proof of funds threshold rises depending on the number of family members accompanying the student, which means certain applicants will need to show significantly higher amounts.
Importantly, this proof of funds is independent of tuition fees and transportation costs. Students must demonstrate how they will cover both their studies and living expenses while in Canada.
UPDATED PROOF OF FUNDS REQUIREMENTS
The following table outlines the new minimum funds required as of September 1, 2025, along with the increase compared to the previous requirement:
In addition to these amounts, students must show how they plan to pay tuition fees at their Designated Learning Institution (DLI).
PROOF OF FUNDS FOR INTERNATIONAL STUDENTS IN QUEBEC
Quebec has its own process for international students, requiring them to first obtain a Quebec Acceptance Certificate (CAQ) before applying to IRCC.
This means that students destined for Quebec must demonstrate proof of funds to both:
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- MIFI (Ministère de l’Immigration, de la Francisation et de l’Intégration), and
- IRCC.
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The same funds can be used to meet both requirements.
In addition to living expenses, Quebec requires proof for:
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- Tuition fees
- Round-trip transportation costs
- Settlement funds ($500 in 2025)
- Health and hospital insurance (unless covered by a social security agreement)
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HOW TO SHOW PROOF OF FUNDS
IRCC requires international students to provide documentation that demonstrates sufficient funds. Acceptable documents include:
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- Receipts for tuition and housing payments
- Canadian bank account statements in the student’s name
- Guaranteed Investment Certificate (GIC)
- Proof of an approved student or education loan
- Bank statements (last 4 months) from Canadian or foreign banks
- Bank drafts in Canadian dollars
- Letter of financial support from a sponsor, with supporting evidence
- Scholarship or Canadian-funded program documentation
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Applicants from countries with foreign exchange controls must also prove they can legally transfer funds to Canada.
FINAL THOUGHTS
Canada continues to be one of the most attractive destinations for international students. However, with rising living costs, the Canadian government has adjusted proof of funds requirements to better reflect real expenses.
Students planning to apply after September 1, 2025 should prepare early, gather documentation, and ensure they meet both tuition and living expense requirements.
