Canada has increased the living cost amount students must show for a study permit. Here is the new figure, what counts as proof and how to prepare a strong application.
Immigration, Refugees and Citizenship Canada (IRCC) has updated the minimum funds that international students must show when applying for a study permit. If you are planning to study in Canada, here is what has changed.
The new amount
For study permit applications submitted on or after 1 September 2026, a single student studying outside Quebec must show at least CAD 23,448 for living expenses in the first year. This is up from CAD 22,895, which applied to applications submitted between 1 January 2025 and 31 August 2026.
This amount covers living costs only. You must also show that you can pay your first year of tuition and travel costs. Students bringing family members need higher amounts.
Quebec sets its own requirements, and students heading there must meet both the provincial and federal rules.
What counts as proof of funds
IRCC accepts several types of evidence, including:
- bank statements for the past four months,
- a Guaranteed Investment Certificate (GIC) from a participating Canadian bank,
- proof of an education loan from a financial institution,
- proof that tuition and housing fees have already been paid, and
- scholarship or funding letters.
The source of funds matters
Officers do not only check the amount. They also look at where the money comes from and whether it will remain available throughout your studies. Large, unexplained deposits shortly before you apply are a common red flag. Keep documents that clearly show your sponsor's income, savings history and relationship to you.
Other things to keep in mind
- Canada continues to limit the number of study permits issued each year, and most applicants need a Provincial or Territorial Attestation Letter (PAL or TAL). Check whether your program requires one.
- The Student Direct Stream (SDS) closed in November 2024, so all applications now follow the regular study permit process.
- Apply as early as possible after receiving your letter of acceptance.
How Bhawishya can help
We help students and families prepare clear, well-documented financial evidence and complete study permit applications. Book a free session to review your Canada plan.
Have questions about your plans?
Book a free 30-minute session with our counsellors.