Canada Raises Financial Requirements for Study Permit Applicants!

International students planning to study in Canada need to take note of a significant update. As per the latest announcement by Immigration, Refugees and Citizenship Canada (IRCC), the cost-of-living financial requirement for obtaining a Canadian study permit is set to increase starting September 1, 2025.

Key Highlights :-
• Starting September 1, 2025, international students applying for a Canadian study permit will need to show higher proof of funds, as per the latest update from IRCC.
• The new cost-of-living requirement for a single applicant has been raised to CAD 22,895 (up from CAD 20,635) — an increase of over CAD 2,000.

The new minimum proof of funds required for a single study permit applicant has been raised to CAD 22,895, up from the previous requirement of CAD 20,635. This marks an increase of more than CAD 2,000, aimed at aligning the financial expectations with the current cost of living in Canada.

What Does This Mean for Students?
To be eligible for a Canadian study permit, international students must demonstrate that they have sufficient financial resources to support themselves while studying in Canada.

This proof of funds is a critical part of the visa application process. Effective from September 1, 2025, all international students applying for study permits (outside the province of Quebec) will need to show:
• Proof of funds covering CAD 22,895 as living expenses for one year,
• In addition to the first year’s tuition fee,
• Plus travel expenses to and from Canada,
• And financial support for any accompanying family members.

This new threshold applies across all provinces and territories except Quebec, which
maintains a separate set of requirements under its own immigration system.

Why This Change?
The IRCC has revised the cost-of-living requirement to ensure that international students are
financially prepared for the actual expenses they will face while living and studying in
Canada. In recent years, there have been growing concerns about the financial hardship

faced by international students due to rising living costs, especially in larger cities like
Toronto, Vancouver, and Montreal.
By increasing the required proof of funds, the Canadian government hopes to improve
outcomes for international students and ensure they can live and study in Canada with
financial stability and dignity.

What Should You Do Now?
If you are planning to apply for a Canadian study permit for any intake starting after September 1, 2025, you must begin preparing early. Make sure your bank statements or funding documents clearly reflect the updated financial threshold.

If you are unsure about the documentation, eligibility, or process, it’s strongly recommended to consult with a trusted overseas education consultant.

At TG Overseas Education, we specialize in helping students navigate the complexities of
international admissions and visa procedures. Our team can assist you in preparing the right
documentation, understanding the latest requirements, and submitting a strong and
compliant application.