Canada Increases Student Visa Funds Requirement for International Students

In a bid to maintain financial stability for international students, Canada has announced an increase in the minimum funds required for study permits, effective from September 1, 2026. According to Immigration, Refugees and Citizenship Canada (IRCC), a single student outside Quebec must demonstrate a minimum of CAD 23,448 to cover living expenses for one year. This constitutes a CAD 553 increase from the previous requirement of CAD 22,895, which was valid from January 1, 2025, to August 31, 2026.

The new requirement only applies to living expenses and does not cover tuition fees or transportation costs. These additional costs will also need to be covered by the students' funds, which may vary based on the number of family members accompanying them. The requirement increases progressively with the number of family members, with each additional person adding CAD 6,318 to the necessary funds.

IRCC mandates applicants to substantiate their financial capability, excluding employment in Canada. Accepted proof of financial support includes Canadian bank accounts, Guaranteed Investment Certificates (GICs), student loans, scholarships, employment pay stubs, pension documents, rental income, or any other form of financial support from an institution. Bank statements must cover the last six months, including the month of application or the one preceding it.

For students residing in countries with foreign exchange controls, Canada requires proof of sufficient funds transfer to Canada for covering expenses. It is important to note that these new amounts apply across Canada, excluding Quebec. Students planning to study in Quebec must meet separate financial requirements for obtaining a Quebec Acceptance Certificate (CAQ).

The Canadian government updates study permit financial requirements annually to ensure they align with the cost of living and safeguard international students from exploitation.