If you are planning to go to Canada as an international student, thereβs an important update you need to know. From September 1, 2025, Canada is changing the financial rules for getting a study permit. To put it simply, you will need to show more money in your bank account to prove that you can afford to live in Canada while studying.
This new rule does not affect your tuition fees. Instead, it focuses on the cost of living, which includes your daily expenses such as food, rent, transport, and other basic needs. The Canadian government wants to make sure students are financially ready and wonβt face problems after arriving in the country.
π· How Much Money Do You Need to Show?
The amount of money you need to show depends on how many people are going to Canada with you. Below is the new minimum amount you must show as proof of funds, starting from September 1, 2025. This is only for living expenses and does not include tuition fees.
| Number of People | Minimum Funds Required |
|---|---|
| 1 person | $22,895 |
| 2 people | $28,502 |
| 3 people | $35,040 |
| 4 people | $42,543 |
| 5 people | $48,252 |
| 6 people | $54,420 |
| 7 people | $60,589 |
| Each extra person | $6,170 |
π· Why Is This Change Happening?
This update is happening because living expenses in Canada have gone up. The government wants international students to be better prepared. If students do not have enough money to take care of themselves, it could lead to serious problems β like being unable to pay rent, buy food, or manage medical emergencies.
By raising the financial requirement, Canada is trying to make sure that students and their families can live comfortably during their time in the country.
π· Who Needs to Follow This Rule?
If you are planning to apply for a study permit on or after September 1, 2025, you must follow this new rule. It applies to all study permit applicants outside of Quebec. If you already have a study permit or plan to apply before this date, the current rules will still apply to you.
π· What Should You Do Now?
If you are hoping to study in Canada next year or later, now is the right time to start preparing your finances. You should make sure that the bank account you show as proof of funds has the correct amount of money according to the new table. This money should be easy to track and clearly explained in your visa application documents.
Also, speak to an expert if youβre not sure how to prepare your documents properly. Mistakes in financial proof are one of the top reasons why study permit applications get refused.
Do I need to show this money for just myself, or for my family too?
If your family is coming with you, such as your spouse or children, you need to show more money. The table above shows how much money is needed depending on the number of people.
Does this money include tuition fees?
No, this amount is separate from your tuition fees. You must show that you can pay both your tuition and your living expenses.
Can I show my parents’ bank account as proof?
Yes, you can, but you also need to provide a letter of support from them and show proof of their relationship to you. The money should be easily available for your use in Canada.
What happens if I donβt meet the financial requirement?
Your study permit application may get refused. It is very important to meet the required amount and show proper documents to support your application.
What kind of documents can I use to prove my funds?
You can show bank statements, fixed deposits, loan letters from recognized banks, or scholarship letters (if you got one). The money must be available and clearly explained in your paperwork.
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Disclaimer: This is for informational purposes only and not legal advice. Always consult experts like us or the official IRCC website for up-to-date details