The Cost of Showing You Can Afford Canada Has Just Gone Up

Canada has increased the amount of money international students must demonstrate for living expenses when applying for a study permit. The revised requirement took effect on September 1, 2026. The change applies to students planning to study outside Quebec and comes as Canada continues its annual review of the financial benchmark used for study permit applicants.

For a single applicant, the amount has risen to CAD 23,448 for one year of living expenses. That is up from the previous requirement of CAD 22,895, meaning applicants under the new rules must demonstrate an added CAD 553 in available funds. The updated amount applies to study permit applications submitted on or after September 1.

The figure, however, does not represent the total amount students need to finance their education in Canada. The living-expense requirement is separate from tuition fees and transportation costs, which applicants must also be able to cover. Students planning to enrol in programs lasting more than one year must additionally explain how they intend to finance the full duration of their studies.

The financial requirement is higher when family members accompany the student. Under the new figures, applicants must demonstrate CAD 29,192 for two people, CAD 35,888 for three and CAD 43,572 for four. For families of more than seven, the requirement increases by CAD 6,318 for each additional family member. These federal figures apply outside Quebec, where international students follow a separate provincial financial-capacity requirement.

The latest increase is part of Canada’s regular adjustment of the funds international students are expected to demonstrate. Immigration, Refugees and Citizenship Canada updates the amounts each September based on changes to Statistics Canada’s Low-Income Cut-Off, helping keep the financial benchmark aligned with changing living costs.

For applicants, the change makes the date of application particularly important. Students submitting their applications under the new rules should ensure their financial evidence reflects the current figures rather than relying on older proof-of-funds requirements. IRCC accepts several forms of evidence, including bank statements, guaranteed investment certificates, education loans, scholarships and other recognised sources of financial support.

The higher requirement does not change the broader purpose of the financial assessment: applicants must satisfy immigration authorities that they have enough money to support themselves, and any accompanying family members, during their stay. Financial capacity is also only one part of the overall study permit assessment.

For students preparing to study in Canada, the message is clear: the financial benchmark has moved upward, and the updated figures are now in force. Anyone preparing a study permit application should check the latest IRCC requirements and make sure their financial documentation meets the threshold applicable to their circumstances.

Source : https://timesofindia.indiatimes.com/education/study-abroad/studying-in-canada-gets-costlier-new-proof-of-funds-requirement-for-indian-students-explained/articleshow/133667289.cms