Canada Raises Financial Requirement for International Students

Starting September 1, 2025, international students applying for study permits to Canada will face a revised financial threshold, as announced by Immigration, Refugees and Citizenship Canada (IRCC). This update reflects Canada’s rising cost of living and aims to ensure students are financially prepared for life abroad.

🔍 Key Highlights:

💰 New Minimum Funds Required: Applicants must now demonstrate CAN$22,895 (approx. ₹14 lakh) in living expenses—up from CAN$20,635 (₹12.96 lakh). This amount excludes tuition and travel costs.

👨‍👩‍👧 Dependents: Each additional family member requires CAN$6,170. For example:

📅 Effective Date: Applies to all study permit applications submitted on or after September 1, 2025. Applications before this date will be assessed under the previous threshold.

📑 Accepted Proof of Funds
-- To meet the financial requirement, students may submit:
-- Canadian bank account statement in their name
-- Guaranteed Investment Certificate (GIC)
-- Proof of student or education loan
-- Bank statements (last 4 months)
-- Bank draft convertible to Canadian dollars
-- Letter from sponsor or institution
-- Proof of scholarship or Canadian-funded program

🌐 Why This Matters
This annual adjustment is based on Canada’s Low-Income Cut-Off (LICO) and is part of IRCC’s broader strategy to:

🔐 Safeguard student welfare by ensuring financial readiness
🏙️ Manage infrastructure pressures from rising temporary resident intake
📉 Address declining permit approvals, especially among Indian students, which dropped by over 30% in early 2025

Canada remains a top destination for higher education, but applicants must now plan more carefully to meet the updated financial benchmarks.

✅ Planning to apply for a Canadian study permit?
Start organizing your finances today and consult with us the 'Visa Advisors' to navigate the latest requirements.