Highlights: Canada Hikes Proof of Funds for Student Visa
- From September 1, 2025, all new study permit applications must meet the revised proof of funds requirement.
- Single applicants will now need to show CAD 22,895, an increase of CAD 2,260 from the earlier requirement.
- For families, the financial bar is higher—a family of four must show CAD 42,543, which is CAD 4,197 more than before.
- Each additional family member adds CAD 6,170 to the required funds, making careful planning essential.
- Students applying to Quebec must meet both IRCC and MIFI requirements, with separate living expense thresholds.
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Canada increases financial thresholds for student visa applicants
From September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has raised the minimum proof of funds for study permit applicants. A single applicant must now show CAD 22,895, up by CAD 2,260 from the previous requirement. The increase applies across all family sizes, ensuring students and their dependents have adequate financial resources while studying in Canada.
|
Family members |
Required funds (CAD) |
Increase from previous |
|
1 (applicant) |
22,895 |
2,260 |
|
2 |
28,502 |
2,812 |
|
3 |
35,040 |
3,457 |
|
4 |
42,543 |
4,197 |
|
5 |
48,252 |
4,760 |
|
6 |
54,420 |
5,369 |
|
7 |
60,589 |
5,978 |
|
Each additional member |
6,170 |
611 |
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Key takeaways from Canada’s revised proof of funds requirement
The updated proof of funds is more than just a financial adjustment—it directly impacts how students and their families prepare for studying in Canada. Here are the key details:
- Rising costs for families: Two members now require CAD 28,502, while three members must show CAD 35,040.
- Larger families face bigger jumps: For five members, the amount is CAD 48,252, and for seven members, it is CAD 60,589.
- Extra family members: Beyond seven, each person adds CAD 6,170.
- Quebec requirements: Students heading to Quebec must also satisfy separate living expense benchmarks set by MIFI, in addition to IRCC.
- Proof of funds options: Acceptable formats include bank statements, GICs, tuition receipts, student loans, or scholarship confirmation.
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