Canada has increased the fund requirement for foreign students by $2000 (Canadian) which will be applicable to all foreign students starting from September 1, 2025. Immigration, Refugees and Citizenship Canada announced the updated requirement of financial support requirement. Indian students will need at least t CAN $22,895 (₹14 lakh) for living expenses, up from the current CAN $20,635. The new requirement applies to international students studying in all provinces and territories outside Quebec. International students must provide proof that they have these funds as living expenses to support themselves and any accompanying family members in Canada.
Funds required for those applying for a study permit on or after September 1, 2025 based on family size
1 person: CAN $22,8952 people: CAN $28,5023 people: CAN $35,0404 people: CAN $42,5435 people: CAN $48,2526 people: CAN $54,4207 people: CAN $60,589Each additional family member: CAN $6,170This requirement applies only to study permit applications submitted on or after September 1, 2025. The current amount—CAN $20,635—will remain in effect for all applications submitted before that date.
What documents are accepted as proof of funds
The IRCC has specified documents that can be used as proof of funds.
- Proof of a Canadian bank account in their name, if they have transferred the money to Canada.
- A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution.
- Proof of a student or education loan from a bank.
- Bank statements for the past 4 months.
- A bank draft that can be converted to Canadian dollars.
- A letter from the person or school that is giving them money.
- Proof of funding paid from within Canada, if they have a scholarship or are in a Canadian-funded educational program.