Canada has increased the amount of money international students must show for living expenses to apply for a study permit, with the new requirements coming into effect on September 1, 2026.
Under the revised rules from Immigration, Refugees and Citizenship Canada (IRCC), a single international student must now show CAD 23,448 worth of annual living expenses, not including tuition and transportation costs, with the previous annual requirement being CAD 22,895 for applications submitted between January 1, 2025, and August 31, 2026.
International students continue to evaluate the cost of studying abroad, and the financial requirements associated with studying in a particular country such as Canada.
Canada updates financial requirement for international students. The minimum students need to show increase based on the number of family members joining them to Canada.The requirement for one family member is CAD 23,448 per year and an increase of CAD 29,192 for two and CAD 35,888 for three.
The requirement is CAD 43,572 for four, CAD 49,419 for five, CAD 55,736 for six and CAD 62,054 for seven family members, with an additional CAD 6,318 per year for every family member after seven.These are the minimum required for the students' living expenses, and do not include any additional tuition or transportation costs.
What documents can students submit?
International students can use various financial proof instruments to prove that they can provide for themselves while at school.
These can include money held in a Canadian bank account, a Guaranteed Investment Certificate (GIC), an education or student loan, bank statements, scholarship or other funding letters and proof that tuition or accommodation fees have already been paid.
Students can also provide any documents that show that they will have financial support from another individual or institution. For programmes that are longer than one year, applicants must demonstrate how they will fund their studies for the entire time that they have enrolled. This could mean evidence of a scholarship that will continue after the first year or by providing documents that show that parental employment and financial support is consistent.
What the change means for Indian students
Canada continues to be a popular study destination for many from India, but the new financial requirement means that they will have to have closer examination of their finances for an overseas education.
Students should ensure that their bank statements, loan documents, scholarship letters and sponsorship records clearly show the availability and source of funds. Meeting the standard for the student's living expenses may not be enough, as the applicant will be expected to provide information about tuition and transportation separately.
The latest change in the requirements for international students in Canada also highlights the larger global trend of students evaluating tuition, living costs, visa requirements and post-study opportunities, before deciding on their overseas destination.
For the would-be international students, understanding the financial requirements of a study destination before applying could be as important as evaluating the university or course itself. Students planning to apply for a Canadian study permit should check the latest requirements directly with IRCC before submitting their applications.