Canada Increases Financial Requirements for International Study Permit Applicants

Immigration, Refugees and Citizenship Canada (IRCC) has officially updated the proof of funds requirement for international students applying for a Canadian study permit. Under the new guidelines, a single applicant must demonstrate $23,448 CAD in available living expenses.

Cost of Living Adjustment

This update aligns financial threshold requirements with Statistics Canada’s Low-Income Cut-Off (LICO) benchmark. By indexing the financial criteria to current economic indicators, IRCC aims to ensure that incoming international students are adequately prepared for true living costs across Canadian municipalities.

Required Funds Schedule by Household Size

For study permit applications in all provinces and territories outside Quebec, the updated living expense thresholds are as follows:

• 1 person (principal applicant): $23,448 CAD

• 2 family members: $29,192 CAD

• 3 family members: $35,888 CAD

• 4 family members: $43,572 CAD

• 5 family members: $49,419 CAD

• 6 family members: $55,736 CAD

• 7 family members: $62,054 CAD

• Each additional family member: +$6,318 CAD

Comprehensive Proof of Funds Assessment

Applicants must note that the living allowance threshold applies exclusively to personal maintenance (housing, food, local transit, and essentials). In addition to living expenses, applicants must provide clear evidence of sufficient funds to cover:

1. Full first-year tuition fees at their Designated Learning Institution (DLI).

2. Transportation and travel expenses to and from Canada.

Note: International students intending to study in Quebec remain subject to Quebec’s Ministry of Immigration, Francisation and Integration (MIFI) financial guidelines required for the CAQ.