As of September 1, 2026, Immigration, Refugees and Citizenship Canada (IRCC) has applied new minimum proof-of-funds requirements for study permit applications. This is an annual adjustment reflecting changes in the cost of living in Canada, applicable to all applications submitted on or after this date (applications submitted before September 1, 2026 are still assessed under the previous year's thresholds).
Updated amounts
For study permit applicants outside Quebec:
Single applicant (no accompanying family members): CAD 23,448, up CAD 553 from the previous CAD 22,895.
Household of 7 (applicant plus 6 accompanying family members): CAD 55,736, up CAD 1,465 from the previous CAD 54,271.
The increase varies by household size: a household of 2 rose by CAD 690, and a household of 3 rose by CAD 848 compared to the prior year. These figures cover living expenses for one year only; tuition and travel costs to Canada must be demonstrated separately and are not included in these amounts.
For students in Quebec, a different threshold applies: CAD 24,617 for a single applicant, effective January 1, 2026.
How the amount is calculated
According to IRCC, this figure is based on 75% of Statistics Canada's Low Income Cut-Off (LICO), scaled to household size. Each accompanying family member increases the requirement above the single-applicant threshold. Statistics Canada updates LICO annually to reflect cost-of-living changes, so IRCC's proof-of-funds requirement also changes each year rather than staying fixed.
Accepted forms of proof of funds
IRCC accepts one or a combination of the following to demonstrate sufficient financial capacity:
Personal bank account statements, showing balance and transaction history over a defined period (typically the most recent 4 months) to demonstrate the funds are a stable source rather than a temporary savings.
Proof of scholarship or financial aid from the Canadian institution, if applicable.
Proof of tuition paid for the first year of study.
A letter of financial support from a sponsor (typically a parent or family member), accompanied by evidence of the sponsor's income or assets.
Preparation steps
With the new proof-of-funds requirement in effect from September 1, 2026, applicants should note the following when preparing their file:
Confirm the intended submission date to apply the correct threshold — applications submitted from September 1, 2026 onward must meet the new amounts, not the 2025 thresholds.
Count accompanying family members accurately (spouse, children), since the requirement increases per person rather than staying fixed regardless of household size.
Prepare bank statements covering the full required period, showing a stable balance throughout rather than a sudden deposit shortly before submission.
Keep tuition and living-expense proof separate — IRCC assesses these as two distinct requirements, not a combined figure.
Check the institution's own financial requirements, in case the school requires a GIC or another specific form of proof beyond IRCC's general requirement.
Since the proof-of-funds requirement is adjusted annually and may continue to change in future years, financial documentation should be prepared based on the official figures in effect at the time of application, not figures from prior years.
To better understand the proof-of-funds requirement and how to prepare a study permit application that fits your specific situation, contact Nonsuch Immigration directly for a consultation.
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