Updated Proof of Funds for Canada Student Visa
Introduction
If you want to study in Canada, you must prove that you have enough money to support yourself and your family while you are here. This is called proof of funds and it is a key part of your study permit application.
Starting September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) increased the minimum amount of money international students need to show.
New Proof of Funds Requirement (2025)
From September 1, 2025, students must show the following minimum funds, not including tuition or travel costs:
| Family Members (including applicant) | Amount Required Per Year (CAD) |
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each additional family member | +$6,170 |
Old Proof of Funds (Before Sept 1, 2025)
Before this update, the required amounts were lower:
| Family Members (including applicant) | Amount Required Per Year (CAD) |
| 1 | $20,635 |
| 2 | $25,690 |
| 3 | $31,583 |
| 4 | $38,346 |
| 5 | $43,492 |
| 6 | $49,051 |
| 7 | $54,611 |
| Each additional family member | +$5,559 |
What This Change Means for Students
The new rule means that students must show more money than before. For example:
- A single student must now show $22,895 CAD per year instead of $20,635 CAD.
- A family of four must show $42,543 CAD instead of $38,346 CAD.
- Each extra family member adds $6,170 CAD to the requirement.
If you don’t meet the updated proof of funds, your study permit application may be refused.
How to Show Proof of Funds
When you apply for a study permit, you must show that you can cover:
- Your tuition fees
- Your living expenses in Canada
- Travel costs to and from Canada for you and your family
Acceptable Proof of Funds Documents
You can prove this by providing documents such as:
- Proof of tuition and housing payments (at least the first year for multi-year programs)
- A Canadian bank account in your name (if money was transferred already)
- A Guaranteed Investment Certificate (GIC) from a Canadian bank
- A student or education loan from a bank
- Bank statements from the past 4 months
- A bank draft that can be converted into Canadian dollars
- A letter of financial support from a sponsor, with proof of their funds
- Proof of a scholarship or Canadian-funded program
Always check the requirements for your country, as local visa offices may ask for additional documents.
Why Did IRCC Increase the Amount?
The cost of living in Canada has gone up in recent years. By raising the required funds, IRCC aims to ensure that students can afford housing, food, and other essential needs while studying.
Key Points to Remember
- The new proof of funds requirement applies to all study permit applications submitted on or after September 1, 2025.
- You must show you can cover tuition, living expenses, and travel costs without relying on a job in Canada.
- A variety of financial documents can be used to prove you meet the requirement.
Get in touch with SPS Global
Receive professional advice on any of your questions regarding Canadian immigration. get in touch with us, experienced immigration consultants from SPS Global. For additional information, contact support@spscanada.com (Canada) or support.amd@spscanada.com (Ahmedabad), or by phone at (1) 905-362-9393 (Canada) or +919586226232 (Ahmedabad).
