Canada Raises Financial Support Criteria for International Students
For those eyeing a study permit in Canada, there’s a new update you’ll want to know about. Starting September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) has increased the proof of financial support requirements for international students. If you’re planning to study here, ensure you’re prepared!
For an individual student, the minimum amount of funds you’ll need to show is now CAN$22,895, a rise from the previous requirement of CAN$20,635. This amount is designed to cover living expenses in addition to tuition and travel costs. If you’re bringing family members along, the required financial proof increases with each additional person.
New Financial Requirements Breakdown
Here’s a handy overview of the annual funds required depending on the number of family members:
- 1 person: CAN$22,895
- 2 people: CAN$28,502
- 3 people: CAN$35,040
- 4 people: CAN$42,543
- 5 people: CAN$48,252
- 6 people: CAN$54,420
- 7 people: CAN$60,589
- 8 people (and beyond): Add CAN$6,170 for each additional family member
Canada updates these financial requirements annually to align with the rising cost of living, making it essential for students to stay informed about the latest figures.
How to Prove Financial Support
When applying for your study permit, you need to demonstrate that you can meet the cost-of-living requirements. Here are some accepted forms of proof:
- A Canadian bank account statement showing funds in your name.
- A Guaranteed Investment Certificate (GIC) from a Canadian bank.
- Documentation for any student loans.
- Recent bank statements spanning the last four months.
- A bank draft in Canadian dollars.
- A letter from your sponsor detailing financial support.
- Proof of funds if receiving a scholarship or partaking in a Canadian-funded program.
Being well-prepared can ease the stress of applying for your study permit, and showing you have adequate financial support is a crucial part of the process.
As you embark on this exciting journey toward studying in Canada, remember that understanding the immigration landscape can greatly enhance your experience. Not only do these financial requirements play a role in your study permit application, but they also tie into broader immigration pathways, like securing permanent residency (PR) or transitioning to work permits in Canada afterward. Both can open doors to a fulfilling life in this beautiful country!
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