New Visa Rules for Indian Students: Updated Financial Requirements in Canada
It’s no secret that many Indians choose to make Canada their new home, especially for education and better job prospects. In fact, there were 136,608 Indian students in Canada in 2024 alone! As the country continues to welcome international talent, new rules are implemented to ensure students are financially stable.
How Much Money Do You Need to Study in Canada?
Starting September 1, 2025, international students applying for a Canadian study permit will need to show at least CAN $22,895 in their bank accounts for living expenses. This is a bump from the previous requirement of CAN $20,635. It’s essential to keep in mind that this amount is separate from tuition and travel costs.
This new financial requirement applies to students studying outside Quebec, reflecting the rising cost of living in Canada. If you’re bringing family members, the proof of funds required increases accordingly. Here’s a quick breakdown:
- 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
- Each additional family member: CAN $6,170
If you submit your application before the September deadline, the older requirement will still apply.
What is Acceptable Proof of Funds?
When you’re preparing your application, you’ll need to show that you have enough funds to live in Canada. The Immigration, Refugees and Citizenship Canada (IRCC) accepts various documents as proof, such as:
- A Canadian bank account in your name (if funds have been transferred)
- A Guaranteed Investment Certificate (GIC) from a recognized Canadian bank
- Proof of an education loan from a reputable bank
- Monthly bank statements from the past four months
- A bank draft that can be converted to Canadian dollars
- A letter from someone funding your studies
- Scholarships or funding from Canadian institutions
These documents help assure the IRCC that you can comfortably manage your living costs while studying in Canada.
Important Tip: Before applying, verify all details with IRCC or consult with an immigration advisor. Rules and requirements can change, and it’s best to ensure your information is current.
As you explore opportunities in Canada, understanding these financial requirements can play a key role in your journey toward obtaining a visa sponsorship or permanent residency (PR). Showing financial readiness not only supports your study permit application but can also reflect positively when applying for PR later on.
What do you think?
Have a question about this topic or your own plans to move to Canada? Scroll down and leave a comment. We’d love to hear from you.
