Canada Study Permit Financial Requirement Raised to $23,448

Canada Study Permit Financial Requirement Increased to $23,448: Recent Update If you're planning to study in Canada, there's an important cost update you need to know about. Immigration, Refugees and Citizenship Canada (IRCC) has raised the minimum proof-of-funds requirement for new study permit applicants — and the new amount takes effect very soon. Here's the complete, accurate breakdown of what changed and what it means for your application. Recent Update: What Exactly Changed Effective September 1, 2026 , IRCC has increased the financial requirement for new study permit applicants from $22,895 to $23,448 CAD for a single applicant. This is an annual adjustment IRCC makes to keep the required amount aligned with the actual cost of living in Canada, and it also serves a protective purpose — better-calibrated financial requirements are intended to reduce the risk of students arriving underprepared, which can leave them vulnerable to financial hardship or exploitation. This is not a one-time change. IRCC reviews and updates this figure annually , so applicants should always check the current figure at the time they apply, rather than relying on a number that may already be a year out of date. Why This Matters: Proof of Financial Support Every study permit applicant must demonstrate they have enough money — without needing to work in Canada — to cover three specific costs: Tuition fees for their course or program of study Living expenses for themselves and any accompanying family members while in Canada Transportation costs to and from Canada for themselves and accompanying family members Applicants must show they have enough financial resources to cover at least the first year of study. For programmes longer than one year, applicants also need to demonstrate how they plan to fund the remaining duration — for example, through a scholarship that extends beyond the first year, or proof of a parent's ongoing employment and income. IRCC assesses both the amount of funds available and their source before confirming that an applicant has sufficient financial capacity for the full duration of their studies. New Financial Requirement Chart (Effective September 1, 2026) This chart applies to all provinces and territories except Quebec , and reflects the amount required to support the applicant and any accompanying family members for the first year of study only — it does not include tuition or transportation costs, which must be demonstrated separately. Number of Fa