Canada's proof of funds requirement is going up to $23,448 CAD for a single applicant, starting September 1, 2026. This guide breaks down the new amounts, how they compare to today's requirement, and what counts as proof of funds.
Note: This change applies to study permit applications submitted on or after September 1, 2026. Applications submitted before this date are assessed against the current, lower amount.
What Is Proof of Funds for a Canada Study Permit?
Proof of funds is money you must show Immigration, Refugees and Citizenship Canada (IRCC) you have, to cover your living costs in Canada. IRCC (Canada's immigration department) wants to see that you can support yourself, and any family members who come with you, without needing to work in Canada.
This amount covers living expenses only. It does not include tuition or travel costs. You must show funds for all three separately: tuition, living expenses, and transportation to and from Canada.
New Proof of Funds Amounts (Effective September 1, 2026)
The table below shows the new living expense amounts for applications submitted on or after September 1, 2026. These amounts apply to all provinces and territories except Quebec, which sets its own requirement through the Quebec Acceptance Certificate (CAQ) process.
Example: A student applying with 2 family members on or after September 1, 2026, needs $35,888 for living expenses, up from $35,040 today.
Warning! These amounts cover living expenses only. You still need to show separate funds for first-year tuition and return transportation. For most students, the combined total required is well above the living expense figure alone.
How Family Size Affects the Amount You Need
Your family size includes yourself, your spouse or common-law partner, and your dependent children, whether or not they are coming to Canada with you. The more family members you include, the more you must show in living expense funds, using the table above.
What Counts as Proof of Funds?
IRCC accepts several types of documents to show you have the required funds. Your money must be real, accessible to you, and yours to use, not borrowed or promised.
- A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution for $23,448 CAD or higher (for applications submitted on or after September 1, 2026)
- Proof of a student or education loan from an official bank or lending institution
- Bank statements from the last 6 months showing clear balance history and proven source of funds
- A bank draft that can be converted to Canadian dollars
- Proof you've paid tuition and residence fees for your first year
- A signed letter of financial support and supporting financial documents from the person or institution sponsoring you
Who This Change Affects
This new amount applies to study permit applications submitted on or after September 1, 2026, for all provinces and territories except Quebec. If you submit your application before that date, you're assessed against the current, lower amount.
Students already studying in Canada on a valid permit do not need to show additional funds immediately. However, if you apply to extend or renew your study permit on or after September 1, 2026, your extension application will be evaluated under these new amounts.
Note: If you're applying to study in Quebec, you follow a different process. You'll need a Quebec Acceptance Certificate (CAQ), and your funds are assessed by Quebec's Ministère de l'Immigration, de la Francisation et de l'Intégration, not the table above.
Canada updates this amount every year on September 1. It's tied to Statistics Canada's Low-Income Cut-Off (LICO), a measure of the income needed to avoid financial hardship. Because the figure changes annually, always confirm the amount in effect on the date you plan to submit your application.
Common Questions About Canada's Proof of Funds
No. If you already hold a valid study permit, you do not need to show new funds retroactively. However, if you apply to extend or renew your study permit on or after September 1, 2026, your application will be evaluated under the new $23,448 threshold.
No. The amount in the table above covers living expenses only. You must show separate funds to cover your first year of tuition and return transportation to and from Canada.
Your application is assessed against the previous amount ($22,895 for a single applicant) that applies on the exact date you submit your completed application to IRCC.
IRCC updates the amount every September 1 to keep pace with living costs across Canada, benchmarking the requirement against Statistics Canada's Low-Income Cut-Off (LICO).
Yes. Quebec sets its own financial requirements through the Quebec Acceptance Certificate (CAQ) process, managed by the provincial government independently of the federal table above.
Meeting the proof of funds requirement is one of the most important steps in a strong study permit application. Start early, gather the right documents, and confirm the amount that applies to your submission date.
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Note: We are updating our Canada proof of funds resources to reflect this change. Some related Assist articles may still show the previous amount until all updates are complete.