International students who are planning their studies in Canada will now have to prepare for higher financial requirements. The Canadian government has raised the minimum amount applicants are required to demonstrate as proof of living expenses for study permit applications. Under the updated rules, for applications submitted from 1st of September 2026, a student applying alone must demonstrate access to CAD $23,448 to cover the living costs in Canada. This is $553 more than the previous threshold. The required amount increases when students are accompanied by family members, reaching CAD $62,054 for a family of seven.
The financial requirement is in addition to the money needed for tuition during the first year and travel expenses to Canada. Students enrolled in longer programs are also expected to provide evidence of how they will fund the remaining period of their studies. Canadian immigration authorities are placing increased attention on applicants' financial circumstances. Officers have also been directed to examine where the funds come from. Thus clear and reliable financial documentation have become more crucial.
Students may use several forms of evidence, including bank records, education loans, scholarships, Canadian investment certificates and other eligible sources of income or savings.
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