Proof of Funds Compared: How Much Money You Need to Study or Immigrate in the US, Canada, UK and Australia

How much money you need to show depends on the country and the visa. For students in 2026, the living-cost requirement is CAD 23,448 a year in Canada, AUD 29,710 a year in Australia, and up to £13,761 (London) or £10,539 (outside London) for a 9-month UK course, all before tuition. The US has no fixed figure; your school sets it on Form I-20. For skilled migrants, only some routes require proof of funds, such as Canada’s Federal Skilled Worker program (CAD 15,263 for one person).

Key points

• Canada raised student living-cost proof to CAD 23,448 for applications from 1 September 2026.
• UK student maintenance amounts rise for applications from 30 November 2026. Check the live page if you apply after that date.
• Australia accepts parents’ or a partner’s annual income of AUD 87,856 as an alternative to savings for students.
• Canadian Experience Class applicants do not need proof of settlement funds.
• In the US, green card sponsors usually show income of at least 125% of the federal poverty guidelines rather than savings.

Student visas: living-cost requirements compared

	Living costs (main applicant)	Tuition	Family members	Other
US (F-1)	Set by your school on Form I-20	First year, shown on I-20	Extra amount per dependant on I-20	Evidence must cover at least the first year
Canada	CAD 23,448 a year (outside Quebec)	First year, on top	Family of 2: CAD 29,192; 3: CAD 35,888; 4: CAD 43,572	Plus travel costs; Quebec sets its own amounts
UK	£1,529/month London, £1,171/month elsewhere, up to 9 months	Unpaid first-year fees, on top	£845/month London or £680/month elsewhere per dependant (where allowed)	Held 28 consecutive days
Australia	AUD 29,710 a year	First 12 months, on top	Partner AUD 10,394; child AUD 4,449; school fees from AUD 13,502 a year per school-age child	Plus travel: AUD 2,000 for most offshore applicants

Sources: IRCC, GOV.UK money, GOV.UK family members, Home Affairs. Amounts are as of October 2026.

United States

For an F-1 visa, there is no national minimum. Your school lists estimated tuition, living costs and dependant costs on Form I-20, and you must show you can pay at least the first year. Consular officers look at whether the funds are genuine and available, and where the money comes from. Typical evidence is bank statements, sponsor letters with the sponsor’s bank statements, scholarship letters and education loan approvals.

Canada

From 1 September 2026, a single applicant outside Quebec must show CAD 23,448 plus first-year tuition and travel. The full family table goes up to CAD 62,054 for 7 people, plus CAD 6,318 for each extra person. IRCC accepts, among other things:

• proof you have paid tuition and housing
• a Guaranteed Investment Certificate (GIC) from a Canadian financial institution
• bank statements for the past 6 months showing the source of income
• an education loan from a bank
• scholarship letters
• a letter from the person supporting you, with their details and ID

See our Canada study permit proof of funds guide for worked examples.

United Kingdom

You need £1,529 a month in London or £1,171 a month outside London, for up to 9 months, plus any unpaid first-year course fees (GOV.UK). The money must be held for at least 28 consecutive days, and the 28-day period must end within 31 days of your application. Under HC 584 these amounts increase for applications from 30 November 2026. Our post on the UK student visa bank balance tracks the change.

Australia

You must show 12 months of living costs (AUD 29,710), first-year course fees, travel costs and, where relevant, family and school costs. Instead of savings, you can show that a parent or partner earned at least AUD 87,856 in the 12 months before you apply (AUD 102,500 if family members come with you), using government documents such as tax assessments (Home Affairs). Since 2 October 2026, most student visa applicants cannot include family members at all. Our Australian student visa funds guide has worked examples.

Skilled and work visas: who needs proof of funds?

Route	Requirement (as of October 2026)	Exemptions
Canada: Express Entry (FSW, FST)	CAD 15,263 (1 person), 19,001 (2), 23,360 (3), 28,362 (4), 32,168 (5), 36,280 (6), 40,392 (7), +4,112 each extra	Canadian Experience Class; people authorised to work in Canada with a valid job offer
UK: Skilled Worker	£1,270 held for 28 consecutive days	In the UK on a valid visa for 12 months or more, or sponsor certifies maintenance on the CoS
Australia: points-tested 189/190/491, 482, 186	No fixed savings amount for the main skilled visas	Not applicable
Australia: Working Holiday (417/462)	Usually about AUD 5,000 plus money for an onward ticket	Check the visa page for your passport
US: H-1B, L-1, O-1	No personal funds requirement; the employer pays the required wage	Not applicable

Sources: IRCC Express Entry proof of funds, GOV.UK Skilled Worker costs.

Express Entry evidence rules

IRCC wants official letters from each bank where you hold money, on the bank’s letterhead, showing account numbers, opening dates, current balance and the average balance over the past 6 months, plus any debts. The money must be available when you apply and when your visa is issued. Home equity does not count, and money borrowed from another person does not count. Joint accounts can count. Read more in our Express Entry proof of funds post.

Family visas: income instead of savings

Family routes usually test the sponsor’s income rather than a bank balance.

Country	Main financial test
US	The sponsor files Form I-864 and usually needs household income of at least 125% of the HHS poverty guidelines: $27,050 for a household of 2 in the 48 contiguous states, from 1 March 2026 (USCIS I-864P). Assets can make up a shortfall
Canada	No minimum income for most spouse sponsorships; parents and grandparents sponsorship has income tests, but new intake is paused since July 2026
UK	Couples need combined income of at least £29,000 a year, or savings instead (GOV.UK). Advisers calculate the savings-only figure as £88,500 under Appendix FM-SE; confirm in the rules
Australia	No fixed income test for partner visas; parent visas require an Assurance of Support (a bond)

What counts as good evidence everywhere

Officers in all four countries look for three things: the money is real, it is available to you, and its source is explained.

1. Use official documents. Bank letters or statements on letterhead, tax assessments, payslips and loan approval letters. Screenshots are weak evidence.
2. Explain large deposits. A sudden lump sum just before you apply is a common reason for refusal. Show where it came from (sale of property, gift with a gift deed, salary savings).
3. Match names and dates. Account holder names should match your passport. If a parent is sponsoring you, include proof of relationship.
4. Check the holding period. The UK counts 28 consecutive days; Canada’s Express Entry letters show a 6-month average.
5. Translate non-English documents. Use an independent professional translator and follow the destination country’s certification rules.
6. Never use fake or “rented” funds. Agents who offer to put money in your account temporarily are asking you to commit misrepresentation, which can lead to refusal and multi-year bans.

What to do next

1. Find the exact funds rule for your visa on the official page linked above, and note the date you plan to apply, since figures change (for example, UK student amounts on 30 November 2026).
2. Start building your balance and paper trail several months before you apply.
3. Read the country hubs for related guides: US, Canada, UK and Australia.
4. Check /updates/ for new thresholds, especially in July (Australia and Canada) and around Home Office rule changes (UK).
5. If your funding is complex (multiple sponsors, business income, property sales), get advice from a licensed professional before you apply.

This article is general information, not legal advice. Figures are as of October 2026.