Study Permit Proof of Funds in Canada: The New $23,448 Requirement Explained

From September 1, 2026, a single applicant for a Canadian study permit (outside Quebec) must show $23,448 to cover one year of living costs, up from $22,895. That amount does not include tuition or travel, which you must show on top. If family members come with you, the amount rises with each person.

Key points

• $23,448 for one person, on applications received on or after September 1, 2026.
• Applications received between January 1, 2025 and August 31, 2026 use the old amount of $22,895.
• Add your first-year tuition and return travel to the living-cost figure.
• IRCC updates the amounts every year.
• Quebec has its own requirement through the CAQ process.

The official table

Source: IRCC proof of financial support page, checked October 2026 (page updated August 28, 2026). Amounts are in Canadian dollars per year, for study outside Quebec, excluding tuition and travel.

People in your family (including you)	Applications from Sept 1, 2026	Applications Jan 1, 2025 to Aug 31, 2026
1	$23,448	$22,895
2	$29,192	$28,502
3	$35,888	$35,040
4	$43,572	$42,543
5	$49,419	$48,252
6	$55,736	$54,420
7	$62,054	$60,589
Each person over 7	$6,318	$6,170

The family count includes you. If you are unsure which family members to count, follow the instructions in your personalized application checklist or on the IRCC page above.

How to calculate your total

Your proof of funds has three parts:

1. Tuition: the first-year amount on your letter of acceptance.
2. Living costs: the figure from the table for your family size.
3. Transportation: return travel for you and any family members coming with you.

Example

A single student with first-year tuition of $20,000 (example figure) applying in October 2026 would need to show:

Item	Amount
Tuition (from acceptance letter)	$20,000
Living costs (1 person)	$23,448
Return travel	Your actual estimate
Total	$43,448 plus travel

If you have already paid tuition, the receipt counts toward the tuition part.

Documents IRCC accepts

IRCC gives examples rather than a closed list. Accepted proof includes:

Payments already made

• A receipt from your DLI showing first-year tuition and housing fees paid.

Loans and scholarships

• A student or education loan from a bank.
• Proof of a scholarship or a Government of Canada-funded program. If the scholarship only covers tuition, you still need to show living and travel funds.

Bank and investment proof

• A Canadian bank account in your name, if you transferred money to Canada.
• A Canadian guaranteed investment certificate (GIC) from a participating financial institution.
• Bank statements for the past six months that show the source of income.

Support from others

• A letter from the person or institution supporting you, stating their job, relationship to you, number of dependants, and the amount, with proof of their identity or business registration.
• Recent pay stubs.

Other income

• Pension documents or proof of rental income.

Your local visa office may have extra requirements, so check the instructions for your country. If your home country has currency export controls, you must also show that you can move the money out.

Which document proves what

Document	Covers	Points to check
Tuition and housing receipt from your DLI	Tuition (and housing, if paid)	Must show the amount paid to your school
Canadian GIC	Living costs	Must be from a participating financial institution
Bank statements (6 months)	Living costs, tuition, travel	Must show the source of the money, not only the balance
Bank education loan	Any part of the total	Loan letter should show the approved amount
Scholarship letter	Tuition, and living costs if included	If it covers tuition only, show other funds for living and travel
Sponsor letter + proof of identity or business	Any part of the total	Must state the sponsor’s job, relationship, dependants and amount

Many applicants combine several of these. For example, a paid tuition receipt plus a GIC plus a parent’s sponsor letter can cover all three parts of the requirement.

How the requirement has changed

IRCC says it updates the living-cost amount every year. The two most recent amounts for a single applicant outside Quebec are:

Applications received	Single applicant
January 1, 2025 to August 31, 2026	$22,895
On or after September 1, 2026	$23,448

The amount that applies is based on when IRCC receives your application, not when your program starts. If you submit close to a change date, use the higher amount to be safe.

If family members come with you

The table above covers the living costs of family members included in your application. Before you plan for a spouse to work in Canada, note that since January 21, 2025, spouses of students only qualify for an open work permit if the student is in a master’s program of 16 months or longer, a doctoral program, or certain professional programs (IRCC notice). In other cases, your budget cannot assume a second income. Our spousal open work permit guide has more detail.

Tips for a stronger financial file

These points follow from what IRCC asks for:

• Show where the money came from. IRCC asks for statements that show the source of income. Large deposits right before you apply, with no explanation, invite questions.
• Match amounts across documents. Your letter of explanation, sponsor letter and statements should tell the same story.
• Cover the whole family. If your spouse or children come with you, use the right row in the table.
• Translate documents. Documents not in English or French need certified translations.
• Do not rely on the minimum alone. The table is a minimum. Officers also judge whether your funding plan is realistic for your program and city.

Quebec is different

If you will study in Quebec, you must meet the financial requirement set by Quebec’s Ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI) to get a Quebec Acceptance Certificate (CAQ). IRCC’s table above does not apply. Check MIFI’s current amounts before you apply.

Proof of funds is one of several requirements

Strong finances alone do not guarantee approval. You also need an acceptance letter from a DLI, usually a provincial attestation letter, and you must satisfy the officer that you will leave Canada when your permit ends. Our Canada study permit guide covers every step, and our 2026 cap explainer shows how many places each province has.

Fees are separate from proof of funds. As of October 2026, the study permit fee is $150 and biometrics cost $85 (IRCC fee list).

When to get professional help

If your funding comes from several sponsors, a business, or a country with currency controls, or if you were refused before for financial reasons, a regulated Canadian immigration consultant (RCIC) or lawyer can review your documents. This article is general information, not legal advice.

What to do next

1. Find your row in the table and add tuition and travel.
2. Start collecting six months of statements now if you plan to rely on bank savings.
3. Get sponsor letters and identity documents from anyone supporting you.
4. Recheck the IRCC table on the day you apply, since it changes every year.
5. See our Canada hub and updates page for the latest changes.