Canada Increases Financial Requirements for International Students—Effective September 2025

Starting September 1, 2025, Canada has raised the minimum financial proof required for international students applying for study permits. Single applicants must now demonstrate access to at least CAD 22,895 to cover living expenses. This is an increase of about CAD 2,260 from the previous benchmark.

The adjustment comes as part of efforts by Immigration, Refugees and Citizenship Canada (IRCC) to align student funding requirements with the rising cost of living across the country. The goal is to ensure that students arriving in Canada are financially prepared to support themselves throughout their studies.

For students applying with family members, the required amount will increase further depending on the number of dependents. Applications submitted before September 1, 2025, will still be assessed under the old threshold, while those submitted on or after the date must meet the updated requirement.

The change is already having an impact. In early 2025, Canada recorded a sharp decline in the number of study permits granted to Indian students, with a drop of more than 30 percent compared to the same period in 2024. Experts attribute this partly to stricter financial rules and additional documentation demands.

Beyond the higher monetary threshold, applicants will also face stricter scrutiny of financial documents. Updated bank statements and proof of funds must be clear and verifiable, as officers now pay closer attention to the authenticity of financial evidence.

What This Means for Students

For aspiring international students, proper financial planning is now more important than ever. Those considering Canada as a study destination should begin preparations early, ensure their funds are accessible and well-documented, and be ready to meet the updated requirements before submitting an application.