Canada has increased the amount of money international students must prove they have available when applying for a study permit.
The new financial requirement took effect on September 1, 2026, meaning students submitting new study permit applications from that date must meet the updated threshold.
For a single applicant planning to study anywhere in Canada outside Quebec, the required amount for living expenses is now CAD $23,448 per year, up from $22,895 under the previous requirement. The amount does not include tuition or transportation costs.
The increase is relatively small, but it is important for prospective students because proof of financial support is a required part of the study permit application.
How much money do you need to show?
For applications made on or after September 1, 2026, the financial requirement for applicants studying outside Quebec is:
| Family members | Required living expenses per year |
|---|---|
| 1 | CAD $23,448 |
| 2 | CAD $29,192 |
| 3 | CAD $35,888 |
| 4 | CAD $43,572 |
| 5 | CAD $49,419 |
| 6 | CAD $55,736 |
| 7 | CAD $62,054 |
| Each additional person | CAD $6,318 |
These amounts are specifically for living expenses. Tuition and transportation are separate, so students should not interpret the $23,448 figure as the total amount required to study in Canada.
For example, a student coming alone could need to demonstrate enough money to cover:
- CAD $23,448 for living expenses
- Their tuition fees
- Transportation costs to and from Canada
- Other expenses associated with their study plans
This makes the actual financial picture considerably higher than the minimum living-expense figure.
Why did Canada increase the requirement?
The financial threshold is adjusted annually to reflect changes in the cost of living.
IRCC says these increases are intended to make sure international students have enough money to support themselves while studying and to reduce the risk of students becoming financially vulnerable or exploited.
The requirement was previously increased from $20,635 to $22,895 on September 1, 2025. The government has stated that the amount will continue to be adjusted annually based on updates to Canada’s Low-Income Cut-Off.
So students planning to apply in future years should not assume that today’s figure will remain unchanged.
What counts as proof of financial support?
Meeting the amount on paper is only part of the process.
Applicants must provide evidence showing that they have sufficient funds to support themselves and accompanying family members.
Depending on the circumstances, acceptable financial documents can include things such as bank statements, proof of a Canadian bank account, guaranteed investment certificates, education loans, proof of tuition payment, or other documents accepted by IRCC.
The important point is that the documents should tell a clear and credible financial story.
For example, suddenly depositing a large amount of money into a bank account shortly before submitting an application can raise questions about the source of the funds. Students should be prepared to explain where their money came from and demonstrate that the funds are genuinely available for their education and living expenses.
The financial requirement is not the same as visa approval
This is an important distinction.
Showing CAD $23,448 does not mean a study permit will automatically be approved.
IRCC assesses study permit applications based on several factors, including whether the applicant has been accepted by a designated learning institution, whether the required documents have been provided, whether the applicant is financially able to support themselves, and whether they meet Canada’s admissibility requirements.
An applicant therefore needs more than a bank balance.
The overall application should make sense: the proposed program, educational background, finances, career plans and circumstances should be properly documented.
What about students going to Quebec?
The figures above apply to all provinces and territories except Quebec.
Quebec has its own financial requirements for students applying for a Quebec Acceptance Certificate (CAQ). Students planning to study in Quebec should therefore check the requirements set by Quebec’s immigration authorities rather than simply using the federal $23,448 figure.
This distinction is important because using the wrong financial threshold can create unnecessary problems during the application process.
What should students applying now do?
If you are preparing a Canadian study permit application after September 1, 2026, update your financial planning immediately.
First, calculate your actual first-year costs rather than stopping at the minimum living-expense figure.
Second, make sure your financial documents are consistent and can be explained.
Third, account for your tuition separately. The $23,448 requirement does not cover tuition.
Finally, do not leave your financial documentation until the last minute. A strong application should show that you have planned realistically for your studies in Canada.
Canada’s international student system has become more controlled in recent years. The government introduced limits on study permit applications, strengthened verification of letters of acceptance and continues to adjust financial requirements. For 2026, Canada has also set a lower target for new international student arrivals than previous years.
That means prospective students should approach the study permit process with more preparation rather than assuming that admission to a Canadian school automatically translates into a study permit.
The bottom line
The new CAD $23,448 requirement is now the federal living-expense threshold for a single study permit applicant applying to study outside Quebec.
It is an increase of $553 from the previous $22,895 requirement.
But students should remember that this is only the living-expense component. Tuition and transportation must be accounted for separately, and meeting the financial threshold alone does not guarantee approval.
If you are planning to study in Canada, your best approach is to build your application around complete and credible documentation, including a clear explanation of how your education and living expenses will be funded.
