How to Prove Financial Capacity When Applying for a Canadian Study Permit?
One of the most critical components of a successful Canadian Study Permit application is demonstrating how your studies will be financed. Immigration, Refugees and Citizenship Canada (IRCC) requires international students not only to pay for tuition but also to prove that they have sufficient funds to cover living expenses while studying in Canada.
Updated Financial Requirements for 2025
Historically, the required amount for living expenses remained at CAN$10,000 for many years. However, in January 2024, this threshold was updated to reflect the actual cost of living in Canada. The minimum required funds for a single student were increased to CAN$20,635. Starting September 1, 2025, IRCC will implement another increase of CAN$2,260, raising the required amount to CAN$22,895 for a single applicant. This adjustment accounts for inflation and ensures that students and their families are better prepared financially for life in Canada. If a student plans to bring family members (such as a spouse or children), additional funds must be available. Below is a breakdown of the financial requirements based on the number of accompanying family members:
| Number of family members | Before September 01, 2025 | After September 01, 2025 |
| 1 | CAN$20,635 | CAN$22,895 |
| 2 | CAN$25,690 | CAN$28,502 |
| 3 | CAN$31,583 | CAN$35,040 |
| 4 | CAN$38,346 | CAN$42,543 |
Official source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents/financial-support.html
What Documents Should You Submit?
To demonstrate that you have adequate financial support for your studies, your Study Permit application should include one or more of the following documents:
- Proof of tuition and housing payment for the first academic year.
- Bank account statement showing available funds (some countries also require 4–6 months of transaction history).
- Student or education loan documentation from a recognized financial institution.
- Sponsor documentation, if applicable, including:
- A signed letter of financial support.
- Proof of relationship to the student.
- Sponsor’s proof of employment or business ownership.
- Tax documents or bank statements.
- Scholarship confirmation, if the applicant has received one.
Don’t Forget to Explain the Source of Funds
It’s not enough to simply show the funds—you must also explain where they come from. IRCC places great importance on the origin and sustainability of financial resources. This ensures that the funds are legally obtained, free of any criminal implications, and that there will be sufficient money available to cover tuition and living expenses for subsequent years of study.
Bonus Tip: Proving Financial Stability and Home Ties
We always recommend including information about family-owned assets, such as real estate or business ownership. These assets can serve as evidence of financial stability and demonstrate ties to your home country, which strengthens your Study Permit application and shows intent to
return home after your studies.