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Canada Raises Proof-of-Funds Requirement for Study Permits

Effective September 1, study permit applicants must demonstrate sufficient funds through specified documentation to qualify.

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Overview

  • The cost-of-living threshold for a single applicant, excluding tuition, has increased to CAN $22,895 per year from CAN $20,635.
  • Applicants must independently cover tuition, living and transportation costs for themselves and any accompanying family members without relying on Canadian employment.
  • Acceptable proof includes Guaranteed Investment Certificates, recent bank statements, tuition and housing receipts, education loan documents, a Canadian bank account in the applicant’s name, and letters of financial support or scholarship award.
  • Applications received before September 1, 2025, will be assessed under existing financial thresholds; those submitted on or after that date must meet the revised requirements.
  • Québec-bound students must also satisfy provincial criteria that account for settlement fees and mandatory health insurance for the duration of their stay.