On This Page You Will Find
- Why you need to show proof of funds for a study permit
- Updated 2025 financial requirements for studying in Canada
- How much money you need in Quebec vs other provinces
- What documents are accepted as proof of funds
- A helpful FAQ on finances for international students
Why Is Proof of Funds Required for a Canada Study Permit?
To study in Canada, you must show that you can support yourself financially. This ensures that you can pay your tuition, living expenses, and return travel costs without relying on work or public assistance during your studies.
Proof of funds helps Canadian immigration officers confirm that you are financially prepared to focus on your education and comply with immigration rules. It also reassures the government that you will not become a burden on public services.
New Financial Requirements From September 1, 2025
If you apply for a study permit on or after September 1, 2025, you must meet updated minimum living expense thresholds.
These amounts apply in addition to your tuition and transportation costs and must be proven for one full year.
Outside Quebec – Minimum Living Expenses (in CAD)
| Number of family members (including student) | Amount required per year |
| 1 | $22,895 |
| 2 | $28,502 |
| 3 | $35,040 |
| 4 | $42,543 |
| 5 | $48,252 |
| 6 | $54,420 |
| 7 | $60,589 |
| Each additional family member | $6,170 |
Within Quebec – Minimum Living Expenses (2025)
| Applicant type | Amount required |
| One person under 18 | $7,756 |
| One person 18 or older | $15,508 |
| Two people 18 or older | $22,745 |
| Two people 18 or older + one person under 18 | $25,479 |
| Two people 18 or older + two people under 18 | $27,499 |
You must also have:
- $500 in settlement funds for your first year
- Proof of ability to cover transportation, tuition, and health insurance
Health insurance is mandatory in Quebec unless:
- You already have valid coverage in Quebec
- Your home country has a social security agreement with Quebec
What Documents Are Accepted as Proof of Funds?
To prove you have the required funds, you can submit:
- Canadian bank account statements showing funds transferred
- Guaranteed Investment Certificate (GIC) from a Canadian bank
- Proof of a student or education loan
- Four months of personal bank statements
- Bank drafts convertible to Canadian dollars
- Proof of paid tuition or housing
- Scholarship or sponsorship letters
- Financial support letters from family, with bank documents
- Loan disbursement letters (if applicable)
- Proof of income or tax returns from financial sponsors
Make sure all documents are translated into English or French, if needed.
How To Calculate Total Financial Need
To calculate the total required amount:
Example:
- Tuition = $16,000
- Living expenses (outside Quebec) for 1 student = $22,895
Total funds required = $38,895
If a spouse or child is accompanying you, add the corresponding amounts based on your location.
Tips for a Successful Application
- Be transparent about your finances
- Provide official documents from credible sources
- Include translations and currency conversions
- Avoid vague or unverifiable documents
- Show consistent financial history (e.g. recent deposits should make sense)
Frequently Asked Questions
How much money do I need to study in Canada in 2025?
If you apply on or after September 1, 2025, you must show $22,895 per year for yourself outside Quebec, or $15,508 in Quebec. Additional funds are needed for family members and tuition.
What counts as proof of financial support?
Accepted documents include bank statements, GICs, student loan letters, sponsorship letters, and proof of scholarships or tuition payments. All documents must be official and current.
Is the amount different in Quebec?
Yes. Quebec sets its own financial requirements, which are slightly lower. It also requires $500 in settlement funds and proof of medical insurance coverage.
What if I’m funded by a sponsor?
You must submit a signed letter from your sponsor and their financial documents (such as income tax returns or bank statements) to show they can support you.
What happens if I can’t meet the financial requirement?
Your study permit application may be refused. You must show enough funds to cover your first year of tuition, living expenses, and travel costs to be approved.
