4 hours ago
Last Updated:July 05, 2025, 16:33 IST
Canada Study Permit: Canada will raise the minimum financial requirement for study permits from September 1, 2025, affecting international students.
Canada Study Permit: Proof of funds is a key part of getting a Canadian study permit.(Unsplash/Representative Image)
Canada Study Permit: If you’re an international student planning to apply for a Canadian study permit this year, prepare to show more money in your bank account. Starting September 1, 2025, Canada is raising the minimum financial requirement- the proof of funds you must show to cover your living expenses (excluding tuition). According to a new update by Immigration, Refugees and Citizenship Canada (IRCC), single applicants will now need to show at least CA$ 22,895, an increase of nearly 11% from the current requirement of CA$ 20,635. In case you’re planning to take a family member along, this required amount will be higher.
What Is Proof Of Funds And Why You Need To Show It?
Proof of funds is a key part of getting a Canadian study permit. It shows that you can afford to live in Canada while you study- covering basics like rent, food, transport and other everyday expenses. You can demonstrate this money through: a Canadian bank account in your name, a Guaranteed Investment Certificate (GIC), proof of a student loan from a bank, bank statements, scholarship letters or financial support letters from a sponsor.
What Is The New Rule Now?
This isn’t the first time IRCC has increased the requirement. Until the end of 2023, the minimum amount was just CA$ 10,000- but starting January 1, 2024, that number more than doubled to CA$ 20,635. These changes come amid a major policy shift to limit the influx of international students as Canada has been facing a growing backlash over housing shortages and strained public services.
After the April 2025 federal election, Canadian Prime Minister Mark Carney reaffirmed that temporary residents- including students and foreign workers- will be capped at 5% of the total population by 2027. In line with this, the government has set a cap of 437,000 study permits for 2025, down from 485,000 this year. That same cap will carry forward to 2026 as well.
What Does This Mean For Indian Students In Canada?
The impact is already showing. In the first quarter of 2025, Canada issued 30,640 study permits to Indian students, a sharp 31% drop from 44,295 during the same period last year. Overall international student permits also fell from 121,070 in Q1 2024 to 96,015 in Q1 2025.
Just two years ago, in 2023, Canada had issued a record 681,155 study permits, with Indian students making up 278,045 of those. By 2024, the number dropped to 516,275, with the Indian share falling to 188,465.
Location :Canada
First Published:News world Planning To Study In Canada? Here’s The New Amount You’ll Need To Show As Proof Of Funds
