According to Maple News, international students planning to study in Canada will soon need to demonstrate a higher level of financial readiness. Starting September 1, 2025, the amount of funds required to obtain a Canadian study permit will increase to reflect the rising cost of living across the country.
The updated financial criteria will require a single applicant to show at least CAD $22,895 in available funds—up from the current figure of CAD $20,635. These amounts are specifically for living expenses and do not include tuition. Applicants must still provide separate proof of payment for their first year’s tuition and accommodation.
Applicants with accompanying family members will also need to show higher financial capacity. For example, an applicant with two accompanying family members will be required to provide proof of at least CAD $35,040 starting in September 2025, compared to the current requirement of CAD $31,583. The threshold increases incrementally based on the size of the applicant’s family.
These changes apply to all Canadian provinces and territories except Quebec, which sets its own financial requirements. The federal government reviews these figures annually to ensure international students are financially prepared to live in Canada without relying heavily on work income.
To meet the updated criteria, applicants must submit approved documentation demonstrating their financial resources. Accepted documents include bank statements for the last four months, Guaranteed Investment Certificates (GICs), receipts for tuition and housing payments, approved student loans, bank drafts in CAD, and letters confirming scholarships or private sponsorships. Students from countries with currency exchange restrictions must also provide proof that they can lawfully transfer funds to Canada.
Current financial requirements will remain valid for study permit applications submitted before September 1, 2025. Any applications filed on or after that date must comply with the higher thresholds.
Maple News encourages prospective students to prepare their documentation carefully to ensure a smooth application process. Submitting complete and accurate financial proof is a critical part of Canada’s study permit evaluation process.