Proof of Funds for a Canada Study Permit in 2026

If you apply for a Canada study permit on or after 1 September 2026, you need to show CAD 23,448 for a year of living costs as a single applicant studying outside Quebec. That's up from CAD 22,895. You also need to show your first-year tuition and travel costs, and the money has to be genuinely available to you.

How much money do you need to show?

Add up three parts:

• Living costs: CAD 23,448 for a single applicant outside Quebec, if you apply on or after 1 September 2026.
• First-year tuition: the figure on your letter of acceptance. If you've already paid some of it, the receipt counts as evidence.
• Travel: the cost of getting to Canada.

The date you submit decides which living-cost figure applies. Applications submitted before 1 September 2026 used the previous figure of CAD 22,895. If family members are coming with you, the amount goes up for each person, so check the current figure on IRCC's study in Canada pages.

IRCC's figures are in Canadian dollars. Convert at the current rate when you plan, and leave a margin, because exchange rates can move between the day you save the money and the day an officer looks at your file.

Treat CAD 23,448 as a floor. It's the minimum an officer expects to see, not a promise that it will cover rent in every Canadian city.

Write the total down as one number in CAD and one in your own currency, with the date and rate you used. That's the figure your documents need to cover, and it's the number your sponsor needs to understand before they sign anything.

Is Quebec different?

Yes. Quebec sets its own proof-of-funds amounts and runs its own selection process for international students, so the figure above doesn't apply if you're studying there. If a Quebec school has admitted you, follow its instructions and check Quebec's requirements as well as IRCC's.

What documents count as proof of funds?

IRCC (Immigration, Refugees and Citizenship Canada) publishes the documents it accepts, and the list can change, so check IRCC's current list before you submit. Common options include:

• Bank statements in your name, or your sponsor's, showing the balance over recent months.
• A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution.
• An education loan approval letter from a bank or recognised lender.
• A scholarship or funding letter confirming the amount and what it covers.
• Receipts showing you've already paid tuition or housing to your school.

A GIC was a requirement of the Student Direct Stream, which ended in November 2024. It's no longer tied to a special stream, but it's still one clear way to show living-cost funds.

Whatever you use, make the documents easy to read. Include certified translations for anything not in English or French, and make sure names, account numbers and dates match across every page.

How do you show the money is genuinely available?

Officers look past the balance. They want to see that the money exists, that it belongs to you or your sponsor and that you can actually use it for your studies.

• Keep funds liquid. Money in a bank account, a GIC or a sanctioned loan is usable. Land, gold or a business you'd have to sell generally isn't, although documents about them can support your family's financial picture.
• Explain large deposits. A lump sum that appears just before you apply invites questions. Keep the paperwork showing where it came from, such as a property sale deed, a loan sanction letter or a maturity statement.
• Show a history, not a moment. Statements that show savings building up over time are more convincing than one day's balance.
• Make it add up. The amounts in your study plan, your sponsor's letter and your statements should tell the same story.

If something in your finances looks unusual, explain it up front. An officer may decide on the documents alone, so a short letter of explanation with supporting evidence is better than leaving a gap.

Can a parent or sponsor pay for you?

Yes. Many students are funded by a parent or close relative. If someone else is paying, include:

• a signed letter from the sponsor saying how much they'll provide and for how long
• proof of your relationship, such as a birth certificate or a family registration certificate where your country issues one
• the sponsor's bank statements and proof of income, such as salary slips or tax returns

If a bank in your home country is lending you the money, include the sanction or approval letter showing the amount, and whether it's paid to you or straight to the school.

Your sponsor's income matters alongside their savings. An officer wants to see that paying for your studies won't leave the family unable to cover its own costs, so a steady income history helps.

Can you count part-time work toward your funds?

No. Proof of funds is about money you can show before you arrive. Students can usually work off campus up to 24 hours a week during academic sessions (check IRCC for current terms), but expected earnings won't help your application, and building your budget around a job you don't have yet is risky.

The same logic applies to money you hope to receive later, such as a loan that hasn't been approved yet or a scholarship you've applied for but not won. Only show what you actually have or have been formally promised.

Next steps

Work out your full first-year number with the study abroad cost calculator, then read our Canada study guide for the rest of the process. If you're comparing destinations on cost, see our breakdown of the cost of studying in Germany.

FAQ

Does CAD 23,448 include tuition?

No. It covers living costs for a single applicant outside Quebec. First-year tuition and travel are on top.

Do I still need a GIC now that SDS has ended?

Not as a stream requirement, since the Student Direct Stream ended in November 2024. A GIC is still one accepted way to show funds, so check IRCC's current list for the alternatives.

Can my parents' savings count?

Yes, if they're sponsoring you and the money is available to you. Include their letter, proof of your relationship and documents showing where the money came from.

Is a large balance on the day I apply enough?

Often not. Officers look at history as well as the balance, and a sudden unexplained deposit can raise doubts about whether the money is really available to you.

Does the amount change if I study in Quebec?

Yes. Quebec sets its own amounts, so the CAD 23,448 figure applies outside Quebec only. Check Quebec's current requirements alongside IRCC's.