As of September 1, a single study permit applicant outside Quebec must now demonstrate access to at least CAD $23,448, not including tuition fees and travel costs. The figure remains lower than the requirements for Australia and London, UK.
The figure marks a 2.6% rise on the previous requirement of CAD $22,895, amounting to CAD $553 more. After more dramatic rises in recent years, the federal government now updates financial requirements annually in line with the cost of living.
Alongside the update, Immigration Refugees and Citizenship Canada (IRCC) provided information on what documents can be used to show proof of funds, after it emerged financial documentation was by far the most prominent reason for study visa denials.
For instance, recent analysis of nearly 3,000 study permit decisions in June 2026 found 47% of refusals were due to a lack of financial documentation – a factor that experts deemed “preventable”.
For international students applying to institutions in Quebec, a single applicant must show proof of at least CAD $24,617 for living expenses for the first year, effective January 1, 2026.
As of September 1, 2026, applicants must show CAD $23,448 per year
Accounting for the rise, Canada’s proof of funds requirement amounts to USD $16,981, compared to Australia where students must demonstrate access to AUD $29,710 (USD $21,415).
In the UK, students applying to study in London must show £13,761 (USD $18,630) across nine months of study, while for institutions outside of London, the figure is lower than Canada standing at £10,539 (USD$14,268) across nine months.
Meanwhile, the US does not set a single nationwide proof of funds requirement for study visas, which are determined by each institution taking into account tuition, fees and living expenses.
As such, the amount can vary substantially between institutions and programs, and the lack of a fixed threshold can leave more room for consular officers to assess a student’s financial circumstances on a case-by-case basis.
