Starting September 1, 2026, a single study permit applicant must show $23,448 in living-expense funds, up $553 from last year — separate from tuition and travel costs.
Starting September 1, 2026, a single study permit applicant needs to show $23,448 in living-expense funds — up $553 from the previous $22,895 threshold. If you're planning to submit a study permit application this month, this is the number your bank statement, GIC, or loan documents need to clear before IRCC will look at anything else.
IRCC adjusts the study permit proof of funds requirement every year to track Canada's Low-Income Cut-Off (LICO), the federal benchmark for basic living costs. For applications submitted on or after September 1, 2026, the minimum amounts are:
| Family members (including applicant) | Minimum funds (from Sept 1, 2026) | Increase over 2025 |
|---|
| 1 | $23,448 | +$553 |
| 2 | $29,192 | +$690 |
| 3 | $35,888 | +$848 |
| 4 | $43,572 | +$1,029 |
| 5 | $49,419 | +$1,167 |
| 6 | $55,736 | +$1,316 |
| 7 | $62,054 | +$1,465 |
| Each additional member | $6,318 | +$148 |
This amount covers living expenses only. It doesn't include tuition or travel. You still need to separately show you can pay your first year's tuition (or proof you've already paid it) and travel costs for yourself and any accompanying family members. The new threshold applies everywhere except Quebec, which sets its own financial requirement.
The proof of funds requirement isn't a one-time policy choice — it's tied to LICO, which IRCC recalculates annually based on the cost of living. Canada's living-expense threshold sat frozen at $10,000 for nearly two decades before IRCC more than doubled it to $20,635 in January 2024. Since then it's climbed every year: $20,635 in 2024, $22,895 in September 2025, and now $23,448. IRCC frames this as keeping pace with real living costs rather than a new barrier to entry — but the practical effect is the same either way: students need to show meaningfully more money each year, and the annual increase is now the norm, not the exception.
If you haven't submitted yet: budget for $23,448 (single applicant) plus tuition and travel, and start building your documentation now. A Guaranteed Investment Certificate (GIC) from a participating Canadian bank is the most common way to prove this — it locks the funds in a way IRCC recognizes immediately, rather than relying on bank statements that officers scrutinize for sudden deposits.
If you're close to submitting and can file before September 1: doing so locks in the lower $22,895 threshold. If you're already sitting on the old amount, there's a real incentive to get your application in before the deadline rather than scrambling to top up your account.
If you're bringing family members: the per-person increase is steeper the larger your family — a family of four now needs $43,572, over $1,000 more than last year. Recalculate your total budget rather than assuming the increase is proportional to the single-applicant figure.
If you're short of the new threshold: acceptable proof includes a GIC, a bank account in your name, an education loan from a financial institution, six months of bank statements, a convertible bank draft, or a signed letter of financial support with supporting documents. Combining sources is allowed as long as the total clears the bar.
Tip
IRCC reviews bank statements for at least six months of history, not just the current balance. A large, recent deposit that pushes you over $23,448 right before you apply is a common reason officers ask for more documentation — start building your funds well ahead of your application date rather than topping up at the last minute.
Proof of funds is separate from — and usually larger than — every other cost in a study permit application. For the full breakdown of what a study permit costs beyond living expenses, see our study permit guide and cost to immigrate to Canada guide. If you're weighing a study permit against other pathways, our proof of funds guide covers how the requirement differs across Express Entry, PNP, and study permits.
Disclaimer: This guide is for informational purposes only and does not constitute immigration advice. Always verify information with official IRCC sources and consult a Regulated Canadian Immigration Consultant (RCIC) or licensed immigration lawyer for advice specific to your situation.