Proof of Funds for a Study Permit in Canada
The number changed. If you are working from a figure you read a while ago, or one an agent quoted you, there is a good chance it is the old one.
This is not a small problem. Proof of funds is one of the most common reasons study permit applications are refused, and the threshold is not a guideline an officer can be talked around. Show less than the required amount and the application does not survive it.
The current amounts are below, taken from IRCC directly. What sits behind them is harder: proving the money is real, available, and yours. That is the part BorderPass builds with you, with a licensed Canadian immigration lawyer reviewing the file before it goes anywhere.
What you need to know
A single applicant outside Quebec applying on or after September 1, 2025 must show $22,895 for living expenses. The earlier figure was $20,635 and no longer applies.
That amount excludes tuition and travel. Both have to be covered on top of it.
The amount rises with each accompanying family member, and IRCC updates the whole table each year.
Quebec runs a separate financial test with its own figures, set by the province rather than IRCC.
BorderPass checks your funds against the threshold in force on your application date and has a licensed immigration lawyer review the evidence behind them.
How much money do you need to show?
For applications made on or after September 1, 2025, outside Quebec, a single applicant must show $22,895 for the first year of living expenses. Tuition and transportation are separate and additional. The amount increases for each family member coming with you, as set out in IRCC's proof of financial support requirements, current as of January 26, 2026.
Family members, including you | Amount per year, excluding tuition and travel |
|---|---|
1 | $22,895 |
2 | $28,502 |
3 | $35,040 |
4 | $42,543 |
5 | $48,252 |
6 | $54,420 |
7 | $60,589 |
Each additional person beyond 7 | $6,170 |
Two things people miss. The figure covers living expenses only, so a student who saves exactly $22,895 and treats tuition as covered by it has under-prepared by the full cost of their programme. And for a programme longer than a year, you show funds for the first year but also have to explain how the rest will be paid.
If you are studying in Quebec, none of the above applies to you. Quebec sets its own financial requirement through its immigration ministry, and it is a different number.
What counts as proof of funds?
IRCC publishes examples rather than a fixed list, and you do not need all of them. Bank statements for the past four months, a Canadian bank account holding transferred funds, a guaranteed investment certificate from a participating Canadian institution, proof of a student or education loan, proof that first-year tuition and housing are already paid, a letter from whoever is funding you, and proof of a scholarship or Canadian-funded programme all appear on IRCC's list.
Two of those carry a condition. Prepaid tuition and a sponsor letter each have to be accompanied by further documents showing the living expenses and travel are also covered. On their own they do not satisfy the requirement.
The list is also not the hard part. Choosing which combination of documents tells a coherent story about your finances is, and that depends on where your money came from, how long it has been there, and who else has a claim on it. If your country applies foreign exchange controls, you have a further obligation to show the funds can actually leave.
Why does proof of funds get refused?
Rarely because the balance was too small. More often because the money was there but the file did not explain it.
A large deposit landing shortly before the application invites the obvious question, and an unanswered question is resolved against you. The deposit may be entirely legitimate. If nothing in the file says where it came from, the officer is left to assume.
Currency conversion is another quiet failure. Funds held in another currency have to be converted honestly, and a favourable rate pulled from an exchange site to clear the threshold is checkable.
Then there is money that exists but cannot be reached. Property, long-term investments, and funds locked in a fixed term are not available to pay rent in September. The requirement is not about net worth.
The pattern across all of these is the same. The applicant had the money and lost the application on how it was presented.
Where BorderPass fits
The threshold moved in January 2024 and again in September 2025, and IRCC recalculates it annually against Statistics Canada data. A number that was right when you started planning may not be right when you file.
BorderPass pairs guided software with review by a licensed Canadian immigration lawyer. The software checks your funds against the threshold in force on your application date. The lawyer reads the financial evidence the way an officer will, before it goes to IRCC. You get clear guidance and legal accountability at a fraction of what a traditional firm charges.
If you are trying to work out whether your funds are enough and whether your documents show it, start with an assessment of where your application actually stands.
Frequently Asked Questions
How much money do you need for a Canadian study permit?
For applications on or after September 1, 2025, a single applicant outside Quebec must show $22,895 for living expenses for the first year. Tuition and transportation costs are separate and must be covered on top. The amount rises with each accompanying family member, and Quebec sets its own separate figure.
Does the amount include tuition?
No. IRCC's cost-of-living figure excludes both tuition and transportation. You must show you can pay for all three: your programme's tuition, your living expenses, and travel to and from Canada for you and anyone coming with you.
Do I have to show funds for my whole programme?
You must show financial resources for the first year. For a programme longer than a year, you also have to tell IRCC how you plan to pay for the rest of it, for example through a multi-year scholarship or evidence of a sponsor's income.
Does it matter where the money came from?
Yes. An officer is assessing whether the funds are genuinely available to you, not just whether a balance exists. Money that appeared shortly before the application, or that belongs to someone who has not documented their support, invites questions the file needs to answer in advance.
How often does the required amount change?
IRCC updates the amounts each year using Statistics Canada data. The single-applicant figure moved from a long-standing $10,000 to $20,635 in January 2024, then to $22,895 in September 2025. Check the figure that applies on the date you file rather than the one you first read.
