As part of the study permit process, international students in Canada must prove they can financially support themselves and the families who might accompany them. There are eight IRCC-accepted ways for students to prove financial sufficiency in Canada.

If you are an international student pursuing post-secondary education in Canada, understanding different ways can help demonstrate that you have sufficient funds to enter Canada.

Notably, the cost of living criterion was raised in Canada for students in all provinces and territories on January 1, 2024, except for Quebec. Find the details below on different ways for students to prove financial sufficiency.

IRCC-Accepted Ways for Students to Prove Financial Sufficiency

As per the IRCC, the cost of living requirement is in the base amounts. It includes all requirements associated with transportation and other expenses such as book costs, tools, and supplies.

These figures demonstrate that the applicants for Canadian study permits have enough funds to handle the below-mentioned costs:

• The tuition fees for the first year, are as shown on the Letter of Acceptance (LOA) provided by the DLI.
• Travel costs to and from Canada
• The minimum one-year living cost in Canada 

There are eight IRCC-accepted ways for students to prove financial sufficiency:

1. Students must provide proof of a Canadian bank account registered in their name, in case they have sent money to Canada.
2. They must provide a Guaranteed Investment Certificate (GIC) issued by a participating Canadian financial institution.
3. Proof of education or student loan from a bank
4. The bank statements of the applicant for the past four months
5. A draft from the bank convertible into Canadian dollars
6. Evidence that the candidate has previously paid tuition and housing fees
7. A letter from an individual or school providing the applicant funds for their living and educational expenses
8. If the applicant holds a scholarship or is enrolled in a Canada-funded educational program, proof of funds paid within Canada is required.

As per IRCC, if the applicant’s country of origin uses foreign exchange controls, the applicant must demonstrate that they will be permitted to export funds for all expenses.

The New Cost-Of-Living Financial Requirement of Canada

Starting this year, the immigration department has increased the cost of living in Canada. It’s the financial requirement or the funds that study permit applicants outside of Quebec must have. For this year, it’s $20,635.

Note that this amount is in addition to the tuition fees and travel costs for the first year. As per IRCC, the living cost requirement will be adjusted yearly.

The newly announced cost-of-living financial requirement is not applicable to the study permit applications submitted on or before December 31, 2023, to IRCC.

Note that all funds mentioned below are in Canadian dollars.

All Canadian provinces or territories except Quebec

On and before December 31, 2023: The funds below are the minimum that study permit applicants require annually to prove their financial sufficiency. This will help them show that they are able to support themselves and any family members who accompanied them to Canada. The funds below do not include the tuition fees. 

The applicant/international student: $10,000

The applicant’s first accompanying family member: $4,000

Every additional accompanying family member: $3,000

From January 1, 2024: The funds below are the minimum that study permit applicants require annually to prove their financial sufficiency. This will help them show that they are able to support themselves and any family members who accompanied them to Canada. The funds below do not include the tuition fees. 

Note that the information below will probably change next year. This is because IRCC has stated that these will be adjusted as per annual low-income cut-off (LICO).

Study permit applicants: $20,635

Number of family members (including the applicant):

• Two people: $25,690
• Three people: $31,583
• Four people: $38,346
• Five people: $43,492
• Six people: $49,051
• Seven people: $54,611
• Each additional family member (More than seven people): $5,559

Quebec

International students in Quebec must demonstrate they satisfy a different set of financial requirements than other Canadian students. Quebec’s ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI) set the requirements for these students.