Canada increases financial requirement for international students
Chandigarh, September 16: Students planning to study in Canada will now have to show higher financial resources to cover their living expenses. According to the latest information from Immigration, Refugees and Citizenship Canada (IRCC), students applying for a study permit on or after September 1, 2026 must show CAD 23,448 for their first-year living expenses if they are the only applicant and are studying anywhere in Canada except Quebec. The amount is roughly around ₹17 lakh, depending on the exchange rate. Importantly, this amount is for living expenses only and does not include tuition fees or transportation costs.
Students who applied by August 31 covered under earlier amount
Students who submitted their applications between January 1, 2025 and August 31, 2026 are subject to the earlier living-expense requirement of CAD 22,895 for one applicant. The latest increase is part of IRCC's annual adjustment of financial requirements based on changes in the cost of living. IRCC says these amounts are updated each year.
More funds required for accompanying family members
The financial requirement increases if family members accompany the student. From September 1, 2026, the minimum living-expense amounts outside Quebec are:
1 person: CAD 23,448
2 people: CAD 29,192
3 people: CAD 35,888
4 people: CAD 43,572
Each additional member after 7: CAD 6,318
Quebec has separate financial requirements for students applying to study in the province.
It is not only a bank-balance requirement
IRCC requires applicants to prove that they have enough money to cover tuition, living expenses and transportation. Proof can include bank statements, a Canadian bank account, a GIC, an education loan, scholarship documents or evidence of financial support. For programs longer than one year, applicants must show they can finance the first year and explain how they plan to pay for the remaining period of study.
