As an international student pursuing post-graduation education, below are eight ways to show proof of financial sufficiency in Canada. As part of the Canadian study permit process, candidates must prove they have sufficient money to support themselves along with family members who come to Canada with them. 

Note: As of January 1 this year, the cost of living requirement has increased for students in all provinces & territories other than Quebec. 

Providing IRCC With Proof Of Financial Sufficiency 

There are multiple ways to show proof of financial sufficiency in Canada. According to IRCC, the department’s cost of living requirement is expressed in ‘base amounts’ that include ‘all requirements related to transportation & other expenses, including the cost of books, supplies, & equipment. These amounts prove that Canadian study permit applicants have enough funds to cover the following costs: 

  • The first year of tuition fees, as indicated on the Letter of Acceptance issued by their DLI
  • Travel expenses to get to & from Canada
  • The minimum cost of living in Canada for one year. 

IRCC lists the ways to show proof of financial sufficiency in Canada: 

  1. Proof of Canadian bank account in candidate’s name if they have transferred money to Canada
  2. A GIC, i.e., a Guaranteed Investment Certificate from a Canadian financial institution
  3. Proof of a student/ education loan from a bank
  4. The candidate’s bank statements for the last four months
  5. A bank draft which can be converted to Canadian dollars
  6. Proof that the candidate has already paid tuition & housing fees
  7. A letter from the person/ school giving the applicant money for their living expenses & education 
  8. Proof of funding paid from within Canada if the applicant has a scholarship or is enrolled in a Canadian-funded educational program

Note: IRCC clarifies that, in cases where an applicant’s home nation uses foreign exchange controls, the candidate must prove that they will be allowed to export funds for all expenses. 

IRCC’s New Cost Of Living Financial Requirement 

Since the beginning of this year, IRCC has increased the cost of living financial requirement. Well, it is the amount that study permit applicants outside of the province of Quebec must prove they possess. 

It should be noted that this new amount is in addition to tuition fees for the first year & travel costs & that IRCC has already indicated that its cost of living requirement will be adjusted annually based on Statistics Canada’s newest low-income cut-off release. 

This new cost-of-living financial requirement doesn’t apply to study permit applications submitted to IRCC on or before December 31, 2023. 

Note: All funds presented below are expressed in Canadian dollars. 

All Territories/ Provinces Except Quebec

On & Before December 31, 2023: The following are the minimum funds required per year by study permit applicants to prove they can support themselves as a student as well as any family members who accompanied them to Canada. 

The Candidate/ Student: $10,000

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

Every additional accompanying family member: $3,000

As of January 1, 2024: The following are the minimum funds required per year by a study permit applicant to prove they can support themselves & any accompanying family members in Canada. 

It is worth noting again that the data below will likely change in 2025 & every year beyond that because IRCC has indicated that this requirement will be adjusted based on Statistics Canada’s annual LICO release. 

Study permit applicants (by themselves): $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
  • Every additional family member (more than seven people): $5,559

Quebec

Quebec-bound international/ foreign students should prove they meet a different set of financial requirements than students in the rest of Canada. The requirements for these students are set out by Quebec’s ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI).