International students applying for a Canadian study permit must demonstrate sufficient financial resources to cover tuition, living costs, and return travel. IRCC updated the minimum financial requirements in 2024, and understanding what's needed prevents common application refusals.
As of January 2024, IRCC significantly increased the minimum financial requirements. For 2025, you must show:
Outside Quebec:
Inside Quebec: Quebec has its own cost-of-living calculation based on the Regulation on the selection of foreign nationals.
The $20,635 figure represents the first-year Student Direct Stream (SDS) living cost requirement and replaced the previous $100 threshold.
Single student at a university in Toronto:
Student with spouse and one child:
The government fee to apply for a study permit is $150 CAD. This is non-refundable. Biometrics fees apply if you haven't provided them in the last 10 years ($85 CAD per person).
SDS offers faster processing (typically 20 business days) and is available to students from certain countries including India, China, Philippines, Vietnam, Morocco, and others. SDS requires:
Processing times are longer (several months). Same financial requirements apply but more flexibility in how you demonstrate funds — bank statements are accepted instead of requiring a GIC.
A Guaranteed Investment Certificate (GIC) is a type of Canadian term deposit. For SDS:
Approved GIC providers include major banks and some credit unions. The process takes 1–4 weeks so plan ahead.
For regular stream applicants, acceptable documents include:
With a valid study permit, international students can work:
Working income does NOT count toward your initial proof of funds — IRCC evaluates funds you already have, not future earnings.
As an international student, you can open a Canadian bank account with:
Most major banks offer student accounts with low or no monthly fees. No-fee options like KOHO work well too — no credit history required, no monthly fees, and you get a prepaid Visa for everyday purchases.
After graduation, many international students apply for a PGWP to stay and work in Canada. There is no proof of funds requirement for PGWP itself. However, having savings and Canadian banking history established during your studies makes post-graduation financial life much easier.
Yes. A letter from your parents showing their income and assets, along with a commitment to sponsor you, is acceptable. Include their bank statements and proof of income.
IRCC focuses on first-year costs. However, officers may ask about your plan for subsequent years. Having a clear funding plan (scholarships, part-time work, parental support) is helpful to include in your application.
Use the actual tuition amount from your acceptance letter. If uncertain, use the higher estimate.
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