Canada increases financial requirement for students

The Canadian government has increased the financial requirements for international students to CAD$22,895, up from CAD$20,635. 

The rise, impacting those applying for a study permit on or after September 1, 2025, is part of a phased approach announced in December 2023 to align with inflation.  

As per the requirements, students applying to Canadian institutions must prove they have enough money – without working in Canada – to cover the cost of tuition fees, living expenses and transportation costs.  

The revision applies to all Canadian provinces and territories outside Quebec, which carries its own requirements.  

The amount of funds required increases based on the number of family members accompanying the permit holder, further details of which are found on the IRCC’s website.  

The minimum proof of funds will rise to CAD$22,895 per year

The hike comes as international students are facing increasing hurdles to studying in Canada, following the government’s implementation of study permit caps last year, which were since tightened to include master’s students.  

Elsewhere, prospective students are facing greater financial burdens in many of the major study destinations, with Australia recently hiking student visa fees to AUD$2,000 and international student visa fees in the UK rising from £490 to £524 in April this year.

In the US, Trump’s so-called One Big Beautiful Act, signed into law on July 4, imposes several new immigration fees, including a “visa integrity fee” of at least $250 and a new Form I-94 application fee of at least $24.  

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