Planning to study in Canada? One of the most important—and often misunderstood—requirements is proof of financial support. Whether you’re applying for a study permit for the first time or preparing to extend your stay, Immigration, Refugees and Citizenship Canada (IRCC) requires applicants to demonstrate that they can support themselves and their accompanying family members while in Canada.
As of 2024 and continuing into 2025, IRCC has updated the minimum financial thresholds for study permit applicants. Here’s what you need to know.
What Is Proof of Financial Support?
To qualify for a study permit, you must prove you can cover:
- Tuition fees for the first year
- Cost of living for yourself and any accompanying family members
- Return transportation for yourself and any family
Updated Living Expense Requirements (2025)
IRCC now uses a formula based on Statistics Canada’s low-income cut-off (LICO) to determine the minimum cost of living:
| Number of People | Required Amount (excluding tuition) |
| 1 person (student only) | $20,635 |
| +1 family member | +$5,000 |
| Each additional family member | +$3,000 per person |
For example, a student coming with a spouse and one child must show funds of:
- Tuition + $20,635 (student) + $5,000 (spouse) + $3,000 (child) = $28,635 + tuition
Accepted Documents for Financial Proof
IRCC accepts a range of documents to prove financial capacity, including:
- Canadian bank account in your name
- Guaranteed Investment Certificate (GIC)
- Proof of student or education loan
- Bank statements for the past four months
- Proof of payment of tuition and housing
- Letter from a person or institution providing you with money
- Proof of funding from scholarships or Canadian-funded educational programs
It’s essential that the documents are recent, consistent, and traceable to a legitimate source.
How We Can Help
At Jain Immigration Law, we provide:
- Personalized review of your financial documents
- Strategies for strengthening your application
- Representation in complex cases or after a refusal
- Guidance on GICs, scholarships, and sponsorships
We help students present clear, compliant, and compelling applications to maximize their chances of success.