The amount required for living expenses is updated annually. For study permit applications made on or after 1 September 2026, a single student applying to study in any Canadian province or territory other than Quebec must show CAD 23,448 for living expenses for the first year, excluding tuition and transportation.
What is proof of funds for a Canadian study permit?
Proof of funds is evidence that you have sufficient financial resources to pay for your studies and support yourself while in Canada.
IRCC assesses whether you have enough money without relying on work in Canada to cover:
- Tuition fees for your programme
- Living expenses for yourself and any accompanying family members
- Transportation costs to and from Canada
You generally need to demonstrate that you have enough resources for the first year of your studies. If your programme lasts longer than one year, you should also explain how you plan to fund the full duration of your studies. This could include evidence of a longer-term scholarship, education funding or parental employment and income.
How much money do you need to show?
For study permit applications made on or after 1 September 2026, the following living-expense amounts apply to students going to provinces and territories other than Quebec.
| Number of family members, including the applicant | Amount required per year (CAD) |
| 1 | $23,448 |
| 2 | $29,192 |
| 3 | $35,888 |
| 4 | $43,572 |
| 5 | $49,419 |
| 6 | $55,736 |
| 7 | $62,054 |
| Each additional family member | $6,318 |
Source: IRCC
These figures do not include tuition or transportation costs. For example, a student travelling alone would need to demonstrate CAD 23,448 for living expenses, in addition to the funds required for tuition and transportation.
What documents can you use as proof of funds?
The following are examples of documents that can demonstrate your financial capacity. You do not necessarily need every document listed; you should provide sufficient evidence to demonstrate that you can meet the financial requirements.
Possible documents include:
- Bank statements: For the past six months, including the month in which you submit your application or the month immediately before it.
- Proof of a Canadian bank account: Showing money transferred to Canada, if applicable.
- Guaranteed Investment Certificate (GIC): From a participating Canadian financial institution.
- Proof of an education loan: From a bank or other financial institution.
- Proof of tuition and housing payments: Showing that you have already paid these expenses.
- Letter confirming a scholarship or financial support: From the institution or organisation providing the funding.
- Proof of financial support from a sponsor: Such as a family member, where applicable.
- Other sources of income or assets: Depending on the circumstances, documents relating to pensions, rental income or funds held in other accounts may also help demonstrate financial capacity.
Does the money have to be in the student’s bank account?
Not necessarily. IRCC accepts different forms of evidence of financial support. Funds may come from the student, parents, another sponsor, a scholarship, an education loan or other legitimate sources. However, it is important to demonstrate where the money comes from and that it is genuinely available to support the student’s education and stay in Canada.
Is proof of funds required for the entire duration of the course?
You need to show sufficient funds for the first year of your studies. For programmes lasting more than one year, however, you are expected to explain how you intend to pay for the full duration of the programme. A clear and credible funding plan for the entire programme is important.
What else should students know about the Canadian study permit?
Proof of funds is only one part of the study permit application. Depending on your circumstances, you may also need:
- A letter of acceptance (LOA) from a designated learning institution (DLI)
- A provincial or territorial attestation letter (PAL/TAL) in most cases
- Proof of identity
- A letter of explanation
- A medical examination or police certificate, where required
There are exemptions from the PAL/TAL requirement. Importantly, from 1 January 2026, students entering master’s or doctoral degree programmes at public designated learning institutions are exempt from the PAL/TAL requirement.
Is the Student Direct Stream still available?
No. Canada’s Student Direct Stream (SDS) closed on 8 November 2024. New study permit applications are processed through the regular study permit process.
Conclusion
Meeting the proof-of-funds requirement is an important part of planning to study in Canada, but it is only one aspect of choosing the right study destination. Students should also consider factors such as programmes, institutions, tuition costs, career opportunities and the overall student experience.
To explore more about Canada as a study destination, read our article on Why Study in Canada?.
