In this guide, you’ll find everything you need to know about proof of funds and the updated IRCC changes effective from 1st Sep 2025.
What is Proof of Funds
A study permit is a written authorization issued by an officer allowing foreign nationals to study in Canada. When you apply for a Canadian study permit, one of the most important requirements is showing that you have enough funds to support yourself (and your family, if they’re joining you) during your studies. The Canadian government wants to make sure students are financially prepared, without depending on work in Canada.
Acceptable Proof of Funds
You must submit documents that confirm you have sufficient funds for all these expenses. Some commonly accepted proofs include:
- Proof of tuition and housing payment
- For multi-year programs, you must at least show you have paid your first year’s tuition.
- Proof of a Canadian bank account in your name (if you’ve already transferred funds).
- Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution.
- Education/student loan proof from a recognized bank.
- Bank statements for the past 4 months (from your Canadian or home-country bank).
- Bank draft that can be converted into Canadian dollars.
- Letter of financial support from a sponsor (family member, institution, etc.) which must be accompanied by documents showing actual funds.
- Scholarship or Canadian-funded program confirmation, if you are receiving financial support in Canada.
What Your Funds Should Cover
The funds you show must be sufficient to pay for:
- Tuition fees for your program
- Living expenses for yourself and any family members accompanying you
- Transportation costs to and from Canada for you and your family
Updated Changes By IRCC (Effective from 1st Sep 2025)
For study permit applications submitted on or after September 1, 2025, IRCC has increased the required living expense amounts for all International students. These amounts are updated annually.
| Number of family members(including the applicant) | Before 1st Sep 2025 (excluding tuition and transportation costs) | After 1st Sep 2025 (excluding tuition and transportation costs) |
| 1 | $20,635 | $22,895 |
| 2 | $25,690 | $28,502 |
| 3 | $31,583 | $35,040 |
| 4 | $38,346 | $42,543 |
| 5 | $43,492 | $48,252 |
| 6 | $49,051 | $54,420 |
| 7 | $54,611 | $60,589 |
| If more than 7 people, each additional family member | $5,559 | $6,170 |
Which Documents Do You Need for Study Permit
To apply for a study permit, there are some documents you need to include.
Required Documents:
- Letter of acceptance- Your school will give you a letter of acceptance. Upload this to your online application.
- Proof of identity- Passport/travel document, 2 recent passport size photos
- Proof of funds- To support yourself and any family members coming with you, you must show proof of funds
Needed In Most Cases:
- Apply for a provincial or territorial attestation letter- Get a provincial or territorial attestation letter (PAL/TAL) from your school. It confirms that you’ ve been assigned one of the available spaces to study in that province or territory. In most cases, you need to accept your offer and pay your tuition fees, either in part or in full, to get your PAL/TAL.
Recommended:
- Letter of explanation- Explain why you want to study in Canada, and that you understand your responsibilities as an international student in Canada.
May needed:
- Medical exam
- Police certificate- A police certificate is a statement document that shows us that you don’t have a criminal record or, if you have one, a copy of your criminal record.
- Check for other documents you might need based on what country you’re applying from
Source: Official site for Immigration, Refugees and Citizenship Canada (IRCC)
