Proof of funds is how you show IRCC that you can support yourself financially while you study in Canada, without needing to work or rely on public assistance. For almost every study permit applicant it is a hard requirement. The amount has three parts: a set cost-of-living figure for living expenses, plus your first year of tuition, plus your travel to and from Canada. As published by IRCC, the cost-of-living amount for a single applicant studying outside Quebec is CAD $22,895, in effect since September 1, 2025. That figure rises with each accompanying family member, and Quebec sets its own separate amounts that are higher. The cost-of-living figure is reviewed annually because it is tied to the low income cut-off (LICO), so treat the numbers here as a snapshot and confirm the current amount on canada.ca before you apply. A Guaranteed Investment Certificate (GIC) is now optional rather than mandatory, because the Student Direct Stream ended on November 8, 2024. An officer decides whether your proof is convincing, so the goal is to show stable, accessible money that clearly covers your first year.
How much money you need (the three parts)
The amount you must show is not a single number. It is the sum of three things: a fixed cost-of-living amount for living expenses, your tuition for the first year of study, and the cost of travel to Canada (and return travel, depending on your situation). The cost-of-living amount is the part IRCC sets and updates; tuition and travel are based on your own program and trip.
As published by IRCC, the cost-of-living amount for a single applicant studying outside Quebec is CAD $22,895, in effect since September 1, 2025. This replaced the long-standing $10,000 figure and a later $20,635 amount, reflecting a move to keep the requirement closer to real living costs. On top of this you add your first-year tuition (which varies widely by program and institution) and your travel costs. Because tuition is the largest variable for most students, two applicants can face very different total requirements even though the cost-of-living portion is the same.
These figures change, so do not rely on a number you read months ago. The cost-of-living amount is reviewed annually and is tied to the low income cut-off (LICO), which Statistics Canada updates. Always confirm the current cost-of-living amount on the official canada.ca study permit financial-support page before you submit, and an officer makes the final decision on whether your evidence is sufficient.
If family members come with you
The cost-of-living amount scales up with each accompanying family member, because you are showing you can support them too. As published by IRCC for applicants outside Quebec, the cost-of-living amount is $22,895 for the student alone, $28,502 with one family member, and $35,040 with two, and it continues to rise with each additional person. These amounts are for living expenses only and are still in addition to tuition and travel for the people coming with you.
Count the family members who will actually accompany you to Canada. A spouse or common-law partner and dependent children who join you are included; people who stay in your home country are generally not part of the calculation for the funds you must show, though their circumstances can still matter to an officer assessing whether you will leave Canada at the end of your stay. What this means for you: if your plans change and a partner or child will now join you, your required amount goes up, so update your funds before you apply.
Because these per-family-size amounts are also reviewed annually with the cost-of-living update, verify the current figures for your exact family size on canada.ca rather than relying on the examples above.
Quebec sets its own amounts
Quebec runs its own immigration selection for students, so it publishes its own financial requirements that are separate from, and higher than, the amounts used for the rest of Canada. If you plan to study in Quebec, you typically face two stages: a provincial step (the Quebec Acceptance Certificate, the CAQ) and the federal study permit, and you may need to demonstrate funds at both stages.
Quebec increased its proof-of-funds requirement substantially for 2026, so the gap between Quebec and the rest of Canada is significant. Do not assume the $22,895 figure applies if you are heading to Montreal, Quebec City, or anywhere else in the province. What this means for you: check the amount set by the Quebec government (through Immigration Quebec) for your situation and family size, in addition to the federal IRCC requirement.
Because both Quebec's and the federal amounts are reviewed and can change, confirm the current Quebec figures with the official Quebec immigration source and the current federal amount on canada.ca before you commit money or submit anything.
What IRCC accepts as proof
There is no single mandatory document. IRCC accepts a range of evidence, and most strong applications combine several pieces. Common acceptable proof includes recent bank statements showing your account history, proof of a Canadian bank account in your name if you have transferred money to Canada, a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution, proof that you have paid tuition and housing fees, a letter from a person or institution providing you money (such as a sponsor or a scholarship or financial-aid letter), and proof of a student or education loan from a financial institution.
Since the Student Direct Stream ended on November 8, 2024, the GIC is no longer a mandatory item the way it was under that fast-track program. It is now one optional way to demonstrate funds, and many applicants still use it because a GIC clearly shows secured, accessible living-expense money. What this means for you: you have flexibility in how you prove funds, but officers look for money that is genuinely yours, stable over time, and available to you in Canada rather than a large deposit that appeared just before you applied.
Whatever combination you use, make sure it clearly covers all three parts: the cost-of-living amount for your family size, your first-year tuition, and travel. Documents from banks and institutions carry more weight than informal letters, and an officer can ask for more evidence or refuse the application if the proof does not convince them. None of this is legal advice; for your specific situation, consider speaking with a licensed Canadian immigration lawyer or a regulated CICC consultant.
Frequently Asked Questions
How much money do I need for a Canadian study permit in 2026?
It is three parts added together: the cost-of-living amount, plus first-year tuition, plus travel. As published by IRCC, the cost-of-living amount for a single applicant outside Quebec is CAD $22,895 (in effect since September 1, 2025). It rises with each accompanying family member, and Quebec sets higher amounts. Confirm the current amount on canada.ca before you apply.
Does the $22,895 include my tuition?
No. The $22,895 cost-of-living amount is for living expenses only. You must show it in addition to your first year of tuition and your travel costs to and from Canada. Because tuition varies widely by program, your total required amount can be much higher than the cost-of-living figure alone.
Do I still need a GIC for my study permit?
Not necessarily. The GIC was a mandatory item under the Student Direct Stream, but that stream ended on November 8, 2024. A GIC is now optional and is just one accepted way to show funds. Many applicants still use one because it clearly demonstrates secured, accessible living-expense money, but bank statements, loan approvals, scholarship letters, and proof of paid fees can also count.
How much more do I need if my family comes with me?
The cost-of-living amount rises with each accompanying family member. As published by IRCC for applicants outside Quebec, it is $22,895 for the student alone, about $28,502 with one family member, and about $35,040 with two, and it continues to increase. These are living-expense amounts on top of tuition and travel. Verify the current figure for your exact family size on canada.ca.
Are the rules different if I study in Quebec?
Yes. Quebec sets its own financial requirements, which are separate from and higher than the amounts for the rest of Canada, and Quebec increased them substantially for 2026. You may need to show funds at both the provincial stage (the CAQ) and the federal study permit stage. Check the amount set by Immigration Quebec for your situation, in addition to the federal IRCC requirement.
What documents can I use to prove my funds?
Acceptable proof includes recent bank statements, proof of a Canadian bank account or transferred funds, a GIC from a participating institution, proof of paid tuition and housing, a letter from a sponsor or a scholarship or financial-aid letter, and proof of a student loan from a financial institution. Most strong applications combine several of these. An officer decides whether the evidence is sufficient.
Why does the required amount keep changing?
The cost-of-living amount is reviewed every year because it is tied to the low income cut-off (LICO), which Statistics Canada updates. That is why it rose to $22,895, effective September 1, 2025. Treat any figure you read as a snapshot and confirm the current amount on the official canada.ca study permit financial-support page before you apply.
Does the money need to be available before I apply?
Yes. You generally need to show the cost-of-living funds are available at the time you apply, separate from tuition and travel. Officers look for money that is genuinely yours and stable over time, not a large deposit that appeared just before you submitted. Keeping your funds accessible and well documented helps avoid questions or a refusal.
Guides
Official sources
This page is based on law and policy published by the Government of Canada.