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Indian students heading to Canada for higher education will soon have to show proof of increased financial support. Starting September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) will mandate that international students demonstrate they have at least CAN $22,895 (approximately ₹14 lakh) available to cover their annual living expenses—a rise of CAN $2,000 from the current requirement.
The updated rule applies to all provinces and territories outside Quebec. The current threshold of CAN $20,635 will remain applicable only for study permit applications submitted before the September deadline.
The revised financial requirement also scales up based on family size. For a two-person household, the proof-of-funds threshold is CAN $28,502, while three people will need CAN $35,040. A family of four must show CAN $42,543, and a household of five requires CAN $48,252. For six and seven members, the required funds jump to CAN $54,420 and CAN $60,589 respectively. Each additional dependent beyond that adds CAN $6,170 to the total requirement.
What qualifies as proof of funds?
To support their application, students must provide documentation that clearly demonstrates their ability to sustain themselves financially during their stay in Canada. Acceptable forms of proof include a Canadian bank account in the applicant’s name (if funds have already been transferred), a Guaranteed Investment Certificate (GIC) from a participating Canadian bank, or proof of an education loan from a recognised bank.
Applicants may also submit bank statements from the past four months, a bank draft that can be converted to Canadian dollars, a letter from a sponsor, either an individual or an educational institution, committing to cover the student’s expenses or documentation of Canadian-based funding such as scholarships or paid educational programmes.