Canada is going to make changes in fund requirements for foreign students.

From September 1, 2025, international students who want to study in Canada will need to show more proof that they can pay for their studies when they apply for a study pass. Canada's Immigration, Refugees, and Citizenship (IRCC) made the change on June 2, 2025. They said it had to be done because living costs were going up.

At this point, a single applicant must show that they have saved at least CAN$22,895 to cover their living costs for a year, not counting fees and travel. It used to be CAN$20,635, but now it's a lot more than that. It was set on January 1, 2024. For applications with family members, you need more money—up to CAN$60,589 for a family of seven. After that, every family member will have to pay an extra CAN$6,170.

In all provinces and territories except Quebec, the new cap applies to study permit applications sent in on or after September 1, 2025. An measure of Canada's cost of living is used to make changes to these financial rules every year.

What are the Proof of funds required from an International Student?

There are different kinds of proof that international students can show to meet the financial aid standard. You can show proof with bank records from the last four months, a Canadian bank account in your name, a Guaranteed Investment Certificate (GIC) from a Canadian bank, proof of a student loan, or a bank draft that can be changed into Canadian dollars. Students can also send in a letter from a financial sponsor or proof that they have a grant or help with money from a Canadian school.

The new rules are meant to help international students pay to live in Canada while they are there. People who apply for study permits before September 1, 2025, will still be decided by the current cost.

In Canadian towns with lots of students, worries about cost and lack of housing are growing. That's why these changes are being made. The Canadian government wants to make its system for sending kids to school abroad more safe by raising the amount of money it needs.

Read the updated financial rules carefully and get all of their supporting documents ready a long time before they need to apply.

On their website, the IRCC lists the types of proof of funds they accept and how much money each family group needs.