Canada’s study permit proof of funds requirement is rising to $23,448 for a single applicant effective September 1, 2026.
The increase means international students submitting applications on or after that date must show at least $553 more in living-expense funds than the current $22,895 threshold.
The University of Toronto now explicitly tells prospective international students that applications submitted on or after September 1, 2026, will require a minimum of $23,448 CAD for first-year living expenses.
The University of Windsor has also updated its official international-student guidance to reflect the same figure, stating that students with no dependants need proof of at least $23,448 in addition to tuition and other costs.
Immigration, Refugees and Citizenship Canada has previously confirmed that the international-student financial requirement is tied to 75% of Statistics Canada’s Low-Income Cut-Off, known as LICO.
IRCC has also confirmed that another annual increase to the study permit financial requirement takes effect on September 1, 2026.
As of the time of writing, IRCC’s main public proof of financial support page still displays the previous $22,895 amount for one applicant. The department has not yet published its complete updated family-size table on that page.
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New Canada Study Permit Funds Requirement From September 1
The new $23,448 living-expense threshold applies to all study permit applications submitted on or after September 1, 2026.
This amount covers living expenses only and does not include tuition or transportation costs.
A study permit applicant must demonstrate enough funds, without relying on employment in Canada, to cover three separate categories.
Those three categories are first-year tuition, the required living-expense amount for the student and any accompanying family members, and transportation to and from Canada.
A single applicant submitting on or after September 1 does not simply need $23,448 in total financial resources.
They generally need first-year tuition plus at least $23,448 in living expenses plus return transportation costs.
For most international students, the combined total will be well above $40,000 depending on the institution and program.
This distinction matters because study permit refusal for insufficient funds remains one of the most common reasons IRCC declines applications.
The national proof of funds table applies to all provinces and territories except Quebec.
Quebec has its own financial-capacity requirements for study permit applicants through the Certificat d’acceptation du Québec process.
Major Canadian Universities Already Showing $23,448
Two of Canada’s most prominent institutions have already incorporated the new September 2026 amount into their official student guidance.
The University of Toronto’s Centre for International Experience states that applications submitted on or after September 1, 2026, require minimum first-year living-expense funds of $23,448 CAD.
U of T’s guidance also notes that additional funds are required for applicants bringing a spouse, common-law partner or children.
The university has incorporated the $23,448 amount across several immigration-related pages, including guidance for study permit applications, study permit extensions and information for students entering Canada.
The University of Windsor’s official guidance, updated on August 21, 2026, also reflects the new threshold.
Windsor states that international students with no dependants require proof of at least CAD $23,448 in addition to tuition, books, health insurance and compulsory incidentals.
The fact that major designated learning institutions are already publishing the $23,448 amount shows that Canadian universities are preparing international students for the September 1 change even though IRCC’s main public table has not yet been updated.
New Canada Study Permit Proof Of Funds Table For September 2026
The table below shows the current study permit living-expense requirement alongside the calculated requirement taking effect September 1, 2026.
The $23,448 single-applicant figure is already corroborated by major Canadian universities.
The remaining family-size figures are calculated using IRCC’s officially stated 75% LICO methodology and Statistics Canada’s latest LICO table released on April 29, 2026.
| Number of family members including applicant | Current requirement from September 1, 2025 | Calculated requirement from September 1, 2026 | Increase |
|---|---|---|---|
| 1 | $22,895 | $23,448 | +$553 |
| 2 | $28,502 | $29,192 | +$690 |
| 3 | $35,040 | $35,888 | +$848 |
| 4 | $42,543 | $43,572 | +$1,029 |
| 5 | $48,252 | $49,419 | +$1,167 |
| 6 | $54,420 | $55,736 | +$1,316 |
| 7 | $60,589 | $62,054 | +$1,465 |
| Each additional family member beyond 7 | $6,170 | $6,318 | +$148 |
*Important: The $23,448 single-applicant requirement is already being published by major Canadian universities for applications submitted on or after September 1, 2026. The family-size amounts above are Immigration News Canada calculations using IRCC’s stated 75% LICO methodology and Statistics Canada’s latest LICO figures released April 29, 2026. IRCC had not yet published its complete updated family-size table at the time of writing.
How The New $23,448 Requirement Is Calculated
IRCC ties the study permit cost-of-living financial requirement to 75% of Statistics Canada’s LICO.
Statistics Canada released the latest LICO figures on April 29, 2026. The LICO amount for one person in a large urban centre in the latest table is $31,264.
Multiplying $31,264 by 75% produces $23,448, which matches the amount now appearing on U of T and Windsor guidance pages. This same formula applies across all family sizes.
For two family members, the latest LICO of $38,922 multiplied by 75% gives $29,192 after rounding to the nearest whole dollar.
For seven family members, the latest LICO of $82,739 multiplied by 75% gives $62,054. The increment between the six-person and seven-person LICO amounts is $8,424.
Applying the same $8,424 increment for each additional family member beyond seven and then applying the 75% factor produces $6,318 per additional person.
IRCC sets the living-expense threshold at 75% of LICO. Applicants must separately demonstrate that they can cover first-year tuition and transportation expenses.
An IRCC parliamentary briefing from April 2026 confirmed that the financial requirement reflects 75% of LICO.
How Much More International Students Will Need
The dollar increase varies by family size, ranging from $553 for a single applicant to $1,465 for a family of seven.
A single student who applied under the current requirement needed $22,895 in living-expense funds on top of tuition and transportation.
From September 1, that same student will need $23,448, a 2.4% increase.
For a student bringing a spouse and one child, the living-expense threshold rises from $35,040 to $35,888, an increase of $848.
The largest absolute increase applies to the seven-member family category, which jumps by $1,465 from $60,589 to $62,054.
These increases are modest on a percentage basis but still add to the growing financial burden facing international students in Canada.
Students who are still gathering their financial documents should target the September 2026 amounts to avoid complications at the application stage.
Tuition Is Not Included In The $23,448 Requirement
The $23,448 amount covers living expenses only and is entirely separate from tuition obligations.
International tuition fees at Canadian universities and colleges vary widely but commonly range from $20,000 to $45,000 per year depending on the institution and program.
A single applicant attending a program with $30,000 in annual tuition would need to demonstrate at least $53,448 in combined resources, plus transportation costs, for a September 2026 application.
That total does not account for books, supplies, health insurance premiums or other mandatory institutional fees that some schools charge separately.
Students who rely on a Guaranteed Investment Certificate to satisfy the living-expense component should ensure the GIC amount meets or exceeds the new $23,448 threshold.
International students preparing to arrive in Canada for the first time should also review our guide for new international students for practical preparation advice beyond the financial requirements.
A GIC alone will not satisfy the full funds requirement because tuition and transportation evidence must also be provided.
Applicants should review their specific institution’s cost estimates and add the living-expense minimum on top of those figures.
What Counts As Proof Of Financial Support
IRCC accepts several forms of documentation to demonstrate that an applicant has enough financial resources.
Acceptable proof includes a GIC from a participating Canadian financial institution or documentation of a Canadian bank account in the applicant’s name with transferred funds.
A bank statement from a financial institution outside Canada showing liquid and available funds is also accepted.
Other acceptable forms include a letter from a person or institution providing the applicant with money, proof of a student loan from a bank, evidence of a scholarship or funding from a Canadian institution, and funds paid from within Canada if the applicant holds a Canadian-funded scholarship.
All financial documents should clearly show the account holder’s name, the balance and the currency. Documents must be in English or French, or the applicant must provide certified translations.
IRCC does not access or use these funds directly. The money is intended for the student’s own use after arriving in Canada to cover basic living costs.
Applicants Bringing A Spouse Or Children Need More Funds
Applicants who plan to bring a spouse, common-law partner or dependent children must demonstrate additional living-expense funds for each family member.
The study permit funds table calculates the total required amount based on the number of family members including the principal applicant.
A student arriving with a spouse would fall into the two-person category, which rises from $28,502 to $29,192 on September 1, 2026.
A student with a spouse and two children would need the four-person threshold of $43,572 in living-expense funds, plus first-year tuition and travel costs for the entire family.
Applicants must include accompanying family members in the proof-of-funds calculation.
A student arriving with a spouse, common-law partner or dependent children must therefore use the applicable family-size amount.
Understanding these requirements before applying is especially important given the heightened refusal rates that have marked the international student program in recent years.
Does The New Requirement Apply To Study Permit Extensions?
Yes, the updated living-expense threshold also applies to study permit extension applications submitted on or after September 1, 2026.
Students who are already studying in Canada and need to extend their study permit must meet the financial requirements in effect at the time they submit their extension application.
If a student submits an extension application on September 2, 2026, the $23,448 living-expense amount applies to that submission.
An extension submitted before September 1 would be assessed against the current $22,895 requirement.
Students planning to extend should check IRCC’s proof of financial support page close to their submission date to confirm the amount in effect.
The University of Toronto has already updated its study permit extension guidance to reflect the $23,448 figure for applications submitted from September 1 onward.
Does The New Requirement Apply In Quebec?
No, the national study permit funds proof table does not apply to applicants studying in Quebec.
Quebec operates its own financial-capacity assessment for international students through the Certificat d’acceptation du Québec process.
Applicants to Quebec institutions must satisfy the province’s separate financial requirements, which are set independently from the federal LICO-based table.
Students applying to institutions in any other province or territory are subject to the national proof of funds amounts outlined in this article.
If a student transfers from a non-Quebec institution to a Quebec institution, they would need to obtain a CAQ and meet Quebec’s financial standards for their new program.
What Happens If You Apply Before September 1, 2026?
Applications submitted before September 1, 2026 are assessed against the current $22,895 living-expense requirement for a single applicant.
The date that matters is when IRCC receives the completed study permit application, not the program start date or the date of the letter of acceptance.
A student who submits their application on August 31, 2026 would need to meet the $22,895 threshold.
The same student submitting one day later on September 1 would need to meet the higher $23,448 threshold.
Students who are ready to apply and have sufficient funds under the current requirement may want to submit before September 1 to lock in the lower amount.
However, submitting early should not come at the cost of application quality, since incomplete or weak applications carry a high refusal risk regardless of when they are filed.
Why Canada Increases Study Permit Funds Every Year
IRCC changed its methodology for the study permit cost-of-living requirement in January 2024 because the previous fixed amount had failed to keep pace with actual living costs in Canada.
Before 2024, the living-expense threshold had been set at $10,000 for roughly two decades, a figure that bore no resemblance to the real cost of housing, food and transportation in Canadian cities.
In late 2023, IRCC announced a major overhaul that more than doubled the requirement to $20,635 effective January 1, 2024.
At the same time, IRCC announced it would tie the requirement to 75% of Statistics Canada’s LICO going forward and update the amount annually.
IRCC uses 75% of LICO for the living-expense threshold, while tuition and transportation must be demonstrated separately.
The annual update mechanism means the threshold automatically adjusts as Statistics Canada publishes new LICO figures each spring.
Since the overhaul, the living-expense requirement has risen from $20,635 in 2024 to $22,895 in September 2025 and now to $23,448 from September 2026.
IRCC has stated that these annual increases are intended to protect international students by ensuring they arrive in Canada with realistic financial resources.
The department’s April 2026 parliamentary briefing confirmed this approach by stating that the financial requirements reflect 75% of LICO.
Preparing Your Study Permit Application For September 2026
Students planning to apply for a Canadian study permit on or after September 1 should budget based on the higher $23,448 living-expense minimum.
The total financial package should include first-year tuition as quoted by the institution, at least $23,448 in accessible living-expense funds and documented return transportation costs.
If bringing family members, use the applicable figure from the September 2026 proof of funds table above.
A Guaranteed Investment Certificate from a participating financial institution is one of the most straightforward ways to demonstrate the living-expense component.
Bank statements should show consistent account activity over the previous four months and clearly indicate the account holder’s name and available balance.
Applicants relying on a financial sponsor should include the sponsor’s bank statements, a signed letter of support and evidence of the relationship between the sponsor and the applicant.
All documents must be in English or French, with certified translations where necessary.
Students should also confirm they are applying to a designated learning institution that is eligible to host international students under IRCC’s rules.
IRCC is expected to update its public proof of financial support page with the complete September 2026 table before the new amounts take effect.
Applicants should check that page directly before submitting to confirm the exact figures in effect on their application date.
The funds increase arrives during a period of significant change for international students in Canada.
Study permit caps introduced in 2024 and reduced further for 2026 mean that fewer new study permits are being issued than in previous years.
IRCC’s 2026 national allocation allows for approximately 408,000 study permits in total, including both new arrivals and extensions for current students.
Approval rates have declined sharply, and IRCC is applying greater scrutiny to financial documentation, academic intent and ties to the applicant’s home country.
Students who are exploring pathways to permanent residence after graduation should familiarize themselves with the latest PGWP to PR options available in 2026.
The co-op work permit exemption that took effect on April 1, 2026 is one of the few recent simplifications in the international student program.
Students already in Canada should also be aware of the latest IRCC compliance rules affecting study permits and post-graduation work permit eligibility.
Those considering study options with a built-in permanent residence pathway may want to explore the Francophone Minority Communities Student Pilot intake that opened in August 2026.
Maintaining valid immigration status throughout a study program remains essential, and tips for maintaining student status can help avoid costly compliance issues.
Frequently Asked Questions (FAQs)
If I submit my study permit application before September 1 but IRCC processes it after September 1, which amount applies?
The amount in effect on the date IRCC receives your completed application is the one that applies.
IRCC assesses financial eligibility based on the submission date, not the date an officer reviews or decides the application.
An application received on August 31, 2026 is assessed against $22,895 even if the decision comes weeks or months later.
Can I use my parents’ bank account to satisfy the proof of funds requirement?
Yes, but only if your parents provide a signed letter of financial support along with their own bank statements showing sufficient funds.
IRCC treats this as a sponsorship arrangement rather than the applicant holding funds directly.
The letter should confirm the sponsor’s relationship to the applicant, the amount they are committing and their willingness to cover living expenses throughout the study period.
Bank statements from the sponsor should show consistent balances over several months rather than a single recent large deposit.
Can I combine multiple funding sources to reach the $23,448 living-expense threshold?
Yes, IRCC allows applicants to combine different forms of financial proof to meet the total requirement.
For example, a student could present a Guaranteed Investment Certificate covering part of the living-expense amount along with personal bank statements and a scholarship letter covering the remainder.
Each document must independently meet IRCC’s formatting and evidence standards, and the combined total must equal or exceed the required threshold for the applicant’s family size.
Will a border officer check my finances again when I arrive in Canada?
A Canada Border Services Agency officer can ask you to demonstrate that you have sufficient funds when you arrive at a Canadian port of entry.
This check is separate from the financial assessment that took place during your study permit application.
Students should carry proof of their GIC, bank statements or sponsorship letter when travelling to Canada, even after their study permit has been approved.
Arriving without accessible evidence of financial support could lead to additional questioning or, in rare cases, denial of entry.
Will the $23,448 living-expense amount stay the same for the entire 2026–2027 academic year?
The $23,448 threshold applies from September 1, 2026 until the next annual adjustment, which is expected to take effect on September 1, 2027.
IRCC has stated that it updates the study permit financial requirement every September 1 based on the latest Statistics Canada LICO figures.
The amount will not change mid-year, so students applying at any point between September 1, 2026 and August 31, 2027 can rely on the $23,448 figure for planning purposes.
Fact-Checked: All figures, source references and methodology in this article have been verified against official IRCC publications on canada.ca, Statistics Canada Table 11-10-0241-01 released April 29, 2026, and the University of Toronto and University of Windsor’s published international-student guidance as of August 28, 2026.
Disclaimer: This article is for informational purposes only and does not constitute legal or immigration advice. Consult a Regulated Canadian Immigration Consultant or immigration lawyer for advice specific to your situation.
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