Starting September 1, 2025, the Canadian government will implement a new financial requirement for all international students applying for a study permit. This change increases the minimum proof of funds (POF) from CAD $20,635 to CAD $22,895 for a single applicant, excluding tuition and travel costs.
This adjustment was announced by Immigration, Refugees and Citizenship Canada (IRCC) as part of an ongoing effort to ensure that international students have sufficient financial resources to live and study in Canada without hardship.
For applicants, this policy update significantly impacts how and when you must prepare for your Canadian study visa.
the New POF Requirements
The new threshold of CAD $22,895 applies to all study permit applications submitted on or after September 1, 2025. This requirement is separate from your tuition fees and airfare, and it applies to your living expenses only.
This change follows a previous increase in January 2024, when the POF was raised from CAD $10,000 to CAD $20,635, marking a sharp rise in financial expectations within a short period. With the September update, IRCC is aligning visa requirements more closely with Canada's actual cost of living.
Updated Proof of Funds Table
Below is the revised POF requirement based on family size:
| Number of Family Members | Current POF (CAD) | From Sept 1, 2025 (CAD) |
|---|---|---|
| 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 |
This amount must be shown through verifiable financial documentation such as personal bank statements, sponsor accounts, education bonds, or GICs. IRCC may request full transaction histories, proof of ownership, and relationship evidence where a sponsor is involved.
What This Means for Applicants
This update will impact all applicants planning to begin their studies in January 2026 or later. For those intending to apply for a Canadian study permit on or after September 1, 2025, the new proof of funds threshold will apply in full.
Applications submitted before this date will still be assessed based on the current financial requirement of CAD $20,635, provided all documentation is complete and verifiable.
However, with current visa processing times averaging 8 to 12 weeks, prospective students targeting the January or May 2026 intakes must now begin reassessing their financial documentation. Waiting until late August to apply may no longer be a safe or viable option.
Students are advised to:
- Confirm that their bank balances or sponsor accounts meet the revised threshold
- Ensure that financial statements are up-to-date, traceable, and supported by relevant evidence
- Seek clarity on how tuition, travel, and living expenses are treated separately under IRCC rules
As Canadian immigration authorities continue to tighten financial scrutiny, applicants are expected to provide clear, complete, and credible financial documentation that aligns with the updated policy.
Key Action Points
- Do not assume tuition payment alone is enough — living expense documentation must meet the new standard.
- If you are using a sponsor, their relationship to you, source of funds, and account activity must be clearly traceable and verifiable.
- Allow sufficient time to build up and season your financial records.
- Do not delay your application until September unless you already meet the new requirement.
Our Guidance at Michelle Jay Consulting
We are already working with clients to restructure their financial documentation, review timelines, and submit ahead of the September deadline.
We help you:
- Evaluate your financial readiness
- Structure your proof of funds to meet IRCC expectations
- Build a realistic sponsorship strategy
- Avoid errors that lead to rejections or delays
Start Preparing Now
If you plan to study in Canada, this is not a change to ignore or postpone. Proof of funds remains one of the most scrutinized aspects of your study permit application. IRCC expects clarity, legitimacy, and completeness. So do we.
Book a session with our team. Let’s help you stay compliant, timely, and fully prepared.
Michelle Jay Consulting – No shortcuts. Just results.