IRCC has recently updated its guidance on Financial Capacity for international students applying for a Canadian Study Permit. Effective September 1, 2026, the minimum amount required to demonstrate financial support for the first year of living expenses has been updated for all provinces and territories except Quebec.
For one person, the required amount is CAD $23,448 per year, excluding tuition fees and transportation costs. If accompanying family members are included, the required amount increases according to the number of family members.
More importantly, IRCC does not only consider the amount of money available in an account. Officers also assess the source of funds and the applicant’s ability to maintain sufficient financial support throughout the period of study. For programs longer than one year, applicants must demonstrate sufficient funds for the first year and provide a reasonable explanation and evidence of their financial plan for the entire program.
Therefore, a strong financial package should clearly demonstrate sufficient funds, a credible source of funds, and the applicant’s or sponsor’s genuine financial capacity. This is one of the key aspects that should be carefully prepared before submitting a Study Permit application.
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Tôn Thất Hòa, MA, MEd, RCIC-IRB R800106
Licensed Canadian Immigration Consultant
TON IMMIGRATION CONSULTING