When you apply for a study permit, you need to demonstrate that you can support yourself and your family who comes to Canada with you. You need to financial support and have proof of funds study for your study permit application.

The amount of money and supporting documents varies based on family size and your country of origin. There are different requirements if you apply to Quebec.

Whether you call it proof of funds, proof of financial support, financial sufficiency or financial resources, international students applying for a study permit in Canada are required to demonstrate “sufficient and available funds, without working in Canada” to pay tuition, support themself and their family, and transportation to and from Canada. At its core, they need to have financial support

This blog outlines the minimum amount of money required to study in Canada and supporting documents needed for proof of funds.

Key takeaways for proof of funds study permit

• Required funds for a study permit to Canada varies according to family size.
• There are different cost of living requirements and amounts for Quebec.
• If you or your country is subject to foreign exchange controls, demonstrate the ability to export sufficient funds. Ability to have funds available is crucial, particularly if your account has faced freezing.
• Funding paid into a Canadian bank account, like a Government Insured Certificate (GIC), can be used as proof of funds for a study permit application
• An international student may need to provide more proof of funds depending on their situation, like country of origin or if someone is supporting your studies.
• Quebec and the Student Direct Stream have distinct proof of funds requirements, and may require specific documents.
• Specific proof of funds instructions may be provided in your Visa Office Instructions for your Canada student visa.
• Real property, like a house, are generally not considered to be “available funds” and it will generally not be accepted by IRCC as proof of funds. However, it may be important proof of ties to your country and help convince the immigration officer that you will return at the end of your stay.
• The legal requirements for proof of funds is generally found at section 220 of the IRPR.‍
• Remember, the required amount is the minimum; living costs in Canada are generally higher.
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International students, how much money do you need to apply for a study permit in Canada?

As of January 1, 2024, international students applying for a study permit in Canada will need to have proof of funds for the following amounts below. The family members are calculated based on the family members who come with you while you are in Canada. The amount below excludes tuition and cost of travel, and does not apply to Quebec.

It is important to note that the amount will increase every year. The amounts above are accurate as of Jan 1, 2024.

Note: the cost of living in Canada is much higher. In most cities, a one bedroom apartment will cost more than $1,000 per month. In some cities, it can cost as much as $2,000. The amount of money needed as per immigration rules does not fully reflect the reality of the cost of living in Canada. You should have strong financial support if you intend to study in Canada.

Examples of cost-of-living calculation

You are applying to study at the University of Toronto, a designated learning institution. For example, your tuition for the first year will be $26,000 CAD and you are applying without any additional family members. You are not married and do not have children.

You need to demonstrate a total of $48,135 CAD:

• Cost of living requirement for one individual: $20,635
• Tuition for the first year of study: $26,000
• Cost of transportation: $1,500
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This would be the bare minimum that you would need to show proof of funds.

Quebec: proof of funds

There are different amounts required for applicants who will study in Quebec. To study in Quebec, applicants must demonstrate their financial capacity to cover the costs outlined by the Ministère de l'Immigration, de la Francisation et de l'Intégration (MIFI). The cost-of-living requirement in Quebec depends the number of family members coming to Canada with you and age. You need to meet, at a minimum, the living expenses below to cover the expenses in your daily life in Quebec:

• One person under the age of 18: $7,541
• One person aged 18 and over: $15,078
• Two people aged 18 and over: $22,115
• Two people aged 18 and over and one person under the age of 18: $24,773
• Two people aged 18 and over and two people under the age of 18: $26,737
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For Quebec, you need to have sufficient funds for the tuition fees to enroll in your study program, transportation cost, settlement fees for the first year and cost of health and hospital insurance.

Do you need to show proof of funds for one year or for the full study program?

Students are only required to show financial sufficiency for the first year of their studies, regardless of their course or program duration.

For instance, a student enrolled in a 4-year program with an annual tuition of CAN$15,000 needs to prove they have CAN$15,000, not the entire CAN$60,000 for four years. However, IRCC must be convinced of the likelihood of funds for subsequent years (e.g., ongoing parental employment or multi-year scholarships).

Did you know? ImmInspect.com uses an algorithm to review your study permit form for proof of funds.

What documents are required for proof of funds for a Canadian study permit application?

The supporting documents needed to demonstrate sufficient proof of funds varies based on your situation.

The gold standard for proof of funds would be proof of full payment of tuition for your first year of tuition, a Guaranteed Investment Certificate (GIC) from a Canadian financial institution for the full cost of living, bank statements for the last 6 months and proof of source of funds, such as an employment verification letter.

The Document Checklist for a Study Permit indicates that you need to show proof of financial support for the first year of your studies if your studies will be more than one year. It does not require any specific documents. The Guide 5269 Applying for a Study Permit Outside Canada provides for the same information.

The assessment of a student’s financial resources allows officers discretion in requesting documentation. However, they will usually reject an application if there is insufficient proof of funds. This varies based on how IRCC assess your risk. This is outlined in IRCC’s Operational Instructions and Guidelines for immigration officers.

In low-risk cases, they may reduce or waive standard documentary evidence requirements. Low-risk applicants often are those exempt from needing a temporary resident visa (TRV), also called a visitor visa.

The necessity for banking documentation and detailed financial background information varies by processing office, depending on the prevalence of financially indigent or non-genuine applicants and the reliability of financial documents. IRCC has Visa Office Instructions (scroll down and select your country) for study permits, which may provide additional clarity regarding additional documents based on your country.

For examples, as per the Visa Office Instructions for a study permit from India, IRCC strongly recommends that you provide the following documents for proof of funds for an Indian national applying for a study permit to Canada:

• a GIC from a Canadian financial institution
• income tax returns for you and your parents
• an official letter if you obtained a scholarship
• a reference letter from the individual(s) providing you financial assistance for your program
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In high-risk environments, thorough review and verification of fund histories and additional financial and employment documentation of the individual or family may be essential. This ensures that only genuine students with adequate financial support are granted study permits.

For example, this may include proof of funds in a bank account for more than 6 months and proof of source of funds, such as a employment verification letter from your parent’s employers.

The IRCC website indicates that you must provide proof of funds and provides a list of documents that can be provided. However, you do not need to provide all the documents. As noted above, the number of documents depends on your country and the “risk environment”:

• Proof of a Canadian bank account in your name if money has been transferred to Canada.
• A Guaranteed Investment Certificate (GIC) from a Canadian financial institution.
• Evidence of a student or education loan from a bank.
• Bank statements from the past four months.
• A bank draft convertible to Canadian dollars.
• Proof of payment for tuition and housing fees.
• A letter from the person or institution providing you with funds.
• Proof of funding from within Canada, applicable if you have a scholarship or are in a Canadian-funded educational program.
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Officers may consider funds from scholarships, fellowships, assistantships, and similar sources, as well as support from relatives in Canada. It’s important to note that international students in Canada cannot receive benefits from the Canada Student Loan Program.

Are there country-specific instructions for proof of funds?

Yes, the Visa Office Checklist (scroll down and select your country) for your country may request specific documents for your study permit application.

There may be country specific instructions on the IRCC webpage. For example, recent changes have been made to the study permit application process specifically for Saudi Arabian nationals. These changes include the requirement for additional proof of funds for some Saudi Arabian students, applicable both to new study permit applications and extensions of existing study permits.

Financial support: can you include a house or property as proof of funds?

Under Section 220 of the Immigration and Refugee Protection Regulations, it's required for applicants to demonstrate they have 'sufficient and available funds, without working in Canada,' to support their cost of living.

However, when proving these funds, it's important to note that real property, such as a house or other real estate, might not be considered 'available funds.' IRCC may exclude the value of your property and house when determining your available funds for meeting living expenses in Canada.

While the regulations do not explicitly exclude real property from the proof of funds requirement, in practice, such assets are generally not accepted. The reason is that the funds need to be readily accessible to cover immediate expenses like groceries, rent, and other daily costs in Canada. In other words, you need to have money in a bank account ready to cover living expenses while studying in Canada.

In addition, the Document Checklist and online instructions for proof of funds do not include ownership of real property, such as land, apartments, or condos. This further indicates that these assets are not typically considered liquid enough to meet the requirement of "available funds."

The ownership of property may be a tie to your country of residence, and this may be relevant in assessing if you will leave Canada at the end of your stay.

What are the legal requirements for proof of funds?

The legal requirements for proof of funds are outlined in the 'Financial resources' section 220 of the Immigration and Refugee Protection Regulations (IRPR). The IRPR specifies that applicants must have 'sufficient and available funds, without working in Canada.'

For students, part-time work during school terms and full-time during breaks is permissible, but this income cannot be used to demonstrate the necessary 'sufficient and available' funds for a study permit application.

As per the IRPR, applicants are required to cover tuition fees for their study program, support themselves and their family during their study period, and fund transportation to and from Canada.

The Immigration and Refugee Protection Act and the IRPR empower the Minister of Citizenship and Immigration, known as Immigration, Refugees and Citizenship Canada (IRCC), to establish rules and policies for program administration.

As seen above, IRCC has set a table indicating the minimum required funds based on family size and has also established a policy for supporting documents, available on their website, in operational instructions, and in document checklists.