Canada Releases Breakdown of New Financial Requirements for Foreign Students as it Takes Effect
- Canada's IRCC announced, on September 15, 2026, the new cost-of-living financial requirements for international students, which have now taken effect
- The updated figures cover living expenses such as rent and groceries, and vary based on the number of family members accompanying the student
- A single applicant now needs at least CAD 23,448 per year, excluding tuition and transport costs, to qualify for a study permit
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Canada's Immigration, Refugees and Citizenship Canada (IRCC) has released a revised breakdown of the minimum funds international students must have available to cover their living expenses while studying in the country, with the new figures already coming into force.
The update was announced via IRCC's official X account on September 15, 2026, where the agency said the changes to cost-of-living criteria are designed to ensure that study permit applicants can afford rent, groceries, and other day-to-day costs throughout their time in Canada.
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Canada's new financial thresholds by family size
The required amounts are calculated per year and exclude tuition fees and transportation costs. They scale according to the total number of family members, including the applicant, who plan to come to Canada.
A single applicant must show at least CAD 23,448 (roughly ₦22,354,854) in available funds.
For two people, the threshold rises to CAD 29,192 (₦27,831,069), and for three, it stands at CAD 35,888 (₦34,214,896).
Families of four need CAD 43,572 (₦41,540,673), while five people require CAD 49,419 (₦47,115,086).
Groups of six must show CAD 55,736 (₦53,138,596), and seven people need CAD 62,054 (₦59,161,086).
For any group larger than seven, each extra family member adds CAD 6,318 (₦6,023,455) to the total.
As an example provided by the IRCC, a student bringing two family members to a Canadian province or territory outside Quebec for one year would need to demonstrate at least CAD 35,888 in living funds before tuition and transport are factored in.
Why the change matters for Nigerian students
Canada remains one of the top destinations for Nigerian students pursuing international education, and changes to study permit criteria directly affect how applicants plan their finances before applying.
The new figures represent a significant increase compared to earlier benchmarks and will require prospective students and their families to reassess their budgets well ahead of any application submission.
The IRCC noted that the update applies to study permit applicants, meaning those who have not yet secured their permit will need to meet the revised financial criteria when their applications are assessed.
In a related story, Legit.ng reported that Canada had announced a faster study permit process for Nigerians and other international students.
Canada changes its study rules
Meanwhile, Legit.ng previously reported that Canada had changed its study rules for work permit holders.
Legit.ng reports that Immigration, Refugees and Citizenship Canada (IRCC) said on its verified X (formerly Twitter) account on Wednesday, September 9, 2026, that it would begin notifying eligible work permit holders that week.
They will be informed that they can study for up to six months or until their permit expires, whichever comes first.
Source: Legit.ng
