Canada Announces New Financial Requirement for International Students: How to Apply
- Canada's IRCC announced higher funds requirements for international students applying for a study permit starting September 1, 2026
- The new rules apply to students and any family members accompanying them, covering tuition, living expenses and transport costs
- IRCC also shared accepted documents applicants can use to prove they have enough money to support themselves in Canada
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Legit.ng journalist, Ridwan Adeola Yusuf, has over 4 years of experience covering migration and global affairs.
Ottawa, Canada - Canada will require international students to show higher levels of funding when applying for a study permit, with the change taking effect on Tuesday, September 1, 2026.
Legit.ng reports that the Immigration, Refugees and Citizenship Canada (IRCC) announced the update on Friday, August 28, through its verified X (formerly Twitter) page. The department said it reviews financial thresholds annually to reflect the actual cost of living in Canada and to shield international students from financial exploitation.
Source: Getty Images
IRCC said:
"Important information for international students: On September 1, 2026, the funds you need to show when you apply for a study permit will increase."
Canada tightens student financial requirements
Every applicant must show that they have enough money to cover tuition fees, living expenses, and transport costs without relying on employment in Canada.
The requirement also covers any family members who will accompany the student.
Applicants need to demonstrate they can fund their first year of study, and for programmes running beyond one year, they must also outline how they will finance the remaining years. Acceptable ways to show this include evidence that a scholarship runs for the full length of the programme or proof that a parent is employed.
IRCC stated that it will examine both the amount of money available to an applicant and where that money comes from, to confirm the funds will hold throughout the study period.
Canada lists documents for financial proof
The department listed several documents that applicants can use to prove their financial capacity. These include a receipt showing that first-year tuition and housing fees have already been paid, a student or education loan from a bank, proof of a scholarship, or confirmation of enrolment in a Government of Canada-funded programme.
Students whose scholarships only cover tuition must still provide separate proof of funds for living expenses and transport.
Source: Twitter
For income and financial support, recent pay slips or a letter from whoever is providing the money are acceptable. The letter must include the provider's occupation, their relationship to the applicant, the number of dependants they support where applicable, and the exact amount being contributed.
Bank statements covering the past six months, a guaranteed investment certificate from a Canadian financial institution, pension-related documents, and proof of rental income are also on the list of accepted evidence. Where bank statements are provided, applicants must also include documentation showing how the money was earned.
Applicants from countries with foreign exchange controls must additionally prove that they are permitted to transfer the required funds out of their home country.
Those planning to study in Quebec must obtain a Quebec Acceptance Certificate and meet separate financial standards set by Quebec's Ministry of Immigration, Francization and Integration.
Beyond finances, applicants must submit a letter of acceptance from their designated learning institution and, in most cases, a provincial or territorial attestation letter. IRCC urged applicants to submit all required documents at once, warning that incomplete applications lead to processing delays.
PhD students and their accompanying family members may qualify for faster processing under a separate IRCC measure.
Read Immigration, Refugees and Citizenship Canada's latest announcement below via its X post:
To apply for a study permit in Canada, click here.
Canadian premier says student visas aren’t settlement
Meanwhile, Alberta Premier Danielle Smith on Wednesday, August 12, 2026, reiterated her position that Canada’s student visa is a temporary document, not a pathway to permanent settlement.
Amid the ‘japa’ wave, Smith explained that Nigerians and other foreign nationals who travel to Canada to study should plan to return home after completing their education.
Source: Legit.ng
