How Much Do You Need To Study In Canada: Updated January 2024

IRCC has updated the financial requirements for study permit applicants. This change applies to new study permit applications received on or after January 1, 2024. The new amounts reflect updated cost-of-living requirements. These requirements will be adjusted each year as Statistics Canada updates the low-income cut-off.

Proof of financial support

You must prove that you can support yourself and the family members who come with you while you are in Canada.

You can prove your funds with

• proof of a Canadian bank account in your name, if you’ve transferred money to Canada
• a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
• proof of a student or education loan from a bank
• your bank statements for the past 4 months
• a bank draft that can be converted to Canadian dollars
• proof you paid tuition and housing fees
• a letter from the person or school giving you money, or
• proof of funding paid from within Canada, if you have a scholarship or are in a Canadian-funded educational program
• Below is the NEW proof of funds to study in Canada (Apart From Quebec)

Example

If you and 2 family members want to come to a province (other than Quebec) for a year, you will need $31,583 for living expenses.

To study in Quebec, applicants must prove they meet the financial requirements outlined by the ministère de l’Immigration, de la Francisation et de l’Intégration.