Proof of Funds for a Canada Study Permit

What Is the Study Permit Proof of Funds Requirement?

Proof of financial support is a core requirement for most applicants seeking a Canadian study permit . It is not limited to showing a minimum balance in a bank account.

Under section 220 of the Immigration and Refugee Protection Regulations, an officer generally cannot issue a study permit unless the foreign national has sufficient and available financial resources, without working in Canada, to pay:

• tuition fees for the intended course or program;
• living expenses for the applicant and any accompanying family members; and
• transportation costs to and from Canada for the applicant and accompanying family members.

How Much Money Do You Need for a Canada Study Permit?

For applications submitted on or after September 1, 2026, a single applicant studying outside Quebec must currently show at least CAN$23,448 for first-year living expenses.

This is only the living-expense component. It does not include tuition or transportation.

The actual amount you need to demonstrate can therefore be substantially higher than the published living-expense minimum.

IRCC updates the living-expense amounts annually, so applicants should confirm the table that applies on the date they submit their application.

Study Permit Living Expenses by Family Size

The following amounts apply to applications submitted on or after September 1, 2026 for study in a province or territory other than Quebec.

These figures cover living expenses only. Tuition and transportation must be added separately.

Tuition Must Be Included in Your Financial Plan

The published IRCC living-expense amount is not a complete study permit financial requirement. Tuition must be considered separately.

The amount should be supported by reliable documentation from the designated learning institution, such as the letter of acceptance, tuition schedule, invoice or payment receipt.

If part or all of the tuition has already been paid, proof of payment can form part of the financial evidence. However, paying tuition does not eliminate the need to demonstrate sufficient resources for living expenses and transportation.

Transportation Costs Are Also Required

IRPR 220 expressly includes the cost of transportation to and from Canada for the applicant and accompanying family members.

Unlike the living-expense table, IRCC does not provide one universal transportation amount for every applicant. The practical cost depends on the applicant's circumstances and travel arrangements.

The financial plan should therefore leave sufficient resources after tuition and living expenses to address the transportation requirement.

What If Your Program Is Longer Than One Year?

IRCC's current guidance distinguishes between the funds that must be demonstrated for the first year and the plan for financing the remainder of a longer program.

You must demonstrate enough financial resources for the first year of studies. If your program is longer than one year, you must also explain how you plan to pay for the full duration of the program.

IRCC gives examples such as evidence that a scholarship continues for more than one year or proof that parents who will continue providing support are employed.

What Documents Can You Use as Proof of Funds?

IRCC does not prescribe one identical set of financial documents for every applicant. Its current guidance provides examples, and expressly states that applicants do not need to submit every type of document on the list.

Depending on your circumstances, evidence can include:

• proof of tuition and housing payments;
• a student or education loan from a bank;
• scholarship documentation;
• proof of participation in a Government of Canada-funded educational program;
• recent employment pay statements;
• evidence of financial support from another person or institution;
• proof of a Canadian bank account in your name if funds have been transferred to Canada;
• a Guaranteed Investment Certificate from a Canadian financial institution;
• bank statements;
• pension-related financial documents; and
• evidence of rental income.

Other evidence may also be appropriate. Local visa office instructions can impose additional documentary requirements.

See the complete Study Permit Documents Checklist before assembling the application.

How Many Months of Bank Statements Should You Provide?

IRCC's current general proof-of-funds guidance lists bank statements for the past six months as an example of acceptable evidence.

The six-month period should include the month in which the application is submitted or the preceding month.

IRCC also states that the bank evidence should be accompanied by documentation showing the source of the income reflected in the statements, such as employment income or savings transfers.

What should the statements demonstrate?

The statements should help establish more than a balance on one particular day. They can provide evidence of:

• the history of the funds;
• regular income or savings;
• significant deposits or transfers;
• the applicant's or supporter’s financial activity; and
• whether the claimed funds appear genuinely available.

Why Does the Source of Funds Matter?

IRCC's current guidance expressly states that it assesses both the amount of funds and their source, and confirms whether the funds are available to the applicant throughout the studies.

This means that simply reaching the numerical minimum does not necessarily resolve the financial-capacity assessment.

Large or recent deposits

A significant recent deposit is not automatically unacceptable. However, if its source is not clear from the banking history, additional evidence may be important.

Depending on the source, supporting records might include employment income evidence, sale documentation, investment redemption records, transfer records, business income evidence, scholarship documentation or other credible records showing how the funds were obtained.

Can Parents or Another Person Pay for Your Studies?

Yes. Study permit funds do not necessarily need to come entirely from the student's personal bank account.

IRCC's current guidance expressly contemplates financial support from another person or institution.

Where another person is providing the money, IRCC lists a support letter that includes information such as:

• the supporter's employment or occupation;
• their relationship to the applicant;
• the number of dependants they have, if any;
• the amount of financial support they will provide; and
• supporting evidence of their employment or financial capacity.

IRCC also identifies proof of the relationship and evidence of the promised financial support, along with a copy of the supporter's photo identification or proof of business registration, as applicable.

The sponsor's capacity matters

A promise to provide money is not the same as evidence that the supporter can realistically provide it. The supporter’s income, existing dependants, assets, banking history and the amount being promised may all be relevant to whether the proposed support is credible.

Scholarships, Grants and Student Loans

A scholarship can form part or all of the financial evidence if its amount, duration and conditions are adequately documented.

If a scholarship covers only tuition, IRCC requires other evidence showing sufficient funds for living expenses and transportation.

For a program longer than one year, a multi-year scholarship can also help demonstrate how the applicant plans to finance later years of study.

IRCC also identifies a student or education loan from a bank as an example of financial evidence. The loan documentation should make the amount and availability of the financing clear.

Does Paying Tuition Improve Proof of Funds?

Proof that first-year tuition or housing has already been paid can be used as financial evidence.

However, IRCC expressly states that proof of tuition and housing payments must be accompanied by other documents demonstrating sufficient funds for living expenses and transportation.

Therefore, paying tuition does not replace the remaining requirements under IRPR 220.

What If Your Country Has Foreign Exchange Controls?

IRCC specifically addresses applicants whose country restricts the export or transfer of currency.

If foreign exchange controls apply, you must demonstrate that you will be permitted to export or transfer the funds needed to pay your expenses.

This reflects the broader requirement that the funds must not merely exist on paper; they must be sufficiently available for the applicant's studies in Canada.

Proof of Funds for Students Studying in Quebec

Quebec has its own financial-capacity requirements for international students. The federal living-expense table for the other provinces and territories should not be substituted for the Quebec requirements.

For applications for temporary selection for studies made on or after January 1, 2026, Quebec currently requires the following amounts for essential expenses for one year:

Quebec describes these amounts as covering essential expenses such as food, housing and installation costs, clothing, transportation, health and hospitalization insurance and other necessities.

The Quebec financial assessment forms part of the provincial temporary-selection process. The applicant must also satisfy the applicable federal study permit requirements.

See Study Permit for Quebec: CAQ and Study Permit Requirements .

Common Proof of Funds Mistakes

Showing only the living-expense minimum

The IRCC table excludes tuition and transportation. Showing only CAN$23,448 for a single applicant does not establish the complete financial requirement if tuition and travel costs remain unpaid.

Showing a balance without documenting its source

Current IRCC guidance expressly assesses the source of the funds. A final bank balance without supporting financial history may therefore leave an important evidentiary question unanswered.

Ignoring later years of a multi-year program

Applicants must show sufficient resources for the first year and explain how they plan to finance the full duration of a program lasting more than one year.

Providing a support letter without evidence of capacity

A parent or other supporter can fund the studies, but the application should also demonstrate that the supporter has the financial capacity to provide the promised amount.

Treating property value as readily available cash

Assets can provide context about financial circumstances, but the legal requirement focuses on sufficient and available financial resources. An asset that cannot practically fund tuition or living costs is not equivalent to liquid, accessible money.

Using the wrong financial table

The applicable amount depends on the submission date and whether the applicant will study in Quebec. Older IRCC amounts should not be used for a new application simply because they appear in a previous checklist or article.

Canada Study Permit Proof of Funds FAQs

How much money does one student need in 2026?

For an application submitted on or after September 1, 2026, one student studying outside Quebec currently needs CAN$23,448 for first-year living expenses, plus tuition and transportation.

Does the CAN$23,448 include tuition?

No. The amount is for living expenses. Tuition and transportation must be added separately.

How many months of bank statements does IRCC ask for?

IRCC's current general guidance lists bank statements covering the past six months, including the month of application or the preceding month, as an example of financial evidence.

Can my parents pay for my studies?

Yes. Financial support can come from another person. The application should document the support arrangement, relationship where applicable, source of funds and the supporter's ability to provide the promised amount.

Can another relative sponsor my studies?

IRCC's general guidance is not limited to parents. It contemplates support from another person or institution. The evidence should establish the relationship or arrangement and demonstrate that the support is credible and available.

Is a GIC mandatory?

No. IRCC lists a Guaranteed Investment Certificate as one example of evidence that can be used to demonstrate funds. Its general proof-of-funds guidance does not make a GIC mandatory for every regular study permit applicant.

Is paying first-year tuition enough?

No. Proof of tuition payment can be useful, but you must still demonstrate sufficient resources for the remaining living and transportation costs.

Do I need to show funds for the entire program?

You must demonstrate sufficient resources for the first year. If the program lasts more than one year, IRCC also requires you to explain how you plan to finance the full duration of your studies.

Are the financial requirements the same in Quebec?

No. Quebec has separate financial-capacity requirements for the provincial temporary selection process. Applicants studying in Quebec should use the current Quebec requirements and also satisfy the applicable federal study permit requirements.