Study Permit Proof of Funds Rises to $23,448 as of September 1, 2026 | ImmigraCan

As of September 1, 2026, a single study permit applicant applying to study outside Quebec must show access to at least CAD $23,448 to cover living expenses for the first year — an increase of $553 over the previous requirement of $22,895. The amount is set annually by IRCC (*Immigration, Refugees and Citizenship Canada*) and tied to Statistics Canada's Low-Income Cut-Off (LICO); it covers living costs only, on top of tuition and travel, and does not apply to Quebec, which sets its own minimum.

What Changed

• Effective date: September 1, 2026
• New amount (single applicant, outside Quebec): $23,448
• Previous amount (since September 1, 2025): $22,895
• Increase: $553
• Basis: Statistics Canada's Low-Income Cut-Off (LICO), adjusted annually

This is the third increase in less than three years. IRCC tied the requirement to LICO starting January 1, 2024, when it jumped from $10,000 — a figure unchanged since the 2000s — to $20,635. It rose again to $22,895 on September 1, 2025, and now to $23,448.

The Full Scale for Family Size

The requirement does not stop at a single applicant. It scales with the number of people who need to be supported, whether they accompany the student to Canada or stay behind:

• 1 person: $23,448
• 2 people: $29,192
• 3 people: $35,888
• 4 people: $43,572
• 5 people: $49,419
• 6 people: $55,736
• 7 people: $62,054
• Each additional person beyond 7: +$6,318

A student applying alone but with a spouse and one child staying in Brazil, for example, needs to demonstrate the 3-person amount ($35,888), not just the single-applicant figure — a detail that trips up applications more often than the headline number does.

What Counts as Proof, and What Officers Actually Check

IRCC accepts several forms of proof: a Canadian bank account in the applicant's name with the required amount, proof of a student/education loan from a bank, bank statements from the last four months, a GIC (*Guaranteed Investment Certificate*, a locked-in savings product some Canadian banks offer specifically for study permit applicants), proof of tuition and residence fees already paid, or a letter from a person or institution providing financial support.

The amount on paper is not the only thing that matters. IRCC guidance is explicit that officers can weigh where the money came from and whether it is likely to still be there throughout the program — not just the balance on the day of application. A large deposit made days before applying, with no explanation of its source, is a common reason for refusal even when the number itself clears $23,448. Funds should be seasoned (sitting in the account for a reasonable period) and their origin should be traceable and consistent with the applicant's declared income or sponsor.

Why the Requirement Keeps Rising

IRCC has framed the annual LICO adjustment as consumer protection: reducing the number of students who arrive in Canada financially unprepared, unable to cover rent and food on top of tuition, and vulnerable to exploitative housing or work arrangements as a result. It is also a companion measure to the provincial study permit caps introduced in 2024 and adjusted for 2026 (see our full coverage of the 2026 cap and provincial quotas) — both policies aim at the same problem from different angles: fewer permits, and each one backed by a more realistic financial cushion.

What This Means If You're Applying Now

1. Recalculate before you gather documents. If you started saving toward $22,895 before September 1, you now need $23,448 minimum for a single applicant — check the exact figure for your family size using the table above, since it is not a flat per-person addition.
2. Start seasoning funds early. Because officers look at the history of a bank balance, not just its current total, moving money into an account right before applying is the single most avoidable cause of a proof-of-funds refusal.
3. Separate this requirement from tuition and travel. The $23,448 (or the applicable family-size amount) covers living expenses only. Tuition for the first year and a return ticket must be demonstrated separately, in addition.
4. Check where you actually fit in the broader picture. Financial requirements are one piece of a study permit application, but not the only one — a valid Provincial Attestation Letter (PAL) where required, a genuine study plan, and ties to your home country all matter too. ImmigraCan's free eligibility quiz walks through what a study permit application needs and whether a different pathway — a work permit or an Express Entry program — might fit your situation better, with no promise of approval, since the final decision always belongs to IRCC.
5. Compare pathways side by side. The ImmigraCan programs catalog breaks down study permits alongside Express Entry, PNP and work permit routes so you can see which one matches your timeline and budget.

The Bottom Line

The number that matters for anyone building a study permit application from scratch is $23,448 for a single applicant outside Quebec, effective now — but the real risk in most refusals is not falling short of that number, it's showing funds that appeared too recently or whose source can't be traced. Budget for both.

*This content is informational and does not replace legal or immigration advice — ImmigraCan is not affiliated with the Government of Canada. For your specific case, consult a Regulated Canadian Immigration Consultant (RCIC) or a specialized lawyer. Official source: IRCC — Study permit: proof of financial support.*