How much money do international students need to show for Canada in 2026?
Proof of funds is one of the most common reasons study permit plans stall, and the number moves every year. Immigration, Refugees and Citizenship Canada (IRCC) raised it again for applications from September 1, 2026. This guide gives the current amounts, how to add up your total, which documents IRCC lists as proof, and what to sort out with a Canadian bank once you arrive.
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Proof of funds calculator
How much do you need to show?
Living expense amounts come from IRCC's table for all provinces and territories except Quebec. Tuition and travel are your own figures; the defaults are illustrative. IRCC assesses the amount and the source of your funds, so treat this as a minimum, not a guarantee of approval. Quebec applicants follow the Quebec government's amounts for the CAQ.
The 2026 amounts by family size
IRCC updates the living expense amounts each year. These are the amounts for one year, not including tuition or travel, for all provinces and territories except Quebec:
| People coming (including you) | Apply on or after Sep 1, 2026 | Applied Jan 1, 2025 to Aug 31, 2026 |
|---|---|---|
| 1 | $23,448 | $22,895 |
| 2 | $29,192 | $28,502 |
| 3 | $35,888 | $35,040 |
| 4 | $43,572 | $42,543 |
| 5 | $49,419 | $48,252 |
| 6 | $55,736 | $54,420 |
| 7 | $62,054 | $60,589 |
| Each person after 7 | +$6,318 | +$6,170 |
For a single student, the new amount is $553 more than before. To study in Quebec you first need a Quebec Acceptance Certificate (CAQ), and the Quebec immigration ministry sets the financial amounts for it.
What the money must cover
IRCC says you must prove you have enough money, without working in Canada, to pay for all of the following:
- tuition fees for your course or program,
- living expenses for you and any family members who come with you, and
- transportation to and from Canada for you and your accompanying family.
You must show enough for the first year of studies. For a program longer than a year, you must also tell IRCC how you plan to pay for the rest, for example a scholarship that runs longer than a year or proof that your parents are employed. IRCC assesses both the amount and its source. If your country uses foreign exchange controls, you must also prove you will be allowed to send the money out.
Documents that count as proof
IRCC lists these as examples. You do not need all of them, but together they must cover every cost above.
| Type | Examples IRCC lists | Note |
|---|---|---|
| Tuition and study costs | Receipt showing you paid first-year tuition and housing; a student or education loan from a bank; a scholarship or a Government of Canada funded program | If it only covers tuition, you still need proof for living costs and travel |
| Employment and support | Recent pay stubs; a letter from the person or institution giving you money, with their job, relationship to you, number of dependants and the amount | Include a copy of their photo ID or business registration |
| Banking and income | A Canadian bank account in your name if you transferred money; a GIC from a Canadian financial institution; bank statements for the past 6 months; pension documents; rental income | Statements must include the month you apply or the month before, and show where the money came from |
Visa offices can ask for other documents too, so check the instructions for your country or region.
Worked example: one student in Ontario
Mei applies in October 2026 to study in Ontario alone. Her illustrative first-year tuition is $20,000 and return travel is about $1,500.
- Living expenses: $23,448 (one person, applied after September 1, 2026).
- Total to show: $23,448 + $20,000 + $1,500 = $44,948.
- If she had applied in August 2026: $22,895 + $20,000 + $1,500 = $44,395, so the new table adds $553.
- If her spouse and child came too: living expenses for three people are $35,888, and travel would rise with the extra tickets.
If Mei pays her first-year tuition and housing up front, the school's receipt covers that part, and she still needs separate proof for living costs and travel.
Using a GIC as proof
IRCC lists a guaranteed investment certificate from a Canadian financial institution as one example of proof of funds. Before you buy one, read the terms the institution must disclose: the term, how and when interest and principal are paid, and whether and how you can cash it in early. A GIC at a member institution is an eligible deposit for CDIC insurance, up to $100,000 including principal and interest per coverage category. Our guide to cashing a GIC early explains penalties, renewals and your rights.
After you arrive
- Open a bank account. Our checklist of what you need to open a bank account in Canada covers ID and your rights when opening.
- Get your SIN before you work. See SIN and banking for when a bank can ask for it.
- File a tax return. Most international students are residents for tax purposes; our international student taxes guide explains why filing can unlock credits even with no income.
- Watch fees from day one. Student and newcomer plans can change; the newcomer first month checklist lists what to set up.
Options people compare
| Way to show funds | Strength | Watch for |
|---|---|---|
| Bank statements, 6 months | Shows history and source | Large unexplained deposits; include the source |
| GIC at a Canadian institution | Funds already in Canada | Lock-in and early cash-in terms |
| Prepaid tuition and housing receipt | Covers the biggest cost directly | Still need living and travel proof |
| Education loan | Documented by a bank | Repayment terms |
| Scholarship | Strong if multi-year | If tuition only, add living cost proof |
| Sponsor letter | Family support | Needs their job, relationship, dependants, amount and ID |
These are options to understand, not recommendations, and only IRCC decides your application. More calculators are on the tools page.
How to prepare proof of funds for a Canadian study permit
- Check your application date: amounts changed for applications on or after September 1, 2026.
- Find the living expense amount for your family size in IRCC's table, or the Quebec amount if you will study in Quebec.
- Add your first-year tuition and travel to and from Canada for everyone coming.
- Gather documents that cover every cost: tuition receipts, loans, scholarships, sponsor letters, a GIC or bank statements.
- Make sure bank statements cover the past 6 months, including the month you apply or the month before, and show the source of the money.
- For a program longer than a year, write down how you will pay for the remaining years and include supporting proof.
- Check the visa office instructions for your country or region for any extra documents.
Questions people ask
How much money do I need for a Canadian study permit in 2026?
For applications on or after September 1, 2026, IRCC requires $23,448 for one year of living expenses for a single applicant outside Quebec, plus first-year tuition and travel to and from Canada.
Does the proof of funds amount include tuition?
No. IRCC says the living expense amounts do not include tuition or transportation. You must show those separately.
How much do I need with my family?
For applications on or after September 1, 2026: $29,192 for two people, $35,888 for three, $43,572 for four, and up to $62,054 for seven, plus $6,318 for each additional person, before tuition and travel.
How many months of bank statements does IRCC want?
IRCC lists bank statements for the past 6 months, including the month you submitted your application or the month before, with documents showing the source of the money.
Is a GIC required for a study permit?
IRCC lists a GIC from a Canadian financial institution as one example of proof of funds, not the only one. Bank statements, loans, scholarships, sponsor letters and prepaid tuition receipts are also listed.
Can I count money I will earn working in Canada?
No. IRCC says you must prove you have enough money without working in Canada.
What about studying in Quebec?
You need a Quebec Acceptance Certificate (CAQ) first, and the Quebec immigration ministry sets the financial requirements for it.
Looni reads your bank statements and flags fees, plan changes and charges you did not expect, with proof. Read-only, built for newcomers too.
Sources
Immigration, Refugees and Citizenship Canada, Study permit: Proof of financial support (modified August 28, 2026: costs to cover without working, first year and full duration rules, example documents, 6 months of statements, GIC, foreign exchange controls, living expense tables for applications on or after September 1, 2026 and from January 1, 2025 to August 31, 2026, Quebec CAQ); Financial Consumer Agency of Canada, Guaranteed investment certificates and term deposits: know your rights; Canada Deposit Insurance Corporation, What's covered; Government of Quebec, Costs of studies. Tuition and travel figures in the example are illustrative; the arithmetic is ours.