New IRCC Rules: Higher Proof of Funds Now Required for Study Permits

The New Minimum: $20,000+ Required to Apply

Starting in January 2025, international students applying for a Canadian study permit must show proof of at least $20,635 CAD in living expenses — in addition to tuition and travel costs.

This is double the previous requirement of $10,000 and applies to all new applications across Canada, including those for Ontario college programs.

Why Did the Rules Change

The Canadian government updated the requirement to better reflect real living costs for international students. Too many students were arriving with just enough to cover tuition and not enough for rent, food, transportation and emergencies

This change is meant to protect students from financial hardship and reduce reliance on unauthorized work or risky living conditions.

What This Means for You

If you are applying for Fall 2025 or later, your study permit application must now include clear proof that you have

• Tuition for your first year

• At least 20635 CAD for living expenses or more if you are bringing family

• A valid plan for covering both

Failing to meet the new financial threshold is a common reason for study permit refusals, even if you have been accepted by a college

What Counts as Proof of Funds

IRCC accepts several types of documents including

• Bank statements three to six months

• GIC Guaranteed Investment Certificate

• Loan documents from a recognized institution

• Financial support letter with proof of income or assets if sponsored by family

• Proof of scholarships if applicable

Every document must be clear, current and traceable IRCC now verifies these documents more strictly than ever.

How CollegeApply Supports Your Financial Prep

Application Checklist Built In

We guide you through every document you need to submit with your study permit, including how to show proof of funds

No Guessing Required

You will receive templates, document samples, and personalized feedback to ensure your financial documents meet IRCC’s updated standards

Scholarship Visibility

Looking for ways to lower costs? We show you Ontario college programs with available scholarships or lower tuition to help you stay within budget

Expert Review

Before you apply for your visa, our advisors can check your proof of funds package and help you fix anything that could cause a rejection