Canada Proof of Funds Requirement for International Students (2025 Update)

Starting September 1, 2025, Canada will enforce new financial requirements for international students applying for a study permit. The minimum living expenses requirement for a single applicant has increased from CAD $20,635 to CAD $22,895 per year, excluding tuition and travel.

🔍 What is Proof of Funds?

Proof of Funds is documentation that shows you have enough money to cover:

• Your first-year tuition

• Living expenses in Canada

• Travel costs

It’s mandatory for all international student visa applicants, and failure to meet this requirement is one of the top reasons for study permit refusal.

💸 Updated Proof of Funds Amounts (Effective September 1, 2025)

Example:
If tuition = CAD $15,000
Then total proof of funds (for single applicant) = CAD $37,895

🕒 If You Apply Before September 1, 2025:

You will still be assessed based on the older amount: CAD $20,635 (for a single applicant).

📑 Acceptable Proof of Funds Documents

You must provide at least one of the following:

• Receipt of paid tuition and housing fees

• GIC (Guaranteed Investment Certificate) from a Canadian bank

• Bank statements (last 4 months)

• Education loan from a recognized institution

• Bank draft convertible to CAD

• Letter of financial support from sponsor or school

• Proof of a Canadian bank account

• Scholarship award letter, if applicable

💡 If your program is longer than 1 year, you must pay and prove full financial coverage for the first year—non-negotiable.

📌 Additional Supporting Documents (if required)

• Letter of Explanation (your study plans, financial readiness, etc.)

• Medical exam (based on country)

• Custodianship form (if under 18)

• Legal status proof (if applying from outside your home country)

• Foreign exchange permission (if applicable)

✅ Steps to Prepare Your Proof of Funds

1. Calculate Total Expenses (Tuition + $22,895 + Travel)

2. Gather Financial Documents (bank statements, GIC, loan/scholarship)

3. Verify Consistency (ensure all amounts align with totals)

4. Translate if Necessary (documents must be in English or French)

5. Add a Cover Letter (optional but helpful)

🇳🇬 For Nigerian Students Using SDS Route:

You must:

• Purchase a $10,000 GIC

• Pay first-year tuition in advance

• Meet IELTS requirement (minimum 6.0 in each band)

SDS offers faster visa processing, but only if all criteria are met.

🧾 Final Note

Canada is raising its financial standards to ensure students can afford the true cost of living. To avoid visa delays or rejection, start preparing your funds and documents early, especially if you plan to apply after September 1, 2025.

💡 If you’re concerned about cost, explore affordable Canadian universities with lower tuition. Planning ahead gives you the best chance at success.