Proof of funds for a Canada study permit is one of the most important requirements for international students planning to study in Canada. Before approving a study permit, Immigration, Refugees and Citizenship Canada (IRCC) must be satisfied that you have enough money to pay your tuition fees, living expenses, and transportation without relying on unauthorised work.
For applications submitted on or after September 1, 2026, a single student outside Quebec needs to show CAD $23,448 per year for living expenses, excluding tuition and transportation.
The amount increases when family members accompany the student.
Canada Study Permit Proof of Funds: Quick Summary
| Requirement | Amount/Information |
|---|---|
| Primary applicant living expenses outside Quebec | CAD $23,448 per year |
| Tuition | Must be added separately |
| Transportation | Must be added separately |
| Family members | Additional funds required |
| Bank statements | One accepted form of financial proof |
| Scholarship | Can be used as proof where applicable |
| Education loan | Can be used as proof where applicable |
| GIC | Can be used as proof where applicable |
| Paid tuition | Proof of payment can support the application |
Important: CAD $23,448 is not the total amount required for a Canada study permit. It is the living-expense amount for one person. Tuition and transportation must be added.
How Much Proof of Funds Do You Need for a Canada Study Permit?
The amount depends on the number of people included in the application.
For study permit applications submitted on or after September 1, 2026, the living-expense requirement outside Quebec is:
| Number of people in the family | Minimum living expenses per year |
|---|---|
| 1 person | CAD $23,448 |
| 2 people | CAD $29,192 |
| 3 people | CAD $35,888 |
| 4 people | CAD $43,572 |
| 5 people | CAD $49,419 |
| 6 people | CAD $55,736 |
| 7 people | CAD $62,054 |
| Each additional person | CAD $6,318 |
The calculation includes the student and family members accompanying them.
These amounts are for living expenses only. You must also account for tuition and transportation.
How to Calculate Your Total Proof of Funds
A simple way to calculate the financial requirement is:
Tuition + living expenses + transportation = minimum funds you should demonstrate
For example, suppose an international student has:
- First-year tuition: CAD $20,000
- Living expenses: CAD $23,448
- Transportation: CAD $2,000
The student would need to demonstrate approximately:
CAD $45,448
This example is for illustration. Your actual transportation costs and tuition will depend on your circumstances.
Can I Use Bank Statements as Proof of Funds?
Yes. Bank statements are one of the accepted ways to demonstrate financial support for a Canadian study permit.
IRCC’s current guidance says bank statements can cover the past six months, including the month you apply or the month immediately before you apply.
Your statements should clearly show that the money is available to support your studies.
If there are significant recent deposits, you should be prepared to provide evidence explaining where the money came from.
How Many Months of Bank Statements Do I Need for Canada?
IRCC’s financial-support guidance specifically lists bank statements for the past four months as an example in its general list of financial documents, while the detailed guidance also says bank statements may cover the past six months, including the month of application or the month immediately before it.
Because document requirements can vary according to your application and visa office, applicants should follow the current instructions provided for their specific application.
A longer, consistent financial history can also make it easier to demonstrate that the funds are genuinely available.
What Can Be Used as Proof of Funds for Canada?
Bank statements are not the only option.
IRCC lists several forms of financial evidence that may be used.
1. Bank Statements
You can provide statements from a Canadian or foreign bank showing available funds.
The statements should be genuine and consistent with the rest of your financial documents.
2. Proof of Tuition Payment
If you have already paid some or all of your tuition, provide the official receipt or other acceptable evidence of payment.
However, paying tuition does not remove the need to demonstrate sufficient money for living expenses and transportation.
3. Guaranteed Investment Certificate
A Guaranteed Investment Certificate (GIC) from a Canadian financial institution can be used as financial evidence in applicable circumstances.
4. Education Loan
An education loan from a bank or recognised financial institution can also demonstrate access to funds.
Provide the appropriate loan approval or documentation showing the amount available.
5. Scholarship
If you have received a scholarship, provide an official scholarship letter showing:
- Your name
- Scholarship amount
- What the scholarship covers
- Duration of the award
If the scholarship only covers tuition, you may still need to prove that you can pay your living expenses and transportation.
6. Canadian Bank Account
Money transferred into a Canadian bank account may also be used as evidence of financial support.
Provide appropriate documentation showing ownership and availability of the funds.
7. Financial Support From Another Person
A parent, spouse, relative or another person may help finance your studies.
In this situation, you should provide evidence demonstrating the sponsor’s financial ability and relationship to you.
Supporting documents may include:
- Bank statements
- Employment letter
- Salary evidence
- Business documents
- Tax documents where applicable
- Proof of relationship
- Letter of financial support
The exact documents required can depend on your circumstances.
Does Canada Require Proof of Funds for the Entire Study Period?
You need to demonstrate that you have enough money for your first year of study, including applicable tuition, living expenses and transportation.
However, if your programme lasts longer than one year, IRCC also requires you to explain how you intend to finance the remainder of your studies.
For example, a student enrolled in a two-year programme should not simply focus on having enough money for the first year. The application should also explain the financial plan for the second year.
This could involve:
- A continuing scholarship
- Family financial support
- Education funding
- Other legitimate financial resources
What If My Parents Are Paying for My Studies?
Parents can provide financial support for an international student’s education.
If your parents are sponsoring you, your application should clearly demonstrate:
- Your relationship with your parents.
- Their ability to pay.
- The source of their income.
- The amount they intend to provide.
- Evidence that the funds are genuinely available.
Useful documents can include employment letters, salary records, bank statements, business documents and evidence of the relationship.
What If Someone Else Is Sponsoring Me?
A sponsor who is not your parent may also be able to provide financial support, depending on the circumstances.
Your application should clearly explain:
- Who the sponsor is
- Your relationship with the sponsor
- Why they are financing your studies
- Their source of income
- Their financial capacity
- How much they intend to provide
The more clearly the financial story is documented, the easier it is for an officer to understand your situation.
How to Explain a Large Bank Deposit
A large deposit shortly before submitting a study permit application can raise questions if there is no clear explanation.
For example, if your account suddenly receives CAD $30,000 or the equivalent in your local currency, you should be able to explain the source.
Depending on the situation, supporting evidence could include:
- Property-sale documents
- Loan approval
- Business income records
- Investment documents
- Salary savings
- Gift documentation
- Transfer records
Do not borrow money temporarily simply to inflate your bank balance and then return it after obtaining a bank statement.
Your financial information should accurately represent your ability to support your studies.
Does Canada Accept a Bank Account From My Home Country?
Yes. IRCC’s financial-support guidance allows evidence from a Canadian or foreign bank account.
The important issue is whether the documents demonstrate that the funds are genuinely available and sufficient for your studies.
If your account is in a currency other than Canadian dollars, make sure the amount and source of funds are clear.
Can I Use Cash as Proof of Funds?
Simply saying that you have cash is generally not sufficient evidence.
It is better to provide official financial documentation showing that the money exists and is available to you.
The goal is to provide credible evidence rather than simply state an amount in your application.
Can I Use Property as Proof of Funds?
Owning a house, land or other property can demonstrate your overall financial circumstances, but property ownership is not the same as having immediately available funds.
If you are relying on money from a property sale, provide evidence of the sale and the resulting funds.
Can I Depend on Working in Canada to Pay My Expenses?
You should not rely on future employment in Canada as your primary financial plan for obtaining a study permit.
You must demonstrate that you already have sufficient financial resources to support your studies.
Working while studying may be permitted under the conditions of your study permit, but this is different from using future employment as your primary proof that you can afford your education.
Common Canada Study Permit Proof of Funds Mistakes
Avoid these common mistakes when preparing your financial documents.
Using an Outdated Amount
Financial requirements can change.
For applications submitted on or after September 1, 2026, the living-expense requirement for one student outside Quebec is CAD $23,448.
Always check the latest IRCC amount before submitting your application.
Showing Only Tuition Money
Paying your tuition does not automatically satisfy the financial requirement.
You still need to demonstrate sufficient funds for living expenses and transportation.
Providing Unexplained Large Deposits
A high bank balance without a credible source of funds may raise questions.
Using Fake Bank Statements
Never submit altered or fraudulent financial documents.
Misrepresentation can have serious immigration consequences.
Ignoring Family Members
If your spouse or children are accompanying you, additional funds are required.
Do not calculate your financial requirement using only the student amount.
Not Explaining Future Funding
For programmes longer than one year, explain how you intend to pay for the remaining period.
Canada Study Permit Proof of Funds Checklist
Before submitting your application, review the following:
- First-year tuition amount
- Current living-expense requirement
- Transportation costs
- Funds for accompanying family members
- Recent bank statements
- Evidence explaining major deposits
- Scholarship letter, if applicable
- Education loan documents, if applicable
- GIC documents, if applicable
- Sponsor’s financial documents, if applicable
- Proof of relationship to sponsor
- Explanation of how future years will be funded
- Genuine and verifiable documents
FAQs
How much money do I need to show for a Canada study permit in 2026?
For applications submitted on or after September 1, 2026, one student outside Quebec needs CAD $23,448 for living expenses for one year. Tuition and transportation costs must be added separately.
Is CAD $23,448 enough for a Canada study permit?
Not necessarily. CAD $23,448 is the living-expense requirement for one person outside Quebec. You must also account for tuition and transportation.
Can I use my parents’ bank statement for a Canada study permit?
Yes, parents can provide financial support, but you should provide evidence showing their financial capacity, your relationship to them and the source of the funds.
How many months of bank statements are required?
IRCC’s financial-support guidance references bank statements covering recent months, including the past six months in its detailed guidance. Applicants should follow the current document instructions applicable to their application and visa office.
Can I use a scholarship as proof of funds?
Yes. An official scholarship can be used to demonstrate financial support. If it does not cover all your expenses, you must provide additional evidence for the remaining costs.
What happens if I do not have enough proof of funds?
Insufficient financial evidence can contribute to a study permit refusal. Before applying, make sure your documents demonstrate that you can pay tuition, living expenses and transportation and that your financial situation is credible.
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