Planning to study in Canada in 2026? There is an important financial update you need to know.
Starting September 1, 2026, international students applying for a study permit outside Quebec must show at least $23,448 in Canadian dollars for living expenses if they are applying alone.
That is an increase of $553, up from the current requirement of $22,895.
But remember: this amount covers living expenses only. You must also show enough money for your first-year tuition and travel costs. In other words, the $23,448 is not the total amount you need for your study permit application.
Let’s break down what is changing, who is affected, and how you can prepare.
What is changing on September 1, 2026?
The financial requirement is based on Canada’s Low Income Cut-Off, commonly called LICO. IRCC updates these amounts periodically to reflect the cost of supporting yourself in Canada.
For study permit applications submitted on or after September 1, 2026, the minimum living-expense requirement for applicants outside Quebec will be:
- One applicant: $23,448
- Two family members: $29,192
- Three family members: $35,888
- Four family members: $43,572
- Five family members: $49,419
- Six family members: $55,736
- Seven family members: $62,054
- Each additional family member: $6,318
These figures apply to the total number of family members included in your application, including you.
Canada study permit proof-of-funds table
| Number of family members, including the applicant | Minimum annual living expenses |
|---|---|
| 1 | $23,448 |
| 2 | $29,192 |
| 3 | $35,888 |
| 4 | $43,572 |
| 5 | $49,419 |
| 6 | $55,736 |
| 7 | $62,054 |
| Each additional family member | $6,318 |
The figures apply to applications for provinces and territories outside Quebec.
Who must meet the new amount?
The new threshold applies when you submit your study permit application on or after September 1, 2026.
The submission date matters.
For example:
- An application submitted on August 31, 2026 uses the current single-applicant threshold of $22,895.
- An application submitted on September 1, 2026 uses the new threshold of $23,448.
Your program start date does not determine which amount applies. The date you submit your application is the key factor.
If you are close to applying, do not leave your financial documents until the last minute. A last-minute scramble is rarely anyone’s best work: especially when your bank statements are involved.
The $23,448 is not the full financial requirement
This is one of the most important points.
For a single student studying outside Quebec, your financial plan must generally cover:
- First-year tuition
- Living expenses of at least $23,448
- Travel costs to Canada and, where applicable, transportation for accompanying family members
A simple example
Suppose your first-year tuition is $18,000, and your estimated travel costs are $1,500.
You would need to demonstrate at least:
- $18,000 for tuition
- $23,448 for living expenses
- $1,500 for travel
That creates a minimum financial picture of $42,948.
Your actual amount may be higher depending on your housing, location, family size, school fees, and personal circumstances.
If your program lasts longer than one year, IRCC also expects you to explain how you will pay for the remaining years. You normally need to demonstrate funds for the first year and show a credible plan for the full duration of your studies.
What about Quebec?
Quebec has its own financial requirements. The federal table above does not apply to students planning to study in Quebec.
As of January 1, 2026, Quebec requires applicants to show minimum financial capacity of:
- $24,617 for one person
- $34,814 for one applicant with one accompanying family member
These amounts are separate from tuition and travel costs.
Students heading to Quebec also need a Quebec Acceptance Certificate, known as a CAQ, before applying for a federal study permit. You can review the official Quebec information about financial capacity and study costs on the Quebec government website.
So, if Quebec is your destination, you should prepare for both steps:
- Apply for the CAQ and meet Quebec’s financial requirements.
- Apply for the federal study permit and provide the required documentation.
Quebec and the rest of Canada have different processes here. Same country, different paperwork personality.
What documents can you use as proof of funds?
IRCC accepts several types of financial evidence. The best option depends on your circumstances, your country of residence, and who is paying for your studies.
Examples of accepted proof include:
1. A Canadian bank account
You may provide evidence of funds held in a Canadian bank account in your name, particularly if you have already transferred money to Canada.
2. A Guaranteed Investment Certificate
A GIC from a participating Canadian financial institution may be used as proof of funds. Your documentation should clearly identify the amount, financial institution, and availability of the funds.
3. An education or student loan
A formal education loan from a recognized bank may be accepted. The approval documents should clearly show the approved amount and how the funds will be made available for your studies.
This is different from simply borrowing cash from a friend or relative for a few days to make your account balance look higher.
4. Bank statements
Bank statements can be provided for Canadian or foreign accounts. IRCC commonly looks for financial history, often including statements covering the previous six months.
Your statements should help explain:
- Where the money came from
- Who owns the account
- Whether the funds are genuinely available
- Whether large deposits have a reasonable explanation
A large unexplained deposit appearing just before you apply can create questions. If there is a significant deposit from a property sale, investment maturity, business transaction, or other legitimate source, include documents that explain it.
5. Bank draft
A bank draft that can be converted into Canadian dollars may also support your application.
6. A letter of financial support
If your parents, spouse, relative, or another person will support you, provide a clear support letter. It should explain:
- The supporter’s relationship to you
- The amount they intend to provide
- How long they will support you
- Their employment or source of income
- Their ability to provide the funds
Support the letter with bank statements, employment documents, pay stubs, tax records, or other relevant evidence.
7. Scholarship or bursary proof
A scholarship, bursary, or government-funded education program may help demonstrate your financial capacity.
The award letter should state the amount, duration, and costs covered. If the scholarship only covers tuition, you must still show enough money for living expenses and travel.
Can you borrow money to meet the requirement?
You should not use temporary borrowed money simply to inflate your bank balance.
IRCC assesses more than the number shown on a statement. Officers may consider the source of the money, how long it has been available, and whether you can realistically access it during your studies.
However, a properly documented education or student loan is different. IRCC lists education loans as an acceptable type of financial evidence when the loan is legitimate and the documents clearly explain the terms.
If a family member is supporting you, it is often stronger to provide:
- A formal support letter
- The sponsor’s bank statements
- Proof of employment or income
- Evidence of your relationship
- An explanation of how the support will be provided
Do not try to hide the source of your funds. Transparency is usually much better than financial detective work later.
How to prepare before September 1
If you expect to apply on or after September 1, 2026, use this checklist:
- Confirm whether your destination is Quebec or another province or territory.
- Calculate your first-year tuition.
- Add the correct living-expense amount for your family size.
- Estimate transportation costs.
- Gather several months of bank statements.
- Explain large or unusual deposits.
- Collect sponsor letters and income documents, if applicable.
- Obtain official scholarship or education-loan documentation.
- Prepare a realistic plan for funding the rest of your program.
- Check the latest IRCC proof-of-financial-support requirements before submitting.
You can also read our related guide on Canada’s 2026 student permit updates for additional planning information.
Final thoughts
The increase from $22,895 to $23,448 is only $553 for a single applicant, but it can matter if your financial documents are already close to the minimum.
More importantly, the living-expense threshold is only one part of your application. You must also show funds for tuition and travel, provide credible financial documents, and explain how you will support yourself throughout your studies.
Are you preparing a study permit application for September 2026 or later? Canada Vertex Immigration can help you review your financial documents, organize your study permit application, and understand the requirements that apply to your situation.
Our services include study visa guidance, application support, and exam preparation assistance. Visit Canada Vertex Immigration to get professional guidance before you submit: and give your Canadian study plans the strongest possible start.
