Canada has increased the amount of money international students must show when applying for a study permit.
The new financial requirement took effect on September 1, 2026.
The change is part of Canada’s annual update of its cost-of-living requirement for international students.
How Much Money Does a Student Need?
For a single student applying to study outside Quebec, the new requirement is CAD $23,448 for one year of living expenses.
This amount does not include tuition fees or transportation costs.
Students must show they have enough money to cover their living expenses. They must also show how they will pay for their tuition and travel costs.
The previous requirement was CAD $22,895.
This means the minimum living-expense amount has increased by CAD $553 for a single applicant.
Proof of Funds Depends on Family Size
Students bringing family members to Canada must show more money.
The new annual amounts for applications made from September 1, 2026 are:
| Family members | Required living funds |
|---|---|
| 1 | CAD $23,448 |
| 2 | CAD $29,192 |
| 3 | CAD $35,888 |
| 4 | CAD $43,572 |
| 5 | CAD $49,419 |
| 6 | CAD $55,736 |
| 7 | CAD $62,054 |
| Each additional person | CAD $6,318 |
These figures apply to provinces and territories outside Quebec. Quebec has its own financial requirements.
What Does the Money Need to Cover?
The proof-of-funds requirement is designed to show that students can support themselves while studying in Canada.
Applicants must show enough money for:
- Living expenses
- Tuition fees
- Transportation to and from Canada
- Living costs for accompanying family members, where applicable
The living-expense figure itself does not include tuition or transportation.
What Can Students Use as Proof?
Canada accepts several types of financial documents.
These can include bank statements, proof of a scholarship, an education loan, a guaranteed investment certificate and other acceptable financial documents.
Applicants may also provide evidence of financial support from a parent or another person.
However, the person providing the money may need to show their relationship with the student and the source of the funds.
Canada says applicants should also provide evidence showing where their money came from.
For example, bank statements may need to show employment income, savings or transfers that explain the available funds.
Why Has Canada Increased the Requirement?
The Canadian government updates the financial requirement each year to reflect changes in the cost of living.
The policy is also intended to reduce financial pressure on international students after they arrive in Canada.
Government documents say the higher requirement is designed to help students arrive with enough money to support themselves during their studies.
The requirement has increased several times in recent years.
It was raised from CAD $10,000 to CAD $20,635 in January 2024. It later increased to CAD $22,895 in September 2025.
The government now adjusts the amount every September based on cost-of-living data.
What This Means for Nigerian Students
Nigerian students planning to study in Canada should take the new amount into account when preparing their study permit applications.
Meeting the financial requirement does not automatically guarantee a study permit.
Applicants must still meet Canada’s other study permit requirements.
They also need to provide documents that support their financial situation and explain the source of their funds when required.
Students should therefore avoid waiting until the last minute to prepare their financial documents.
Students Should Check the Latest Rules
Canada’s study permit requirements can change over time.
Students should check the latest requirements before submitting an application.
They should also confirm the financial amount that applies to their application date and family situation.
The new CAD $23,448 requirement applies to applications made from September 1, 2026, for a single applicant outside Quebec.
For students planning to study in Canada, the increase means financial preparation is now more important than ever.