To obtain a study permit in Canada, foreign nationals must demonstrate that they have a certain amount of money in their account — and the requirements for this amount have now increased significantly:
- In Quebec = 24 617 $CAD,
- In the rest of Canada = 23 448 $CAD.
This is the minimum for one year of living expenses per person; the tuition and travel are not included. Compared to 2025, the amount has increased by 2.6% (by 553 $CAD).
Interestingly, a recent study showed that the majority of student visa refusals (nearly 47%) were motivated precisely by issues with financial proof, and a significant portion of such refusals could have been prevented, had the documents been prepared more carefully and clearly.
How to prove financial means?
Canadian visa officers are prepared to consider the following types of documents:
- A student/education loan arranged with a bank,
- A bank account statement (for the last 6 months),
- Proof of receiving a scholarship / participation in a program that will fund your education,
- A sponsorship letter,
- Pay slips/payroll statements from your most recent employer (on their own they are unlikely to convince an officer, but they can confirm the origin of the funds — attach them to your bank statement),
- A package of documents if your studies are being paid for by a parent or other relative: proof of the family relationship, a photo ID (passport), an employment letter or business registration certificate,
- Confirmation of rental income from property,
- Evidence of receiving a sufficient pension.
In short, you will need to prove that you have the means to pay for your studies and living expenses in Canada for the entire period without working.
What financial threshold do other countries set for students?
Canadian requirements amount to 16 981$ in US dollars, while in other countries:
- Australia = 29 710 $AUD, approximately 21 450$,
- United Kingdom: 10 539£ (approximately 14 268$) outside London, 13 761£ (approximately 18 630$) — in London, but these amounts are calculated for 9 months,
- In the US, no amount is set at the federal level; universities may determine it themselves, taking into account the cost of living in the state/city, fees, and the cost of the studying program.
