Canada Study Permit Proof of Funds Increased to CAD 23,448: How Much Should Families Prepare for 2027 Enrollment

When applying for a Canadian study permit, students must prove they have enough funds to cover their first year of study and living expenses. For the "living expenses" category, IRCC sets a fixed minimum amount. On August 28, 2026, IRCC updated the relevant page: for applications submitted from September 1, 2026, the living expense requirement has increased. For a single applicant, it has been raised from CAD 22,895 to CAD 23,448, an increase of CAD 553.

While this increase may seem small, it only covers living expenses. Tuition and travel costs must be calculated separately. Below is a detailed breakdown of the rules.

Comparison of Old and New Requirements

The following are the requirements for provinces and territories outside Quebec. "Family size" includes the applicant, meaning accompanying spouses and children must also be counted.

Family Size (Including Applicant)	New Requirement (Submitted on or after 2026-09-01)	Old Requirement (Submitted between 2025-01-01 and 2026-08-31)
1 person	CAD 23,448	CAD 22,895
2 people	CAD 29,192	CAD 28,502
3 people	CAD 35,888	CAD 35,040
4 people	CAD 43,572	CAD 42,543
5 people	CAD 49,419	CAD 48,252
6 people	CAD 55,736	CAD 54,420
7 people	CAD 62,054	CAD 60,589
More than 7 people, for each additional person	Add CAD 6,318	Add CAD 6,170

Most Chinese students apply on their own, so the first row applies. If a parent is accompanying the student or a spouse is joining, prepare the funds according to the corresponding family size.

Quebec has separate requirements. To study in Quebec, you must first obtain a Quebec Acceptance Certificate (CAQ). The financial requirements are set by the Ministry of Immigration, Francisation and Integration (MIFI) and do not follow the table above. The IRCC page does not list specific amounts for Quebec; please refer to the official Quebec government website.

What Is and Isn't Included in These Funds

IRCC requires you to prove you have sufficient funds to cover three types of expenses for the first year.

• Tuition: First-year tuition for your program
• Living expenses: The amount shown in the table above
• Round-trip transportation to and from Canada

The amounts in the table above cover living expenses only and explicitly exclude tuition and transportation. Therefore, the total amount you need to prove is the sum of all three.

How to estimate first-year tuition:

1. Refer to the tuition stated on your Letter of Acceptance, which is the most direct source.
2. If you haven't received an offer yet, check the "International tuition" page on your target school's website, making sure to distinguish between domestic and international student rates.
3. Check whether fees are charged per academic year, semester, or credit. For per-credit pricing, calculate it as "planned credits for the first year × price per credit."
4. Include mandatory incidental fees required by the school (e.g., student union fees, health insurance).
5. Tuition can vary significantly by major. Check the specific program you are applying to rather than using the school's average.

A simple formula: Total proof of funds ≈ First-year tuition + Living expense requirement + Round-trip transportation. When preparing your funds, it is recommended to leave a buffer above this amount to account for exchange rate fluctuations.

Acceptable Documents for Proof of Funds

Acceptable documents listed by IRCC include (and can be combined):

• Proof of a Canadian bank account in your name (if funds have already been transferred to Canada)
• Guaranteed Investment Certificate (GIC) from a Canadian financial institution
• Proof of a student or education loan from a bank
• Bank statements for the past 6 months (from a Canadian or foreign bank account)
• Proof of payment for first-year tuition and housing, such as receipts issued by the school
• A letter of financial support from a sponsor (individual or organization)
• Proof of a scholarship or participation in a Canadian government-funded education program
• Recent pay stubs
• Pension-related financial documents
• Proof of rental income
• If your country has foreign exchange controls, proof that funds can be legally transferred out

Two points to note:

• If a scholarship only covers tuition, you must still provide proof of funds for living expenses and other costs.
• The letter of support must state the sponsor's relationship to the student, the amount of support, and other details. Specific requirements are subject to the IRCC page.

When the New Requirements Apply

It is based on the date the application is submitted, not the start date of studies:

• Submitted on or after September 1, 2026: New requirements apply (CAD 23,448 for a single applicant)
• Submitted between January 1, 2025, and August 31, 2026: Old requirements apply (CAD 22,895 for a single applicant)

This means that even if two students are starting in 2027, as long as the application is submitted after September 1, 2026, the new requirements must be met.

Another related change: According to the IRCC 2026 study permit cap announcement, from January 1, 2026, students pursuing a master's or doctoral degree at a public Designated Learning Institution (DLI) no longer need a Provincial Attestation Letter (PAL) or Territorial Attestation Letter (TAL). Applicants for undergraduate, college, and other levels generally still require one. Whether this arrangement will continue in subsequent years is subject to future IRCC announcements.

Preparation Advice for Families with Fall 2027 Intake

• Prepare according to the new requirements and leave a buffer. Study permits for Fall 2027 intake will generally be submitted in 2027, at which point you should prepare at least CAD 23,448 (for a single applicant) for living expenses. IRCC may adjust this again, so be sure to check the official page right before submitting.
• Calculate the total amount first, then decide on the funding method. Add up tuition, living expenses, and travel costs to determine the total amount you need to prove, then decide whether to use a GIC, bank deposits, prepaid tuition, or a combination.
• Plan your bank statements early. IRCC accepts bank statements from the past 6 months. If you plan to use proof of deposits, it is best to keep the funds in the account and stable well in advance, avoiding large, unexplained deposits and withdrawals right before submission.
• Clearly explain the source of funds. If parents are sponsoring, prepare a letter of support along with the sponsor's income and asset documents so the visa officer can clearly see where the money comes from.
• Pay attention to exchange rates. If funds are held in RMB, ensure the converted amount meets the requirements at the exchange rate on the date of submission. It is advisable to leave extra room.
• Calculate accompanying family members separately. If a parent is accompanying the student or a spouse is joining, prepare funds according to the corresponding family size. The larger the family, the greater the difference.
• Check separately for Quebec. Quebec has its own financial requirements and CAQ process, and the timeline must be arranged separately.

This article is for informational purposes regarding policy updates only and does not constitute immigration or legal advice. For specific requirements, please refer to the official IRCC and provincial government pages.

Need Help?

If your child plans to apply to universities in Canada in 2027 and you want to figure out exactly how much to prepare for the first year and which proof of funds method is best, you can check out our Canadian university admissions services, or directly Book a consultation with an admissions counselor. We will help you sort everything out based on your target schools and programs.

References

• IRCC: Proof of financial support – Study permit (page updated on 2026-08-28)
• IRCC: 2026 provincial and territorial allocations under the international student cap