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5 min read
Canada remains one of the top destinations for international students. However, in late 2023, Immigration, Refugees and Citizenship Canada (IRCC) announced higher proof of funds requirements for study permit applicants, effective January 1, 2024. While this change ensures students are financially prepared for life in Canada, it also raised concerns for many aspiring learners. Let’s explore what this means, and how students can adapt without feeling overwhelmed.
Why Did Canada Increase the Funds Requirement?
Before 2024, proof of funds had not been updated since 2019. Students only needed to show about 10,000 CAD per year (outside tuition). Rising living costs across Canada made this outdated.
Starting in 2024, the requirement doubled. Now, a single student must show about 20,635 CAD per year (in addition to tuition and travel costs). This ensures that international students don’t struggle with basic expenses like rent, food, and transportation.
What This Means for Students
The higher amount may feel discouraging, but it doesn’t mean studying in Canada is impossible. It simply requires better financial planning and preparation. Students who show strong financial readiness also increase their chances of approval.
Practical Ways to Manage Higher Funds Without Panic
1. Start Saving Early
Begin planning at least one year before applying. Open a savings account dedicated to your study abroad fund. Even small contributions add up over time.
2. Explore Scholarships and Grants
Many Canadian universities, provinces, and private organizations offer scholarships for international students. Research merit-based, need-based, and country-specific awards. A scholarship can reduce your tuition burden, freeing up savings for living costs.
3. Leverage Family Support and Co-Sponsors
Applicants are allowed to show funds from parents, guardians, or sponsors. Combining financial support can help you meet the requirement more easily.
4. Part-Time Work Opportunities
International students can usually work 20 hours per week during study periods and full-time during breaks. While you cannot rely on future earnings for proof of funds, knowing you can work helps with long-term planning.
5. Choose Affordable Cities and Housing
Toronto and Vancouver are expensive, but smaller cities like Winnipeg, Halifax, or Regina offer lower rent and living costs. Consider shared housing or campus residences to reduce expenses.
6. Use a Guaranteed Investment Certificate (GIC)
Many students apply through the Student Direct Stream (SDS), which requires a 20,000 CAD GIC in 2024. A GIC ensures you have access to monthly living allowances once in Canada.
7. Prepare Clear Financial Documentation
Visa officers assess whether your funds are legitimate and sufficient. Make sure bank statements, sponsor letters, and GIC certificates are accurate and consistent.
Mindset Matters: Don’t Panic, Plan
Yes, the new financial rules are stricter, but thousands of international students continue to enter Canada each year. By planning smartly, diversifying funding sources, and managing expenses, you can still achieve your Canadian education dream.
The higher proof of funds requirement may seem intimidating, but it is manageable with preparation. Focus on early savings, scholarships, affordable living, and responsible financial planning. With the right strategy, you’ll not only meet the requirements but also feel more confident about your future in Canada.
Frequently Asked Questions
How Much Proof of Funds do I Need For a Canadian Study Permit in 2025?
As of January 2024, a single student must show 20,635 CAD per year, plus tuition and travel expenses.
Can Scholarships Count Toward Proof of Funds?
Yes. Scholarships and grants can be included as part of your financial proof if officially documented.
Can I Use Part-time Job Earnings to Meet Proof of Funds?
No. You must show available funds before applying. However, you may work part-time in Canada to support ongoing expenses.
