Canada Study Permit Proof-of-Funds Increase Explained
IRCC's proof-of-funds minimum for a Canada study permit rose to CAD 23,448 outside Quebec for applications submitted on or after 1 September 2026, alongside reportedly wider source-of-funds checks. Here's what's confirmed, and what sources still disagree on.
This article is general information, not immigration advice. The CAD 23,448 figure and 1 September 2026 effective date are corroborated across multiple independent education-industry and immigration sources, but none of those sources is IRCC's own canada.ca page. Two related details — the bank-statement period and whether bank drafts still count — are genuinely disputed between sources and are flagged as such below rather than stated as settled fact. Verify every figure directly on IRCC's website before citing it to a client.
Canada's proof-of-funds requirement for a study permit — the amount a prospective student must show to cover living costs, on top of tuition and travel — increased again in 2026. For applications submitted on or after 1 September 2026, a single applicant applying outside Quebec needs CAD 23,448, up from the prior CAD 22,895. It's the kind of figure that quietly moves every year or two and is easy to under-quote if a consultant reuses a number from an earlier case — exactly the risk our GIC explainer flags for the Guaranteed Investment Certificate product that's commonly used to meet this requirement.
The headline number: CAD 23,448 from 1 September 2026
Outside Quebec, a single study permit applicant must now demonstrate CAD 23,448 to cover one year of living expenses, in addition to proof that tuition and travel costs are covered. This is reported consistently across several independent sources that track Canadian immigration policy, replacing the CAD 22,895 figure that applied immediately before it. Applications submitted on or before 31 August 2026 continue to be assessed under the CAD 22,895 amount; applications submitted on or after 1 September 2026 need the higher figure.
CAD 23,448 for applications from 1 September 2026
Outside Quebec, a single study permit applicant must now show CAD 23,448 to cover one year of living costs — up from CAD 22,895 — in addition to tuition and travel costs that were already required. Applications submitted on or before 31 August 2026 are assessed under the prior CAD 22,895 figure.
Source-of-funds checks widened, reportedly
Officer instructions updated around 24 July 2026 are reported to direct officers to examine where the money came from in every application, not only in cases already flagged as higher-risk — a shift from the prior, narrower practice.
Quebec sets its own amount
This figure does not apply to applicants bound for Quebec institutions, who go through the province's own CAQ process with separately set financial requirements.
Wider source-of-funds scrutiny, reportedly
Separately from the headline amount, reporting describes an officer-instruction change around 24 July 2026 that directs officers to examine where an applicant's funds actually came from in every case, rather than only in applications already flagged as higher-risk. This detail is reported secondhand in this pass rather than confirmed against an IRCC primary source, so it's presented here as something to prepare for — a clear, documented trail for how funds were accumulated (salary history, an education loan's disbursement schedule, a sponsor's income proof) — rather than a fully settled procedure. Confirm the current instruction directly with IRCC or a case officer before stating it as fact to a client.
Quebec is a separate case
None of this applies to a student headed to a Quebec institution. Quebec runs its own Certificat d'acceptation du Québec (CAQ) process with its own separately set financial requirements, as covered in our Quebec CAQ explainer. If a case is Quebec-bound, the CAD 23,448 national figure in this article does not apply — check the current CAQ financial requirement instead.
Two details sources still disagree on
Two specifics commonly cited alongside this increase are not consistently reported, and this article deliberately does not resolve either one. First, the bank-statement period: several sources describe a move from four months of statements to six, while at least one source still cites a four-month expectation. Second, whether a bank draft still counts as acceptable proof-of-funds evidence: one source reports it was removed as an accepted example, while another still lists it as acceptable. Given the direct contradiction on both points, confirm the current document checklist directly on IRCC's website — or with a participating financial institution — before telling a family exactly what to assemble.
What this means for a consultancy's Canada checklist
Two practical steps follow. First, update any standing document or quote template that still shows CAD 22,895 or an older figure — our Canada student visa document checklist has been updated to the current CAD 23,448 figure, dated to this change. Second, treat the bank-statement-period and bank-draft questions as open until confirmed for a specific case, rather than assuming either answer; asking a family for the fuller six-month set of statements costs little if the requirement turns out to be four months, while under-preparing against a six-month requirement can delay a filing.
Our Canada study permit software page covers how VisaBOS helps a consultancy track each student's proof-of-funds figure, GIC status, and supporting bank-statement documents against the case record as these thresholds change year to year — though it is a case-management tool, not a source of immigration policy, and does not replace verifying current IRCC figures directly.
Frequently asked questions
What is the new Canada study permit proof-of-funds amount?
For a single applicant applying outside Quebec, the amount rose to CAD 23,448 for study permit applications submitted on or after 1 September 2026, up from CAD 22,895. This figure is meant to cover one year of living expenses and is required in addition to proof of tuition and travel costs. It is reported consistently across multiple independent sources (education-industry and immigration-law blogs), but none of them is IRCC's own canada.ca page, so confirm the live figure there before quoting a family a total amount to set aside.
Does the increase apply to an application already filed before September 2026?
Reporting consistently describes 1 September 2026 as the cutover based on submission date: applications submitted on or before 31 August 2026 are assessed under the prior CAD 22,895 figure, and applications submitted on or after 1 September 2026 need CAD 23,448. Treat this as the general rule and verify the exact cutover mechanics directly on IRCC's website for a specific case, since submission-date cutovers have occasionally carried additional conditions in the past.
Does this CAD 23,448 figure apply to a student going to Quebec?
No. Quebec sets its own financial requirement through its separate Certificat d'acceptation du Québec (CAQ) process rather than following the same national figure used elsewhere — see our dedicated explainer on the Quebec CAQ for how that process works. The CAD 23,448 figure in this article is specifically the amount for applicants outside Quebec.
What changed with "source of funds" scrutiny?
Reporting describes an officer-instruction update around 24 July 2026 directing officers to examine the source of an applicant's funds in every application, rather than only in cases already flagged as higher-risk. This is reported secondhand rather than confirmed against IRCC's own primary guidance in this pass, so treat it as a direction to prepare a clearer paper trail for where funds came from — bank statements, a parent or sponsor's income proof, an education loan sanction letter — rather than as a settled, fully detailed procedure, and verify the current instruction directly with IRCC or a case officer before advising a client on it as fact.
How many months of bank statements are now required?
Sources disagree on this point. Several report that bank statements must now cover six months, up from a prior four-month expectation; at least one source still describes a four-month requirement. This article does not resolve that conflict — confirm the current document list directly on IRCC's website or with a participating financial institution before telling a family how many months of statements to assemble.
Are bank drafts still accepted as a proof-of-funds document?
This is also disputed across sources: one reports that bank drafts have been removed as an accepted proof-of-funds example, while another still lists a bank draft (convertible to Canadian dollars) as acceptable. Given the direct contradiction, do not assume either answer for a live case — confirm the current accepted-document list on IRCC's website before a family relies on a bank draft specifically.
How does this relate to the GIC amount discussed elsewhere on this site?
A Guaranteed Investment Certificate (GIC) is one commonly used way to demonstrate this proof-of-funds requirement — see our GIC explainer for how the product itself works and how funds are released to the student over time. That article deliberately avoids stating a dollar figure because the amount is revised periodically; this article exists specifically to record the dated figure (CAD 23,448, effective 1 September 2026) so a consultancy has a current reference point, while still recommending direct verification before relying on it for a specific case.
Disclaimer: this article is provided for general informational purposes only and is not immigration advice. Proof-of-funds thresholds, document requirements, and officer practices are set by IRCC and can be revised; always confirm the current, official figures directly on IRCC's website before relying on them for a specific case or business decision.
Track Every Canada Case Against the Current Figures
Keep each student's proof-of-funds amount, GIC status, and supporting documents organized in one CRM with VisaBOS — as IRCC's thresholds change year to year.
No credit card required · Plans from ₹5,000/month