Want a Canadian degree? Prove you can afford ₹14 lakh, or no entry from September
Planning to head to Canada for higher studies? You'll need more than just good grades and a college offer. Starting September 1, 2025, international students—including thousands from India—must show they have at least CAN $22,895 (roughly ₹14 lakh) in their bank account just to qualify for a study permit.
That's a CAN $2,000 hike from the current requirement.
The announcement, made by Immigration, Refugees and Citizenship Canada (IRCC), means that dreaming of a degree in Canada now comes with a serious financial checkpoint.
Bigger wallet, stricter rules
This change applies to all international students applying to schools outside Quebec. The government says it's simply aligning visa requirements with the actual cost of living in Canada—which, let's face it, hasn't exactly been getting cheaper.
So, if you're applying for a study permit on or after September 1, make sure you've got the revised amount in hand. Submitting your application before that? You're still covered under the old rule of CAN $20,635.
Bringing family? Bring more money
Moving with family? Your proof of funds just got even more expensive. Here's the updated breakdown:
2 people: CAN $28,502
3 people: CAN $35,040
4 people: CAN $42,543
Each additional family member adds another CAN $6,170 to the total. Translation: Canada wants to make sure your entire household can survive the snow and the rent.
No vague promises: Canada wants hard proof
You can't just say you'll 'figure it out' once you land. IRCC has made it clear: no funds, no visa. Here's what they'll actually accept as proof:
A Canadian bank account in your name
A Guaranteed Investment Certificate (GIC)
An education loan letter from a bank
Recent bank statements (last 4 months)
A bank draft convertible to Canadian dollars
A formal letter from whoever's sponsoring you
Proof of scholarship or Canadian government funding
In short, your financial paperwork needs to be airtight.
Show the money before you show up
If you're serious about Canada, get your financial documents ready—especially if you're applying after September 1. The updated rules are non-negotiable. One missing document or shortfall in funds could mean no study permit.
This isn't a deterrent, says IRCC. It's a reality check. Canada still wants bright, driven international students—it just wants to make sure they can actually afford to live there once they arrive.
So before you book your ticket or dream of sipping Tim Hortons on a snowy campus, ask yourself: Got ₹14 lakh ready to go?
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