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Mint
11-07-2025
- Business
- Mint
Studying in Canada just got costlier: Ottawa tightens financial bar; here's what it means for Indians students
Studying in Canada will now be costlier after Ottawa's new, stricter financial requirements for study permit applicants. The Canadian government's latest guidelines for international students aim to ensure that they are more financially secure during their time in the country without having to take up a job there. The new guidelines will come into effect on 1 September 2025. The revised policy mandates prospective international students, including those from India, to demonstrate sufficient financial capacity to cover their tuition fees, higher living expenses, and transportation costs without relying on employment in Canada. Therefore, after September, the Indian students planning to study in Canada will have to ensure that they have ₹ 14,33,861 (CAD $22,895) per year in their bank account as the cost-of-living requirement. This is excluding tuition fees. This cost-of-living requirement for a single applicant has risen from the previous threshold of CAD $20,635 ( ₹ 12,92,322). The required funds will scale upwards depending on the number of accompanying family members. For example, an applicant with two dependents will now have to show ₹ 21,94,475 (CAD $35,040) in available funds annually. The changes apply to all provinces and territories, with specific provisions for Quebec. Family Size Funds required (Before 1 Sept 2025) (CAD) Funds required (After 1 Sept 2025) (CAD) Approx funds required (After 1 Sept 2025) (INR) 1 20,635 22,895 14,33,687 2 25,690 28,502 17,84,798 3 31,583 35,040 21,94,208 4 38,346 42,543 26,64,047 5 43,492 48,252 30,21,545 6 49,052 54,420 34,07,786 7 54,611 60,589 37,94,089 Each additional 5,559 6,170 3,86,366 Receipts confirming payment of tuition and accommodation fees A Guaranteed Investment Certificate (GIC) from a recognised Canadian financial institution Bank statements from the past four months Documentation of an approved education or student loan A Canadian bank account in the student's name Letters detailing financial support or scholarship awards Proof that funds can be legally transferred to Canada (applicable to applicants from countries with foreign exchange restrictions) For multi-year programs, proof of payment for the first year's tuition is required Indian students wishing to study in Quebec must meet separate financial requirements set by the ministère de l'Immigration, de la Francisation et de l'Intégration. In addition to tuition, the international students planning to study in Quebec must show funds to cover transportation, living expenses, settlement fees, and health insurance. 1. Cost-of-living requirement Under 18: ₹ 4,85,682 (CAD $7,756) 4,85,682 (CAD $7,756) 18 or over: ₹ 9,71,113 (CAD $15,508) 18 or over: ₹ 14,24,294 (CAD $22,745) 14,24,294 (CAD $22,745) 18 or over and one person under 18: ₹ 15,95,498 (CAD $25,479) 15,95,498 (CAD $25,479) Two persons under 18: ₹ 17,21,990 (CAD $27,499) 3. Settlement fees (first year only): ₹ 31,310 (CAD $500)
Time of India
11-07-2025
- Business
- Time of India
Canada tightens financial requirements for international students, changes take effect from September 2025, here's what you need to know
Stricter financial rules for international students applying to study in Canada from 2025. (AI Image) In a significant move to ensure international students are financially secure during their time in the country, the Canadian government has announced stricter financial requirements for study permit applicants. The new guidelines will come into effect from September 1, 2025. The revised policy mandates that prospective international students, including those from India, must demonstrate sufficient financial capacity not only to cover tuition fees but also higher living expenses and transportation costs—without relying on employment in Canada. The changes apply to all provinces and territories, with specific provisions for Québec. Higher cost-of-living thresholds for applicants Under the updated guidelines, the cost-of-living requirement for a single applicant (excluding tuition fees) will increase to CAN$22,895 per year. This marks a rise from the previous threshold of CAN$20,635. The required funds scale upwards depending on the number of accompanying family members. For instance, an applicant with two dependents must now show CAN$35,040 in available funds annually. Below is a comparison of the financial requirements before and after the changes for applicants outside Québec: Family size Funds before Sept 1, 2025 (CAD) Funds from Sept 1, 2025 (CAD) Approx. funds from Sept 1, 2025 (INR) 1 20,635 22,895 13,96,595 2 25,690 28,502 17,38,622 3 31,583 35,040 21,37,440 4 38,346 42,543 25,95,123 5 43,492 48,252 29,43,372 6 49,051 54,420 33,19,620 7 54,611 60,589 36,95,929 Each additional 5,559 6,170 3,76,370 As an example, if a student and two family members plan to stay in a Canadian province (excluding Québec) for one year, they will now need to show CAN$31,583 in available funds for living expenses alone, up from CAN$25,690. Acceptable forms of financial proof To meet the new requirements, applicants must provide valid financial documentation. The accepted forms of proof include: • Receipts showing payment of tuition and accommodation fees • A Guaranteed Investment Certificate (GIC) from a recognised Canadian financial institution • Bank statements for the past four months • Proof of an education or student loan • A Canadian bank account in the student's name • Letters confirming financial support or scholarship details • Proof that funds can be legally transferred to Canada (for applicants from countries with foreign exchange controls) Students enrolled in multi-year programmes must provide evidence of payment for the first year's tuition. Special provisions for Québec-bound students Applicants intending to study in Québec must meet separate financial requirements set by the ministère de l'Immigration, de la Francisation et de l'Intégration. In addition to tuition, they must show funds to cover transportation, living expenses, settlement fees, and health insurance. Below are the Québec-specific financial thresholds for 2025: • One person under 18: CAN$7,756 • One person 18 or over: CAN$15,508 • Two persons 18 or over: CAN$22,745 • Two persons 18 or over and one person under 18: CAN$25,479 • Two persons 18 or over and two persons under 18: CAN$27,499 • Settlement fees (first year only): CAN$500 • Proof of health and hospital insurance for the full duration of stay is also mandatory unless exempt under Québec's insurance agreements Applications assessed based on submission date Applicants who submit their study permit applications before September 1, 2025, will be assessed using the current financial thresholds. Those applying on or after this date must comply with the revised figures. The Canadian government adjusts the financial requirements annually in accordance with the low-income cut-off (LICO) to reflect inflation and rising living costs. Additional supporting documents and requirements Depending on individual circumstances, applicants may also need to submit: • A letter of explanation detailing their study plans and understanding of student responsibilities • Medical examination results, if applicable • A notarised Custodianship Declaration (IMM 5646) for minor children • Proof of immigration status in the country from which they are applying, if not applying from their country of citizenship • A re-entry permit, if required by the government that issued their passport Prospective students are advised to consult local visa office instructions for region-specific requirements. TOI Education is on WhatsApp now. Follow us here . Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
