Canada is set to increase the financial requirements for international students applying for study permits. Effective September 1, 2025, applicants must demonstrate they have at least CAD $22,895 to cover living expenses, up from the previous requirement of $20,635. This adjustment is part of a phased approach to align with inflation and ensure students are financially prepared for life in Canada. The requirement applies to all provinces and territories outside Quebec, which has its own criteria. Additional funds are necessary if family members accompany the student.

This change follows earlier revisions implemented on January 1, 2024, when the cost-of-living requirement was raised from $10,000 to $20,635, reflecting 75% of the Low-Income Cut-Off (LICO). The Canadian government plans to adjust this threshold annually based on updates to the LICO, ensuring that financial requirements remain in line with living costs.

These measures aim to better prepare international students for the actual cost of living in Canada and to prevent financial hardship during their studies. Applicants are required to provide proof of sufficient funds to cover tuition fees, living expenses, and transportation costs without relying on employment in Canada.