Canada Study Permit Proof of Funds 2026: How Much and What Counts
IRCC’s own figures and document list, explained for students applying from Punjab.
For a Canada study permit application made on or after 1 September 2026, IRCC expects a single applicant (outside Quebec) to show CAD 23,448 for one year of living expenses — on top of first-year tuition and the cost of travel to and from Canada. The figure was CAD 22,895 for applications between January 2025 and August 2026, and IRCC updates it every year. The current table is on IRCC’s proof-of-financial-support page; everything below is drawn from it.
What exactly do you have to prove?
IRCC wants proof that, without working in Canada, you can pay for all three of these:
- Tuition fees for your course or programme
- Living expenses for yourself and any family members who come with you
- Transportation to and from Canada for you and accompanying family members
You must show the funds for the first year of study. If your programme is longer than a year, you must also explain how you will pay for the rest — for example, a multi-year scholarship, or proof that your parents are employed. IRCC assesses both the amount and the source of the money.
How much is needed for living expenses (from 1 September 2026)?
All provinces and territories except Quebec, per year, excluding tuition and transport:
- 1 person (the applicant): CAD 23,448
- 2 people: CAD 29,192
- 3 people: CAD 35,888
- 4 people: CAD 43,572
- 5 people: CAD 49,419 · 6 people: CAD 55,736 · 7 people: CAD 62,054 · each additional person: CAD 6,318
Quebec is different: to obtain a CAQ you must meet the financial requirements set by Quebec’s immigration ministry, not this table.
What documents count as proof of funds?
IRCC’s list is a list of examples — you do not need all of them, but together your documents must cover tuition, living costs and travel. Common ones:
Tuition and study costs
- A receipt from your designated learning institution showing first-year tuition (and housing, if applicable) already paid — this must be accompanied by proof of living and travel funds
- Proof of a student or education loan from a bank
- Proof of a scholarship (if it covers only tuition, you still need to show living and travel funds)
Sponsor or family support
- A letter from the person supporting you stating their occupation, their relationship to you, the number of their dependants and the amount of support
- Proof of that relationship, plus a copy of the sponsor’s photo ID or business registration
- Recent pay stubs or employment evidence for the sponsor
Banking and other income
- Bank statements (Indian or Canadian) for the past 6 months, including the month you apply or the month before — with documents showing where the money came from (salary, savings transfers, etc.)
- A Guaranteed Investment Certificate (GIC) from a Canadian financial institution
- Proof of a Canadian bank account in your name if you have already transferred money to Canada
- Pension documents, or proof of rental income
What is a GIC and do you need one?
A Guaranteed Investment Certificate is a fixed deposit with a Canadian bank that IRCC accepts as evidence of living funds. It is one of the accepted documents, not a compulsory one — a well-documented six-month bank history with a clear source of funds is equally valid. Students often choose a GIC because it is simple to evidence and the money is released to them in Canada in instalments. Check with the bank for current GIC terms and any minimum amounts; those are set by the bank, not by IRCC.
The mistakes that get funds refused
- Sudden large deposits shortly before applying with no explanation of where the money came from
- Showing the living-expense amount but forgetting tuition and travel on top
- A sponsor letter without the sponsor’s ID, occupation or relationship proof
- Statements that stop a month or two before the application date — IRCC asks for the most recent months
- For programmes longer than a year, no explanation of how later years will be paid
Most of these are exactly the “insufficient or poorly documented funds” problem in our guide to common visa refusal reasons.
Frequently asked questions
Does the CAD 23,448 include tuition?
No. It is living expenses only. Tuition and transport must be shown separately, on top of that amount.
Can my parents’ money be used?
Yes, as sponsor support — with a support letter, proof of relationship, their ID and evidence of their income or savings and where it came from.
Is a GIC compulsory?
No. IRCC lists it as one acceptable document among several. What matters is that the total evidence covers tuition, living costs and travel for the first year, with a clear source.
Which figure applies to me?
The date you submit your application decides it: on or after 1 September 2026, the CAD 23,448 table applies; earlier applications used CAD 22,895. IRCC updates the table each year, so confirm on the official page before you file.
For the study permit process itself — PAL/TAL, documents and work rights — see our Canada study visa guide and the Study in Canada service page.
Official sources: IRCC — Proof of financial support · IRCC — Study permit.
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This guide is general information, not legal advice. Visa decisions are made only by the respective embassy or immigration authority; rules, fees and figures change frequently, so check IRCC’s official pages before you apply. Visa Connection is not a licensed Canadian (RCIC) immigration adviser. Last reviewed: September 2026.