Canada study visa: Indian students must show Rs 14 lakh for living expenses

Indian students planning to study in Canada will soon need to show more money in their bank accounts. Starting September 1, 2025, those applying for a Canadian study permit must demonstrate access to at least CAN $22,895 (₹14 lakh) for living expenses, up from the current CAN $20,635.

The new rule was announced by Immigration, Refugees and Citizenship Canada (IRCC) on June 2, 2025, and will apply to all international students heading to provinces and territories outside Quebec. The amount is in addition to the first year's tuition fee and travel expenses.

Living costs tied to family size

The revised amount reflects an annual update in line with the cost of living. Students bringing family members with them will also need to show increased funds.

Here's how much will be needed depending on family size:

1 person: CAN $22,895

2 people: CAN $28,502

3 people: CAN $35,040

4 people: CAN $42,543

5 people: CAN $48,252

6 people: CAN $54,420

7 people: CAN $60,589

Each additional family member: CAN $6,170

This requirement applies only to study permit applications submitted on or after September 1, 2025. The current amount—CAN $20,635—will remain in effect for all applications submitted before that date.

What counts as proof of funds?

IRCC accepts a variety of financial documents to demonstrate that a student can support themselves in Canada. These include:

• A Canadian bank account in the student’s name (if funds have already been transferred)

• A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution

• Proof of a student or education loan from a recognised bank

• Bank statements for the past four months

• A bank draft convertible to Canadian dollars

• A letter from the person or school funding the student

• Proof of funding from within Canada (such as a scholarship or paid educational programme)

These documents help assess whether a student can afford the cost of living while studying in Canada.

For those applying with dependents (like spouses or children) the total proof of funds must include their living costs as well.