Canada Updates Financial Requirements for Foreign Students

On September 15, 2026, Canada's Immigration, Refugees and Citizenship Canada (IRCC) released a revised breakdown of the minimum funds required for international students to cover living expenses while studying in Canada. The changes, which are already in effect, aim to ensure that study permit applicants can afford essential costs such as rent and groceries.

The required amounts are calculated annually and do not include tuition fees or transportation costs. A single applicant must demonstrate at least CAD 23,448 (approximately ₦22,354,854), while the amounts increase with the number of accompanying family members.

For two family members, the threshold is CAD 29,192 (₦27,831,069); for three, it is CAD 35,888 (₦34,214,896); for four, CAD 43,572 (₦41,540,673); for five, CAD 49,419 (₦47,115,086); for six, CAD 55,736 (₦53,138,596); and for seven, CAD 62,054 (₦59,161,086). Each additional family member beyond seven adds CAD 6,318 (₦6,023,455).

The IRCC noted that these updates apply to study permit applicants who have not yet secured their permits, necessitating a reassessment of financial plans for prospective students and their families.