How much money do I need to show for a Canada study permit application?

For a Canadian study permit, you must demonstrate sufficient funds to cover tuition fees plus living costs for yourself and any family members accompanying you.

As of 2024, the minimum living cost requirement for students outside Quebec is CAD $10,000 per year for the main applicant. For students studying in Quebec, the requirement is approximately CAD $11,000 per year under Quebec's own rules. These figures are separate from tuition fees — you must show funds for both.

For accompanying family members, the additional requirement is approximately CAD $4,000 for the first family member and CAD $3,000 for each additional member.

Acceptable evidence includes bank statements from the past 3 to 6 months, Guaranteed Investment Certificates (GICs) from participating Canadian banks, scholarship or funding letters, or a combination of these.

Many applicants choose to purchase a GIC of CAD $10,000 from a participating bank (such as Scotiabank, CIBC, or RBC) as this is a straightforward and widely accepted way to satisfy the financial requirement. The funds are released to you in monthly instalments once you arrive in Canada.

Financial requirements are one of the most closely scrutinised aspects of study permit applications. A Regulated Canadian Immigration Consultant (RCIC) can advise on how to best document your funds.