Last verified: June 28, 2026 · Official source: canada.ca/study-permit
General information, not legal or immigration advice. For advice on your situation, consult a licensed RCIC or immigration lawyer.
The bottom line
To get a Canadian study permit, you must prove you can cover three things:
- Your first year's tuition (exact amount from your school's acceptance letter)
- Living costs — at least CAD $22,895 for a single applicant outside Quebec
- Return travel costs to your home country
⚠️ The living-cost figure ($22,895) is set by IRCC and updated periodically. Always confirm the current amount on canada.ca at the time of your application. The figure in this guide was verified June 28, 2026.
Living-cost requirement by family size
The $22,895 applies to a single applicant. If family members are accompanying you to Canada, the required amount is higher. Confirm the per-family-size table on canada.ca — IRCC publishes the full table and it changes when the amounts are updated.
TODO: verify — exact per-dependent amounts should be confirmed on canada.ca at application time and are not reproduced here to avoid publishing stale figures.
Quebec is different
Quebec has its own financial requirements that differ from the federal figures above. If you are studying in Quebec, check the Quebec government's requirements in addition to the federal ones.
What counts as proof of funds?
IRCC accepts several types of documentation:
| Proof type | Notes |
|---|---|
| Bank statements | Typically last 3–4 months, showing consistent balance |
| Guaranteed Investment Certificate (GIC) | A GIC from a Canadian bank (e.g. TD, Scotiabank, CIBC) is a common and accepted form — you deposit a lump sum in Canada that is released in monthly installments |
| Scholarship or bursary letter | Must cover living expenses and confirm the amount |
| Proof of payment | Evidence that tuition and fees have already been paid |
| Student loan letter | Official letter confirming approved amount |
| Proof of income or assets | Payslips, investment statements, property documents |
IRCC officers look for sufficient, consistent, and accessible funds — money that appears suddenly before your application can raise concerns.
The GIC option
Many students use a Guaranteed Investment Certificate (GIC) from a Canadian financial institution to meet the living-cost requirement. The GIC works like this:
- You deposit a lump sum with a participating Canadian bank (before arriving in Canada, via wire transfer).
- The bank issues a GIC confirmation letter — you include this in your study permit application.
- After you arrive in Canada, the GIC releases funds in monthly installments over the year.
GICs are popular because they demonstrate clear, accessible funds in Canada and are well-understood by IRCC officers. Participating banks include TD, Scotiabank, CIBC, BMO, RBC, and others. Each bank has its own process and fees — compare before choosing.
⚠️ The minimum GIC amount must meet IRCC's living-cost requirement at the time of application. Confirm the current amount before transferring funds.
How much total do you need to show?
Example calculation (outside Quebec, single applicant, 2026):
| Item | Amount |
|---|---|
| First-year tuition (example — varies widely) | From your acceptance letter |
| Living costs | CAD $22,895 |
| Return travel | Variable — typically CAD $1,000–$3,000 |
| Total | Tuition + $22,895 + travel |
A school with CAD $15,000/year tuition and a $2,000 return flight would require you to show roughly CAD $40,000 total. Your school's international office can give you an estimate based on their actual fees.
Tips for a strong financial showing
- Show the full amount clearly — a single bank statement with the total balance is cleaner than multiple small accounts.
- Avoid large, unexplained deposits just before your application — IRCC may question sudden inflows.
- Include translations if statements are not in English or French.
- Be consistent — the name on financial documents must match your passport exactly.
- If using a sponsor (parent, relative), include a letter of support and their financial documents, and explain the relationship.