Canada Will Increase Financial Proof Requirements For International Students From September 2025

Starting from September 1, 2025, the Government of Canada will implement higher financial proof requirements for international students.

The Immigration, Refugees and Citizenship Canada (IRCC) has updated the financial proof requirements for study permit applications, raising the minimum amount by nearly 11%, from 20,635 CAD (397 million VND) to 22,895 CAD (440 million VND). This change will officially take effect on September 1, 2025, marking the second time the country has increased the financial proof requirement. Previously, the amount was raised from 10,000 CAD (192 million VND) to the current level in early 2024.

This amount applies only to the principal applicant, representing the minimum amount required in addition to tuition fees and living expenses for the first year of study. If accompanied by family members, the applicant must provide additional proof of funds based on the number of accompanying individuals. However, if traveling with the seventh person or more, an additional amount of 5,559 CAD (106 million VND) must be shown for each extra person.

A crucial point to note is that the financial requirement may vary between provinces. Specifically, in Quebec, the financial requirement for students under 18 years old is 7,756 CAD, while for students 18 years and older, the requirement is 15,508 CAD.

It’s important to understand that this increase in financial proof requirements also reflects the rising cost of living in Canada in recent years. To prove financial support, applicants can submit documents such as Canadian bank statements, Guaranteed Investment Certificates (GIC), or letters of sponsorship from individuals or educational institutions.

This adjustment is also part of Canada's policy to ensure that international students can financially support themselves during their studies. Additionally, Canada has made changes to language requirements, post-graduation work permit (PGWP) conditions, eliminated the fast-track study permit application process, and reduced the number of new study permit quotas by 10% from 2024, down to 437,000, now applicable to master's and doctoral levels instead of only at the undergraduate level as before. On the positive side, Canada has expanded opportunities for international students to stay and work, while also increasing the number of hours they are allowed to work part-time.

With these changes, if you are preparing for your study abroad plans in Canada, ensure that your finances are well-prepared and updated as soon as possible to meet the new requirements. Don't forget to check the specific financial requirements for each province to ensure your application is complete and accurate.

According to reports from the IRCC, Canada attracted over 1 million international students in 2023. IRCC statistics also show that the number of Vietnamese students in Canada had been declining steadily, from 21,480 in 2019 to 16,140 in 2022. However, in 2023, the number of Vietnamese students in Canada slightly increased to 17,175, ranking eighth in total numbers, making it one of the top English-speaking study destinations alongside the U.S. and Australia.

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents/financial-support.html