Study in Canada: An Updated Financial Rules Guide 2025

Canada continues to be one of the most popular destinations for international students, thanks to its top-ranked universities, cultural diversity, and strong post-study work opportunities. For those planning to Study in Canada, it’s important to note that starting January 2024, the financial landscape has changed, the minimum proof of funds required for a study permit has increased to CAD 20,635 per year (excluding tuition).

This update is part of the Canadian government’s effort to ensure that international students can realistically afford the cost of living while pursuing their studies.

Let’s break down what this means for you and how to stay ahead of the curve

• All new study permit applicants after Jan 1, 2024
• Applies to students outside Quebec
• Those applying under Student Direct Stream (SDS) also need to meet this updated threshold
• Students planning to bring dependents must show additional funds

Note: This is in addition to your first-year tuition and travel expenses.

✅ Higher financial preparation needed
✅ May limit access for students from low-income backgrounds
✅ Increases focus on financial planning and transparency
✅ Encourages early savings or seeking scholarships/education loans

1. Start Early – Begin saving and documenting your finances well before applying.
2. Consider Scholarships – Look into Canadian university-based scholarships for international students.
3. Education Loans – Secure an education loan from a recognized bank or financial institution.
4. Keep Proof Ready – Show funds in your own or your parent’s bank accounts; GICs (Guaranteed Investment Certificates) are required for SDS applications.
5. Avoid Dubious Sources – Immigration authorities verify the legitimacy of funds, so avoid last-minute or unverified money transfers.

Despite the increase in financial requirements, Canada remains an excellent choice for higher education because of:

• Globally recognized institutions
• Strong job market and post-study work visa options
• Pathways to permanent residency
• Inclusive multicultural society

How My Study Offers Can Help You Prepare

At My Study Offers, your trusted overseas education consultant, we understand how overwhelming financial rules and frequent policy updates can be. That’s why our expert counselors are here to guide you at every step of your study abroad journey.

✅ Understand the new financial requirements
✅ Choose budget-friendly universities in Canada
✅ Secure scholarships and education loans

✅ Get complete assistance on SDS and visa documentation
✅ Build a strong financial profile for better visa success

With My Study Offers by your side, navigating the updated study permit requirements becomes simpler, smarter, and stress-free.

Canada’s updated financial requirement of CAD 20,635 reflects the reality of rising living costs. While it may pose a challenge for some, it also ensures that students can support themselves independently and make the most of their Canadian education experience.

If you’re serious about studying in Canada, don’t let this rule hold you back. Start planning smarter and sooner, and let My Study Offers help you every step of the way.

Book your free counseling session today with My Study Offers and get personalized guidance on how to manage your study abroad finances confidently.