Canada raises financial requirement for international students to C$23,448
By Aboki Forex —
Canada has increased the minimum living expense threshold for international students applying for study permits. The new requirement takes effect from September 1, 2026.
Immigration, Refugees and Citizenship Canada (IRCC) announced the change on Friday as part of its yearly review of financial requirements. The adjustment reflects shifts in the cost of living and aims to protect international students from exploitation.
New threshold and family requirements
A single student applying from outside Quebec must now show C$23,448 in available living expenses. This is up from C$22,895 for applications submitted between January 1, 2025, and August 31, 2026. The increase of C$553 represents a rise of about 2.4%.
Students travelling with family members will need to show higher amounts depending on the number of accompanying relatives. The requirement rises to C$29,192 for two family members, C$35,888 for three, C$43,572 for four, C$49,419 for five, C$55,736 for six, and C$62,054 for seven. Each additional family member beyond seven adds a further C$6,318 to the minimum required amount.
What students must show
IRCC was clear that these figures apply to living expenses only. They do not cover tuition fees or transport costs to and from Canada. Applicants must separately prove they can afford those costs.
The immigration authority said: "We update financial requirements for study permit applicants each year to keep pace with the cost of living and help protect international students from exploitation."
IRCC also reminded applicants to account for the full cost of their studies if their programme runs longer than one year. The body said: "For programs more than a year long, you must also tell us how you plan to pay for the full duration of your studies."
Every applicant is expected to show proof of sufficient funds to cover tuition, living expenses, and return transportation for themselves and any family members coming with them to Canada.
What it means for Nigerian applicants
For Nigerian students planning to study in Canada, the higher threshold means a larger upfront proof of funds. With the naira under pressure, applicants will need to factor in exchange rate movements when preparing their financial documents and budgeting for their studies.