Canada raises proof of funds for foreign students to C$23,448, applies from September 2026

Canada has increased the minimum proof of funds that international students, including Nigerians, must show to obtain a study permit. The new threshold takes effect on September 1, 2026, and applies to all provinces and territories except Quebec.

A single student must now show C$23,448 for living expenses alone, separate from tuition and transport costs. The amount covers one year of living expenses, and applicants must also demonstrate they can pay tuition and return transport without relying on employment in Canada.

Higher amounts for students with family

Nigerian students travelling with family members face significantly higher requirements. The updated Canada proof of funds schedule is as follows:

One person: C$23,448
Two people: C$29,192
Three people: C$35,888
Four people: C$43,572
Five people: C$49,419
Six people: C$55,736
Seven people: C$62,054
Each additional family member: C$6,318

The amounts cover living expenses only and exclude tuition and transportation costs, which must be shown separately. Students must provide documents confirming the money is available at the time of application, according to Punch.

Documents that are accepted

For programmes running longer than one year, applicants must also show how they plan to fund the years beyond the first. Acceptable evidence includes a scholarship that covers the full course duration, or proof that a parent or sponsor earns a stable income.

Canada accepts a range of documents as proof of funds. These include bank statements from the past six months, guaranteed investment certificates, Canadian bank accounts, student or education loans, scholarships, employment pay slips, tuition and housing payment receipts, and letters from financial sponsors.

All documents must clearly show that sufficient money is accessible and must be consistent with the rest of the study permit application. Students from countries with foreign exchange controls, such as Nigeria, carry an extra burden. They must also show that they are legally allowed to transfer the necessary funds out of their home country.

What this means for Nigerian applicants

For Nigerian students and their sponsors, the higher threshold means careful financial planning well ahead of any application deadline will be essential. The naira exchange rate and Nigeria's foreign exchange controls add extra pressure to an already costly process.

Separately, Canada has extended a special immigration programme for eligible international graduates, including Nigerians. The Private Career College Graduate Pilot in New Brunswick will continue accepting applicants until December 31, 2027.