Canada Raises Study Permit Living Cost Requirement to C$23,448 from September 1
By Aboki Forex —
Canada will require international students to show C$23,448 for living expenses when applying for study permits from September 1, 2026. Immigration, Refugees and Citizenship Canada (IRCC) announced the increase on Friday as part of its annual adjustment of financial requirements.
The amount is separate from tuition fees and transportation costs, which applicants must also prove they can afford.
New amounts for students and families
The new requirement for a single student outside Quebec rises to C$23,448 from C$22,895 for applications submitted between January 1, 2025, and August 31, 2026. That is an increase of C$553, or about 2.4%.
For students travelling with family members, the required amount rises with family size. The requirement will be C$29,192 for two family members and C$35,888 for three family members. It rises to C$43,572 for four, C$49,419 for five, C$55,736 for six and C$62,054 for seven. For each additional family member beyond seven, applicants need a further C$6,318 in living expenses.
IRCC said the amounts cover living expenses only and do not include tuition or transport. The financial requirements are reviewed annually to reflect changes in the cost of living in Canada.
“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,” the immigration authority said.
Applicants must show they have enough funds for tuition, living expenses and transportation for themselves and any accompanying family members. “For programs more than a year long, you must also tell us how you plan to pay for the full duration of your studies,” IRCC said.
Canada trims international student numbers
Canada has been tightening its international student programme to reduce temporary residents. In November 2025, the government cut its 2026 study permit allocation to 408,000, comprising 155,000 permits for new students and 253,000 extensions for existing students. The 2026 target was 7% lower than the 2025 target and 16% below the 2024 figure.
The government also planned to reduce new international student arrivals to 155,000 in 2026, down 49% from the 2025 target, before cutting the figure to 150,000 in both 2027 and 2028.
Nairametrics reported in December 2025 that new international student arrivals declined by 60% between January and September 2025 compared with the same period in 2024, representing 150,220 fewer students. By February 2026, Nairametrics reported that Canada’s international student population had dropped by nearly 300,000 over two years. IRCC data showed the number fell by 273,570, or 27.5%, between December 2023 and November 2025.
What it means for Nigerian students
The higher financial requirement comes as Nigerians continue to spend heavily on overseas education. Nigerians spent $1.39 billion on foreign education in the first half of 2025, a 20% increase in dollar terms and a 38% rise in naira terms from the same period in 2024, according to Central Bank of Nigeria data reported by Nairametrics. That was the highest H1 foreign education spending since 2021, reflecting sustained demand despite higher costs and naira depreciation.
For Nigerian applicants, the larger Canadian-dollar requirement means an even bigger naira outlay when converting funds for living expenses, adding to the financial pressure already visible in rising education spending.