Minimum living cost thresholds for 2026

IRCC requires study permit applicants to demonstrate funds covering first-year tuition plus living expenses. For 2026, the living cost threshold is CAD $20,635 per year for applicants studying outside Quebec. Quebec sets a lower threshold of CAD $13,421 for applicants aged 18 and over. Additional funds are required for accompanying family members — CAD $5,000 for the first dependant and CAD $3,978 for each additional dependant. These figures are updated annually and students should verify the latest amounts on IRCC's website before preparing their financial documentation.

• • Living costs (excluding Quebec): CAD $20,635/year
• • Living costs (Quebec): CAD $13,421/year for 18+ applicants
• • First accompanying family member: CAD $5,000
• • Each additional dependant: CAD $3,978

Accepted forms of proof of funds

IRCC accepts several types of financial evidence. The Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution has become the most popular option, requiring a CAD $20,635 deposit that is returned to the student in monthly instalments during their studies. Bank statements showing a 4–6 month consistent history are also accepted. Student loans from recognised financial institutions, education funding letters, and government or institutional scholarship documentation are valid. The key requirement is that funds must be liquid, verifiable, and clearly available for tuition and living costs.

• • GIC: CAD $20,635 deposited upfront (returned in monthly payments)
• • Bank statements: minimum 4 months of consistent balances
• • Education loans: from recognised UAE or international banks
• • Scholarships: official award letter from the granting institution

Document preparation and common pitfalls

Strong financial documentation is one of the most important factors in study permit approval. Common mistakes that lead to refusals include submitting bank statements with large unexplained deposits shortly before application, using fixed deposits without evidence of liquidity, failing to provide certified translations for non-English or non-French documents, and underestimating total costs. Students should budget CAD $30,000–$50,000 annually for tuition plus living expenses depending on the institution and programme. Financial claims in the Statement of Purpose must match the supporting bank documents exactly to avoid triggering IRCC scrutiny.