New financial solvency requirements for applying for a study permit in Canada come into force

Attention prospective students in Canada!

As of September 1, 2025, new financial solvency requirements will come into effect to apply for your study permit. This new requirement was announced by the Government of Canada on June 2, 2025 and refers to additional funds that the student will have to demonstrate, in addition to their first year of study support and tuition fees. The minimum amount required will increase from 20,635 to 22,895 Canadian dollars (CAD). 

It is crucial that you understand the amounts to ensure that your application is successful. Therefore, I will share the tables with the current figures (as of the date of this publication) and those that will be in effect as of September 1, so that you know which ones you need to show. In addition, I will explain how the minimum amount required is divided according to your expenses in the first year of study. Let's get started!

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Current and future creditworthiness amounts 

If your study permit application is submitted between the date of this publication and August 31, 2025, you must demonstrate current financial solvency. However, if your application is submitted on or after September 1, 2025, the amounts you must show are as shown in Table 2 below.

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Table 1 If you submit your study permit application before September 1, 2025

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Economic solvency for all provinces and territories except Quebec. 

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents/financial-support.html

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Table 2 If applying for the study permit on or after September 1, 2025

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Economic solvency for all provinces and territories except Quebec. 

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/get-documents/financial-support.html

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How is the amount divided according to your expenses?

The financial eligibility requirement for study in Canada is divided into two main components:

1. Living allowance: this covers your living expenses in Canada (accommodation, food, transportation, etc.). For this amount, you should be guided by the figures in the tables provided.
2. First year tuition: this is the cost of your first year's tuition, as indicated in your college or university acceptance letter.

For example: 

Let's say you plan to study a career whose annual cost is 10,000 CAD. If you travel alone to Canada, and you apply after September 1, according to the new table, you will require 22,895 CAD for your living expenses.

Therefore, the total to demonstrate would be the sum of both: 22,895 (maintenance) + 10,000 (studies) = 32,895 CAD. Ideally, however, you should be able to demonstrate more funds than the minimum required.

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Recommendations for the correct demonstration of financial solvency

At Immiland Canada, we have one key piece of advice that you should not overlook in your application: show a little more than the minimum amount!

• Demonstrating more than the exact minimum amount required is ideal. How much more? An additional $5,000 to $10,000 CAD over the total.

Following the example above, if the minimum total is 32,895 CAD, you should ideally have at least 35,000 to 38,000 CAD in your bank account. Showing only the exact amount may raise doubts and, in some cases, lead to the rejection of your application.

• Take into account these additional considerations and the type of funds:

• Accompanying family members: if you are traveling with your partner and children, remember that you must add the amounts of support corresponding to each additional person, as stipulated in the tables.
• Liquid and available funds: The Canadian government requires that the money be in a liquid and available bank account. Credit cards, cash and property are not accepted as proof of solvency.
• Origin of funds: the account can be yours, your partner's, or your parents' if you are financially dependent on them, supported by an affidavit or a letter of financial support from your parents.

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The effort is worth it 

Demonstrating financial solvency above the minimum required is an extra effort, but let's not forget that having extra funds significantly increases the chances of approval of your study permit, which gives you invaluable peace of mind when you arrive in Canada. You can then focus fully on your studies and adjusting to your new life without the constant worry of minimum expenses. This is the difference between surviving and truly thriving in Canada.

At Immiland Canada, we are here to guide you through your study permit application process and much more. In addition, through Immiland Education, we can help you choose the study program that best suits your professional and personal goals.

Without a doubt, investing in ample financial solvency and having the support of Immiland Canada can guarantee the approval of your application in an expeditious and well channeled manner.

For more information, contact us here. Also, we invite you to explore our complete immigrant services in Canada at: https://www.immilandcanada.com/servicios.

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I hope this topic will be useful for you and your family, thank you very much for reading, see you in the next blog!

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With love, 

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Immiland Canada