Canada has increased the minimum proof of funds international students must show to obtain a study permit, with the new threshold taking effect on September 1, 2026. The updated requirement applies to applicants heading to all Canadian provinces and territories except Quebec. Nigerian students, who are among the largest groups of international applicants, will face higher financial demands under the revised rules.
New Living Expense Thresholds
Under the updated rules, a single student must now demonstrate C$23,448 for living expenses alone for one year. This amount is separate from tuition fees and return transportation costs, which must be shown independently. The requirement is designed to ensure students can cover their costs without relying on employment in Canada.
The proof-of-funds amounts scale with family size. For two people, the required amount is C$29,192; for three people, C$35,888; for four people, C$43,572; for five people, C$49,419; for six people, C$55,736; and for seven people, C$62,054. Each additional family member beyond that requires an extra C$6,318. These figures cover one year of living expenses and exclude tuition and transportation, which must be demonstrated separately.
What Applicants Must Show
Students applying for a study permit must provide documents confirming that the required money is available at the time of application, according to Punch reports. Those enrolled in programmes lasting longer than one year must also show how they plan to fund subsequent years. Acceptable evidence includes a scholarship covering the full course duration or proof that a parent or sponsor earns a stable income.
Canada accepts a range of financial 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.
Additional Burden for Nigerian Applicants
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. This adds a layer of complexity for Nigerian applicants and their sponsors, who must ensure compliance with both Canadian and Nigerian regulations.
For Nigerian applicants and their sponsors, the higher threshold means that careful financial planning well ahead of any application deadline will be essential. The change is part of Canada's broader effort to ensure international students can support themselves financially during their studies.
Permanent Residency Option for Students
Earlier, Legit.ng reported that Canada had extended a special immigration programme designed to give eligible international graduates, including Nigerians, an opportunity to seek permanent residency through employment. The pathway applies to graduates who complete qualifying programmes at two designated private colleges in New Brunswick.
The provincial government has confirmed that the Private Career College Graduate Pilot will continue accepting eligible applicants until December 31, 2027. This extension provides a route for graduates to transition from study to permanent residence, complementing the updated proof-of-funds requirements.
