Starting September 1, international students applying to study in Canada will face stricter financial requirements, as the Canadian government has raised the minimum cost threshold to ensure students are financially secure during their stay.
According to the updated rules, international students must now show proof of at least 20,635 CAD for their annual living expenses—up from the previous requirement of 10,000 CAD. This amount is in addition to tuition fees, which vary depending on the program and institution, and must also cover transportation costs to and from Canada.
If a student plans to bring family members, additional funds must be shown. For example, an extra 4,000 Canadian dollars is required for the first accompanying family member, and 3,000 CAD for each additional member.
Moreover, students from countries with foreign exchange controls, such as Bangladesh, must prove that the required funds can be legally transferred to Canada. This added step is aimed at verifying the authenticity and accessibility of funds, ensuring that students don’t face financial difficulties once they arrive.
Canadian authorities emphasize that students should not rely on part-time jobs to cover basic costs. Instead, applicants must show they can fully fund their education and stay independently.
Education experts believe that while the new policy will promote responsible planning, it may create barriers for students from developing countries. Still, the government insists the change is necessary to protect students and strengthen the integrity of Canada’s international education system.
Students planning to study in Canada are advised to begin preparing early, gather proper financial documents, and consult with authorized education counselors to navigate the updated requirements effectively.
