Canada Study-Permit Proof-of-Funds Calculator (2025 Update)

IRCC’s new 2025 rules have raised the minimum bank-balance you must show before a Canadian study-permit will be approved.
Use our interactive calculator below to know exactly how much to budget—whether you’re travelling solo or with family.

Why did Canada raise its proof-of-funds?

Late 2023 inflation plus housing-cost spikes triggered a major rethink at Immigration, Refugees and Citizenship Canada (IRCC).
Starting 1 January 2025, the department ties the study-permit funds test to 75 % of Canada’s Low-Income Cut-Off (LICO).
That means the baseline for a single student jumped from CAD 10 000 (pre-2024) to ≈ CAD 21 000 today.
Show less and your visa could be refused for “insufficient financial proof.”

2025 Minimum Proof-of-Funds (Outside Québec)

Family size^*	12-month funds you must show (CAD)
1 – Student only	CAD 21 000
2 – Student + 1 family member	CAD 25 250
3 – Student + 2 family members	CAD 28 750
4 – Student + 3 family members	CAD 32 250
5 – Student + 4 family members	CAD 35 750
6 – Student + 5 family members	CAD 39 250
7 – Student + 6 family members	CAD 42 750

^*“Family member” = spouse or dependent child.
Amounts exclude first-year tuition and travel costs—budget those separately.
Source: IRCC fee table, Jan 2025.

Interactive Proof-of-Funds Calculator

Enter the total number of people who will accompany you to Canada (counting yourself).
The calculator returns the minimum bank balance (or combination of GIC + tuition receipt + bank statement) you must upload with your application.

Family size (incl. you):

What counts as “proof”?

IRCC accepts any liquid, transferable assets under your control.
Common examples include:

Bank statements (past 4–6 months) clearly showing your name & account number.
GIC (Guaranteed Investment Certificate) from a participating Canadian bank.
Education Loan sanction letter (fully disbursable).
Scholarship or bursary letters—see 30 + fully funded options here.
Employee pay-slips + employment letter (for spouse sponsors).

Not accepted: undeclared cash deposits just before printing statements, crypto holdings without conversion proof, or fixed assets such as land deeds.

Top 5 mistakes Nigerians make (and how to avoid them)

Lodging funds too late. IRCC officers scrutinise sudden “overnight” deposits. Transfer money at least three billing cycles before you apply.
Submitting blurred scans. Use 300 dpi scans, not phone photos.
Assuming tuition receipt doubles as living-expense proof. It doesn’t; you must show both.
Omitting currency conversion. Add a page converting your balance to CAD using BoC rate for the submission date.
Using joint accounts without letters. Get a notarised affidavit from the co-holder granting you full access.

Plan the rest of your study-abroad budget

FAQs

Can I include a sponsor’s bank balance?

Yes, but you must attach a sworn affidavit of support, your birth certificate (to prove relationship), and the sponsor’s employment letter or business licence.

Is a Nigerian fixed-deposit acceptable?

Only if the deposit matures before your first-year expenses are due.
Otherwise IRCC may deem the funds inaccessible.

What if my spouse will bring money later?

IRCC counts only funds available at the time of application.
Have your spouse transfer the money and show six-month history, or apply after the transfer.

Do Québec and SDS have different amounts?

Yes. Québec uses its own cost-of-living table (single student: ≈ CAD 16 500 for 2025), while the SDS pathway requires a CAD 20 000 GIC plus first-year tuition receipt.

Conclusion

Canada’s new proof-of-funds rules reflect real living costs—but they also trip up thousands of applicants every year.
Use the calculator, maintain a transparent paper trail, and file documents in one clear PDF.
Hit those marks and your bank statement becomes a green light, not a red flag.