Proof of funds is one of the most crucial requirements for your student visa as an international student intending to study in Canada. This is how Canada guarantees that you won’t have financial difficulties while you’re a student.
As of September 1, 2025, Canada is implementing more stringent financial restrictions for international students. This amendment is to ensure that all prospective students are prepared financially for life in Canada, including everyday expenses and emergencies, in addition to school.
The recently revised proof of funding standards for Canada are examined in this article. But before we move on to these new requirements, you need to understand what proof of funds is.
Read: EdXtra: Get Proof of Funds in Nigeria Within 24 to 48 Hours (Up to N150M)
What is Proof of Funds?
Proof of funds is a document that indicates that you have sufficient funds to cover your tuition and maintain a comfortable standard of living in Canada. This is how the government ensures that students are not working illegally or experiencing financial hardship.
You must demonstrate that you (or your sponsor) are able to pay for your first year’s tuition, living expenses, and return transportation when you apply for a study permit in Canada.
Note that your visa may be denied if you are unable to produce credible documentation.
Read More: It will now be more difficult for foreign students to transfer schools in Canada: Read Why
The importance of Proof of Funds for Foreign Students
Many students don’t realize that one of the main causes of study permit applications being denied is inadequate proof of money.
Canada wants to make sure you won’t become a financial burden, rely on illicit labor, or overstay your visa. Providing evidence demonstrates your readiness for student life and helps to establish trust.
You can concentrate on your studies rather than worrying about rent or food when you are financially prepared.
Read More: How to Pass Your Scholarship Interviews (10 Tips)
Updated Canada Proof of Funds Requirements for 2025
The minimum amount of money students must demonstrate for living expenses in Canada will increase from CAD 20,635 to $22,895 for a single application as of September 1, 2025. This change only affects the cost of living.
Your financial proof must increase with the number of family members you bring. For instance, you will require a minimum of $35,040 if you are traveling with a spouse and one child.
This update is a part of Canada’s endeavor to ensure that overseas students are adequately prepared for living in a new country, both financially and academically.
How Much Funds Do You Need for a Canada Study Permit in 2025?
The table below shows how much you need for the Canada proof of funds:
| People Included in Your Application | Required Funds (Per Year) |
| You (Student Only) | $22,895 |
| You + 1 family member | $28,502 |
| You + 2 family members | $35,040 |
| You + 3 family members | $42,543 |
| Additional Person | + $6,170 each |
Add this sum to your projected travel expenses and first-year tuition to get your overall proof of funds. For instance, you need to have a minimum of CAD $37,895 as proof of funding if your tuition is $15,000.
Required Documents for Canada Proof of Funds
You must provide convincing proof that you can pay for your tuition, living expenses, and travel expenditures for your Canadian study permit (study visa) to be granted. You must verify at least one of the following documents to the IRCC:
- Proof that you have paid the tuition and housing costs
- Guaranteed Investment Certificates, or GICs, from a reputable Canadian firm
- Four months’ worth of bank statements
- Evidence of an education loan from a reputable lender
- A bank draft that can be changed to Canadian dollars and is in your name
- A letter attesting to financial support from a sponsor or educational institution
- Evidence of a Canadian bank account, if money has been sent there already
- If eligible, a scholarship or a letter of Canadian financing
If your program is longer than a year, you will need to demonstrate full payment for the first year. This is a very mandatory and non-negotiable process.
Other Supporting Documents You Might Require
Depending on your circumstances, the IRCC may also request additional documentation to back up your financial statements and personal history. These consist of:
- A letter outlining your study strategies, financial preparedness, and understanding of your obligations as a student
- If necessary, a medical examination result based on your nation
- For children under the age of eighteen studying in Canada, a Custodianship Declaration (IMM 5646)
You must also give evidence of your legal status in the nation from which you are applying, if it is not your native country. A re-entry permission granted by the nation of their passport may also be required for certain applicants.
Additionally, you must provide documentation proving that you are permitted to lawfully withdraw funds to cover your expenses if your nation has foreign exchange restrictions. Studies in Canada.
FAQs on Canada Proof of Funds for study, work, visit, and immigration purposes:
❓ How much is needed for a Canada proof of funds in 2025?
For Express Entry (e.g., FSW or FST), you must show funds depending on your family size. For a single applicant, it’s CAD $13,757 (2024). Then for students, it’s CAD $20,635 for a single applicant (first-year tuition + living expenses). While for visitors, there’s no fixed amount, but CAD $100–150/day is advisable.
❓ What is considered “proof of sufficient funds” for Canada?
Proof of sufficient funds refers to official financial documents that show you have enough money to cover your tuition, living expenses, and travel (if applying for a study, visit, or work visa). Acceptable forms include:
- Bank statements (past 4–6 months)
- Fixed deposits
- Bank drafts
- Loan letters
- Proof of scholarships
- GIC certificate (for SDS stream)
❓ What is the minimum bank balance for Canada student visa from Nigeria?
As of 2024, Nigerian students must show a minimum of CAD $20,635 (approx. ₦24 million NGN) for living expenses, plus 1 year of tuition fees, and return ticket funds. For students with dependents, add:
- CAD $7,000 for the first family member
- CAD $3,500 for each additional dependent
❓ How many months of proof of funds do I need for a Canada student visa?
You should provide at least 4–6 months of bank statements showing stable balances and income flow. Sudden large deposits may raise red flags unless properly explained (e.g., sale of property, sponsorship, gift deed).
❓ Does Canada verify proof of funds?
Yes. Canadian visa officers can verify the authenticity of your financial documents with your bank. Fake or unverifiable statements can lead to refusal and even bans for misrepresentation.
❓ What causes rejection due to proof of funds?
Common reasons include:
- Insufficient balance
- Lack of transaction history
- Suspicious or sudden deposits
- Unsupported sources (uncleared loans, unverifiable gifts)
- Bank statements not in your name or the sponsor’s name without relationship proof
❓ Can I use a sponsor for my proof of funds?
Yes. If you’re using a parent, relative, or employer, provide:
- Their signed sponsorship letter
- Their bank statements
- Proof of relationship (e.g., birth certificate)
- Their ID and employment/income details
❓ Can I use property or assets as proof of funds?
No. Immovable assets like land, cars, or houses are not acceptable. Proof of funds must be liquid and readily accessible cash or bank equivalents.
❓ How much proof of funds is needed for a Canada work permit?
For most work permits, proof of funds is not required if you already have a job offer. However, open work permit applicants (e.g., SOWP) may need to show funds for initial stay and settlement.
❓ What if I’m traveling with family for a student visa?
You must add:
- CAD $7,000 for your spouse
- CAD $3,500 for each child
Ensure your proof of funds covers everyone’s expenses for at least the first year.