Canada announces new financial requirement for Nigerians, other foreign students

Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum proof of funds required for international students, with the new financial requirement taking effect on September 1, 2026.

Under the updated requirement, applicants must demonstrate that they have sufficient funds to cover their tuition, living expenses and transportation costs to and from Canada without relying on employment in the country.

The financial requirement for living expenses is updated annually to reflect changes in the cost of living.

For study permit applications submitted from September 1, 2026, students planning to study in any Canadian province or territory except Quebec must show C$23,448 for one person for one year, excluding tuition and transportation costs.

The amount rises depending on the number of family members accompanying the student:

One person: C$23,448

Two people: C$29,192

Three people: C$35,888

Four people: C$43,572

Five people: C$49,419

Six people: C$55,736

Seven people: C$62,054

Each additional family member: C$6,318

For example, a student travelling to Canada with two family members will need to demonstrate C$35,888 to cover living expenses for one year, in addition to funds for tuition and transportation.

Applicants must provide documents showing that the required funds are available to them. They must demonstrate enough financial resources for the first year of their studies.

Students enrolled in programmes lasting more than one year must also explain how they intend to finance the full duration of their studies.

This could include evidence of a scholarship lasting beyond one year or proof that a parent is employed.

Acceptable proof of funds can include tuition and housing payment receipts, student or education loans, scholarships, employment pay slips, letters from financial sponsors, Canadian bank accounts, guaranteed investment certificates and bank statements covering the previous six months.

Applicants whose countries have foreign exchange controls must also demonstrate that they are permitted to transfer funds out of their country to cover their expenses in Canada.