How much money do I need for a Canadian study permit in 2026?
For study permit applications submitted on or after September 1, 2026, one student studying outside Quebec must show at least $23,448 for a year of living costs, on top of first-year tuition and travel. A GIC is no longer required: the Student Direct Stream ended on November 8, 2024. A GIC is still one accepted way to show your funds.
The amounts
$23,448 is the living-cost amount for one person outside Quebec for applications made on or after September 1, 2026. Applications made from January 1, 2025 to August 31, 2026 used $22,895. Quebec sets its own amounts. Bringing family members raises the amount. IRCC updates these figures every year, so check the official page before you apply.
What counts as proof
IRCC accepts several kinds of proof, including a Canadian GIC from a participating institution, bank statements, proof of a student or education loan, and proof of scholarships or funding. Bank statements generally need to cover the past six months. IRCC also looks at where the money came from, so keep records of large deposits.
If you choose a GIC
A student GIC holds your living money in Canada and pays it out to you after you arrive, usually as an initial amount and then monthly. GICs at CDIC member banks are protected up to $100,000 per eligible category. Compare the interest rate and fees, and how quickly the bank can issue the certificate before your application.
Is a GIC mandatory for a study permit?
No. Since the Student Direct Stream ended on November 8, 2024, a GIC is one option among several. Bank statements, loans or scholarships can also be used.
Does the $23,448 include tuition?
No. It covers living costs for one year. You must also show you can pay your first-year tuition and travel.
Official sources
- IRCC: proof of financial support for a study permit
- IRCC: study permit documents
- CDIC: deposit insurance
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