Financial Requirements

Financial Requirements for Canadian Immigration

To apply for temporary residence in Canada (study, work, or visit) and certain permanent residence programs (such as Federal Skilled Worker), applicants must prove they have sufficient funds to cover:

• Tuition fees (if applicable)

• Travel costs to and from Canada

• Living expenses for themselves and accompanying family members

• Return transportation (for temporary applications)

Applicants must demonstrate access to these funds throughout their intended stay in Canada. This article reviews the minimum financial requirements for various Canadian immigration applications.

Important note: Minimum funds may not be sufficient in all cases. Officers can still raise concerns on financial grounds even when applicants meet minimum requirements. Always exceed the minimum amounts where possible.

Study Permit Financial Requirements

Standard Requirement (Outside Quebec)

As of September 1, 2025, international students must show proof of funds covering:

• First year tuition fees as stated in the letter of acceptance

• Living expenses based on family size (see table below)

Effective September 1, 2025*

Calculation Example

A student accepted to a two-year MBA program with tuition of $23,000 per year:

• Minimum requirement (applying alone): $23,000 + $22,895 = $45,895

• Recommended amount (full program): (2 × $23,000) + (2 × $22,895) = $91,790

Best practice: The officer must be satisfied that funding for future years is likely to continue (for example, parents are employed, or scholarship extends beyond one year). We strongly recommend showing funds exceeding the total program cost plus living expenses for the entire study duration.

Quebec Study Permit Requirements

For Quebec applicants, funds must cover:

• Tuition fees and education-related expenses for the entire program duration

• Living expenses:

  • One person under 18: $7,541

  • One person 18 and over: $15,078

  • Two people 18 and over: $22,115

  • Two people 18 and over + one under 18: $24,773

  • Two people 18 and over + two under 18: $26,737

• Travel costs (round-trip ticket)

• Medical and hospitalization insurance

• Settlement expenses for the first year: $500

If a third party (such as parents) is paying expenses, they must submit a sworn statement assuming responsibility for the student's costs.

Work Permit Financial Requirements

IRCC has not established a specific dollar amount for work permit applications. The required funds depend on:

• Type of work

• Length of stay

• Country of origin

• Number of accompanying family members

General guideline: Use the following living expense amounts as a baseline:

• Principal applicant: $22,895

• First dependent: $5,607

• Each additional dependent: $6,170

These amounts reflect the 2025 cost-of-living adjustments.

Visitor Visa Financial Requirements

Tourist and Temporary Resident Visas

IRCC does not specify predefined amounts for tourism or general visitor visas.

Best practice: Applicants should demonstrate they can afford the visit without financial hardship. We recommend that planned travel expenses represent no more than 20-25% of current savings and investments.

Super Visa Income Requirements

For Super Visa applications, financial obligations rest with the Canadian host (child or grandchild). The host must meet minimum income requirements based on Low Income Cut-Off (LICO) plus 30%.

Updated for 2025*

Note: Include all members of the host family plus all applicants when calculating family size. While financial obligations are with the host, we recommend including the applicant's assets as well if available.

Acceptable proof of income includes:

• Notice of Assessment (NOA) from the Canada Revenue Agency for the past three consecutive tax years

• Recent pay stubs (3-6 months)

• Accountant's letter for self-employed individuals

• Pension statements, investment income, or rental income documentation

• Bank statements showing consistent deposits and financial stability

Permanent Residence Financial Requirements

If your permanent residence application requires proof of funds (such as Federal Skilled Worker Program), the following amounts apply:

Effective as of 2025*

Important: If you have more funds available, declare the full amount and prepare supporting documents. Count all family members, including those not accompanying you to Canada.

Exemptions: You do not need proof of funds if you are applying under the Canadian Experience Class or have a valid job offer with work authorization in Canada.

Financial Assessment Guidelines

What Qualifies as Acceptable Proof

Acceptable funds include:

• Canadian bank accounts in the applicant's name

• Bank statements (typically last 4-6 months)

• Fixed deposits (FDs) or term deposits (TDs)

• Guaranteed Investment Certificates (GICs) from participating financial institutions

• Retirement funds or employee savings schemes

• Student or education loan documents

• Bank drafts in or convertible to Canadian dollars

• Letters of financial support from sponsors with proof of available funds

• Scholarship or Canadian government-funded program documentation

Not acceptable:

• Gold, jewelry, or other precious metals

• Real estate or property (unless sold and converted to liquid funds)

• Vehicles or other physical assets

• Cryptocurrencies or stocks (unless converted to cash and properly documented)

Seasoned and Sourced Funds

Seasoned funds: Funds held in your possession (such as a bank account) for a significant period—six months or more is recommended. Lengthy possession suggests the funds are genuinely yours.

Sourced funds: If funds are recent, you must establish their origin and prove they are yours and not borrowed. For example:

• If a family member gifted the funds, include an affidavit from that person plus their bank statement showing withdrawal

• If from sale of property, provide sale documents and transaction records

• If from employment bonuses, provide employer letter and payment records

Level of Establishment

Officers assess how well-established you and your family are in your home country, particularly for temporary residence applications. This becomes increasingly important with age and work experience.

Supporting documents include:

• Income tax returns and assessments

• Net worth certificates

• Property ownership and valuation documents

• Inheritance documents

• Long-term investment portfolios

• Evidence of community participation (volunteer work, memberships)

• Career progression and income growth documentation

A strong level of establishment can indicate you will return home at the end of your authorized stay.

Common Financial Assessment Concerns

Are You Depleting All Savings?

If you are investing all or nearly all available funds, this may work against your application. It can suggest you are permanently relocating rather than temporarily visiting or studying.

Best practice: Explain that other family members will not be left short of funds and that funds will be replenished through ongoing income from parents or other family sources.

Are the Funds Genuinely Yours?

Officers must be satisfied that funds are not borrowed solely for the application. Use seasoned funds (six months or more in your account) or properly source recent funds with clear documentation.

Liquidating Assets

Liquidating major assets such as property or businesses may be interpreted as evidence that you are uprooting yourself permanently and will not leave Canada at the end of your authorized stay.

Best practice: If liquidation is necessary, provide clear explanations. For example, if property was sold to fund education, explain that family retains other assets and income sources in the home country.

Large or Unusual Deposits

Review all bank statements carefully. Explain any large deposits, even if they represent transfers between your own accounts. Unexplained deposits raise red flags about borrowed funds.

Key Recommendations

1. Exceed minimum requirements wherever possible—officers have discretion to assess financial sufficiency beyond published minimums.

2. Maintain funds throughout your stay—demonstrate not just current funds but ongoing access or replenishment sources.

3. Use liquid, accessible funds—avoid relying on assets that cannot be quickly converted to cash.

4. Document everything thoroughly—provide original documents and clear explanations for fund sources.

5. Show strong ties to your home country—particularly for temporary applications, demonstrate establishment through property, employment, family, and community ties.

*refer to IRCC for most up to date information on financial requirement tables.