New Study‑Permit Funding Rule Raises Costs for International Students and Cuts Canada’s Student Numbers

The Immigration, Refugees and Citizenship Canada (IRCC) announced that, starting 1 September, primary study‑permit applicants must now show they have at least $22,895 in available funds – an increase of roughly $550 from the previous requirement.

If a student plans to bring family members, IRCC adds $6,318 for each accompanying person. Applicants who want to study in Quebec face a higher baseline of $24,600 and must also obtain a provincial acceptance certificate. The new figures are tied to Statistics Canada’s annual low‑income cut‑off (LICO) and will be updated each year when the LICO changes.

The $22,895 level continues a rapid rise that began early last year. After two decades of a flat $10,000 requirement, the threshold jumped to $20,635 in January 2024 and then to $22,895 in September 2024 to keep pace with the growing cost of living in Canada.

The higher financial bar comes as the number of international student permits has slumped. In 2025, about 690,000 students held study permits, down from more than one million in earlier years. New permits fell dramatically – from 95,320 in December 2023 to just 2,485 in November 2025, a 97 % drop.

For prospective students, the rule means they need a larger cash reserve before they can apply, which may discourage some candidates. The IRCC has said the decline in permits shows its reforms are working, easing pressure on housing, health‑care and other public services, and aligning with broader efforts to manage overall immigration levels.

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