Canada Raises Study Permit Funds for International Students

Canada will increase the study permit financial requirement for international students applying from 1 September 2026.

Immigration, Refugees and Citizenship Canada (IRCC) said a single student applying from outside Quebec will be required to demonstrate access to C$23,448 (about ₦23.33 million) for living expenses, up from C$22,895 under the current requirement.

The new figure represents an increase of C$553, or about 2.4 per cent.

The financial requirement covers living expenses and is separate from tuition fees and transportation costs.

Students must also demonstrate that they have enough money to support any family members travelling with them to Canada. The required amount will increase according to the number of accompanying family members.

The new financial requirements include:

Number of people Required funds Approx. in naira
One person C$23,448 ₦23.33 million
Three people C$35,888 ₦35.71 million
Five people C$49,419 ₦49.17 million
Six people C$62,054 ₦61.74 million
Each additional family member C$6,318 ₦6.28 million

IRCC said the amounts are reviewed annually to ensure they reflect changes in the cost of living in Canada.

The department also said the financial requirements are intended to protect international students from financial hardship and exploitation.

Applicants must demonstrate that they can cover tuition fees, living expenses and transportation costs to and from Canada for themselves and any accompanying family members.

For study programmes lasting more than one year, applicants must also explain how they intend to finance their studies for the full duration of the programme.

The new study permit financial requirement will apply to applications submitted from 1 September 2026.

For Nigerian students planning to study in Canada, the change means they will need to prepare for a higher minimum amount when applying for a study permit.

Would the higher financial requirement make studying in Canada more difficult for Nigerian students?