IRCC has Increased Canadian GIC Requirements for International Students

International students must show more funds to study in Canada. The recent update by Immigration, Refugees, and Citizenship Canada (IRCC) is to increase the cost-of-living requirements for international students by CAD $ 2000 on June 2, 2025.

 Announced in June 2025, IRCC made it effective for international students applying for a study permit on or after September 1, 2025. The new norms would increase financial support by $ 2000 making it about $ 22,895 from $ 20,635.

 This increase was adopted on certain grounds as it was earlier changed on January 1, 2024, making it $ 20,635. Back in the year 2000, it was $ 10,000 for international students for study permits. IRCC adopted this change, quoting that the cost-of-living requirements will now be adjusted each year when Statistics Canada updates the low-income cut-off (LICO). LICO is considered the minimum necessary income required in Canada to ensure that individuals do not need to spend a higher-than-average portion of their income on basic necessities.

Funds required for those applying for a study permit on or after September 1, 2025

 International students applying for a study permit must show proof of sufficient funds for their studies. The proof of funds are carried out just to ensure students can support themselves and their accompanying family members in Canada. IRCC issues eight ways through which international students can prove their cost of living requirements in Canada.

 1.  Proof of a Canadian bank account in the applicant’s name, if they have transferred money to Canada.

2.  A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution.

3.  Proof of a student or education loan from a bank.

4.  The applicant’s bank statements for the past four months.

5.  A bank draft that can be converted to Canadian dollars.

6.  Proof that the applicant has already paid tuition and housing fees.

7.  A letter from the person or school giving the applicant money for their living expenses and education.

8.  Proof of funding paid from within Canada, if the applicant has a scholarship or is enrolled in a Canadian-funded educational program.

International students applying for study permits on or after September 1, 2025, will have to bear financial requirements as follows:

The Applicant/Student: $ 22,895

The Applicant's first accompanying family member: $ 4000

Every additional accompanying family member: $ 3000

The financial criteria for International Students for study permit is being issued and will be effective from September 2025.