Canada Sets Stricter Bank Balance Rule for Migrants

Canada Rule: A new law has come as a setback for Indian students planning to study in Canada. Starting September 1, those applying for a Canadian study permit will have to show more money in their bank account for living expenses. This will increase from the current 20,635 Canadian dollars to 22,895 Canadian dollars (approximately Rs. 14,40,250).

The New Canada rule: Bank Balance, and more

The new law was announced by Immigration, Refugees and Citizenship Canada. It will apply to all international students going to provinces and territories except Quebec. This amount is in addition to the first-year tuition fees and travel expenses.

Costs increase with family size:

This amount is updated annually to reflect changes in the cost of living. Students who bring family members with them will need to show additional funds.

1 person: Canadian Dollar 22,895 (Rs. 14,40,250)

2 people: Canadian Dollar 28,502 (Rs. 17,91,373)

3 people: Canadian Dollar 35,040 (Rs. 22,02,408)

4 people: Canadian Dollar 42,543 (Rs. 26,74,676)

5 people: Canadian Dollar 48,252 (Rs. 30,33,831)

6 people: Canadian Dollar 54,420 (Rs. 34,21,175)

7 people: Canadian Dollar 60,589 (Rs. 38,08,518)

Each additional Family member: CAD 6,170 (Rs 3,88,098)

This new requirement applies only to study permit applications submitted on or after September 1, 2025. For applications submitted before then, the current amount of CAD 20,635 will suffice.

Documents accepted to prove funds:

A variety of financial documents are accepted to prove the student’s financial capacity while living in Canada. They are as follows:

Canadian bank account in the student’s name
Guaranteed investment certificate from an approved financial institution in Canada
Proof of student or education loan from an approved bank
Bank statements for the last four months
Bank draft that can be converted into Canadian dollars
Letter from the person or institution providing financial support to the student
Proof of funds from Canada

These documents will help ensure that the student can afford to live while studying in Canada. Additionally, those applying with dependents (family members) must include their living expenses in the total funds.

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