Proof of Funds Canada Student Visa 2025 | Updated IRCC Requirements Guide

If you plan on studying in Canada, one of the most integral parts of your application will be proving that you can support yourself-and possibly your family while studying. In this blog, we break down the latest 2025 financial requirements for a Canadian student visa, how to meet them, common mistakes to avoid, and sample formats for proof of funds. 

 

Latest IRCC Fund Requirements for 2025

 

Effective September 1, 2025, Immigration, Refugees and Citizenship Canada (IRCC) increased the minimum funds required for a study permit outside Quebec. 

• If you are a single student with no dependents, you must demonstrate proof of CAD 22,895 as living expenses.

• This amount increases correspondingly if one family member is to be brought along-for example, up to about CAD 28,502.

• These figures are in addition to the first-year tuition fees and travel costs. The proof of funds threshold does not cover these tuition fees. 

This update is a reflection of the rising living costs and has been made to ensure that before students come to Canada, they are equipped financially. 

 

SDS vs Non-SDS Funding Rules

 

When applying for a study permit, the route through which an application is submitted determines what kind of financial proof is required.

• Under SDS, the applicants from eligible countries (which include India) must present as proof a Guaranteed Investment Certificate from an approved Canadian bank. 

• The living expenses alone is CAD 22,895  from 1 September 2025, as per the new SDS GIC requirement. 

• GIC is not a requirement if the application is for a non-SDS. Other accepted financial documents, like bank statements, loans, sponsor funds, etc., can be used, provided the updated threshold funds are met. 

• In both streams, you must show first-year tuition payment or proof that it is payable. 

Accepted Financial Documents-Detailed List

IRCC accepts a variety of documents to prove your financial capacity for a student visa in Canada. Here are the ones commonly accepted in 2025: 

• Bank statement (showing at least 4–6 months) with a good and continuous balance in one's name or sponsor's name. 

• GIC Certificate from a participating Canadian financial institution (mandatory for SDS applicants). 

• Approval letter for an education loan from a recognised bank. 

• Proof of having paid tuition for the first year and, where possible, housing/accommodation fees. 

• Bank draft convertible to Canadian dollars (if applicable). 

• Letter from a sponsor (parent/guardian) or institution confirming financial support, accompanied by the sponsor’s bank statements/income proof if funds come from them. 

• Scholarship or funding letter (if you have received financial aid). 

The more document types you use-e.g. GIC plus tuition receipt-the more solid your application is going to be.

 

How to Show Sponsor or Family Funds

If you are not self-funding your studies, and a parent or relative will sponsor you, here is how you should present the funds correctly:

• A letter of sponsorship, which should confirm that the sponsor will bear expenses, and an affidavit of support.

• Include their recent bank statements showing a history of healthy balances and transactions from the past 4–6 months.

• Add proof of relationship, birth certificate, passport, or legal document that connects you with the sponsor.

• If the sponsor has a steady job or business, the income proof required is salary slips or audited financial statements.

• Try to avoid large deposits right before applying; funds must look stable and legitimate over time. ([croyezimmigration.com][8])

Common Mistakes in Financial Proof

 

Even if you meet the minimum fund requirement, several errors can lead to a delay or rejection of your application:

• A large sum deposit shortly before the application is suspicious in that it may look like funds were borrowed at the last minute. 

• Not providing an adequate history of the bank statement. Only 1 month bank statement instead of 4–6 months. 

• Utilising non-liquid assets, such as property, fixed deposit, or non-convertible investments. These are usually not accepted as proof. 

• Failure to include a proof of tuition payment or tuition fee receipt if necessary. 

• Not having clear documentation in regards to funds converted or transferable to Canadian dollars.

 

Sample Proof of Funds Format

 

You can use a basic format like this in preparing your proof of financial submission:

Applicant Name: [Your Full Name]

Passport Number: [Your Passport No.]

Name: Institution / Program: _______________________[University, Course]

Application Type: SDS / Non-SDS

 

Financial Proof Submitted:

1. GIC Certificate from [Bank Name], Amount: CAD 22,895 - valid for SDS

2. Bank Statement – [Bank Name], last 6 months consistently showing more than CAD 25,000 Balance

3. Tuition Fee Payment Receipt – [University Name], Date: [DD/MM/YYYY]

4. Sponsorship Letter – Sponsor: [Name], Relationship: [Parent], with sponsor bank statements

5. Education Loan Approval Letter – [Bank Name], Loan Amount i.e., CAD [Amount]

This format clearly outlines the amounts, documents, and how you will support yourself while studying in Canada.

 

Conclusion

Meeting the requirement for proof of funds is one of the most essential factors in the successful processing of a student visa to Canada. As of September 1, 2025, you are required to demonstrate at least CAD 22,895 if you are a single student, excluding tuition and travel, to meet the living expenses funding criteria. This may be through a GIC under SDS, personal or sponsor bank statements, loan letters, or any combination. Ensure that your documents are recent, accurate, and clearly show access to liquid funds. 

 

Frequently Asked Questions

 

Is GIC compulsory for Non-SDS? 

No, GIC is only mandatory for SDS applicants. Other applicants can show other proof of funds. 

 

Can I give proof of Education Loan? 

Yes, a sanctioned education loan from a reputable bank is accepted as proof of funds.

 

 How long must funds be kept in the account? 

Typically, funds should be stable in the account for a minimum of 4–6 months before application. 

 

Is it possible to combine several bank accounts into one? 

Yes, you can pool balances of different bank accounts if all are properly documented and verifiable.