Canada Study Permit Funds Rise to CAD 23,448: What to Show for 2027 Intakes

For a study permit application submitted on or after 1 September 2026, IRCC expects proof of CAD 23,448 for living costs for a single applicant, on top of first-year tuition and the cost of travel to and from Canada. The earlier figure, CAD 22,895, applied to applications from 1 January 2025 to 31 August 2026. The submission date decides which amount applies, not your intake month. As of 6 November 2026 I found no 2027 study permit allocations and no 2027 provincial attestation letter (PAL) rules on IRCC's pages, so the planning advice below rests on what is published.

Living-Cost Funds by Family Size

The table applies in every province and territory except Quebec, where applicants for a Quebec Acceptance Certificate (CAQ) must meet amounts set by the Quebec immigration ministry. IRCC's page does not list those amounts, so check the Quebec source. Dependants only count if they come with you. If your spouse plans to apply separately for an open work permit, read our guide to the spousal open work permit rules first, because the course you choose decides whether that route exists.

What the Number Does Not Cover

IRCC asks you to prove you have enough money, without working in Canada, for three things: tuition for your programme, living expenses for you and any accompanying family members, and transportation to and from Canada. The table above is only the living-expenses part. I did not find a fixed travel amount on the page.

An illustration, with a placeholder tuition figure: if your acceptance letter shows first-year tuition of CAD 20,000, a single applicant would need CAD 20,000 plus CAD 23,448, which is CAD 43,448, plus the cost of flights. Use the tuition on your own letter. Do not convert INR to CAD with a rate from this article, because rates move.

What Proof IRCC Accepts

• Tuition receipt: proof you paid the first year of tuition and housing fees. You still need proof of funds for living and transportation costs.
• Bank statements: your Canadian or foreign account, covering the past 6 months including the month of application or the month before. They must show the source of the money, such as employment income or savings transfers.
• GIC: a certificate from a Canadian financial institution. It is one accepted form of proof, not the only one. The Student Direct Stream ended on 8 November 2024, and applications since then go through the regular stream.
• Education loan: proof of a student or education loan from a bank.
• Scholarship: proof of the award. If it covers only tuition, you need other proof for living and transport.
• Letter from a person supporting you: it should state their occupation, their relationship to you, their number of dependants and the amount of support, with a copy of their photo ID or proof of business registration.
• Other items: recent pay stubs, a Canadian bank account in your name if you moved money to Canada, pension documents and proof of rental income.

If your country has foreign exchange controls, IRCC says you must show you will be allowed to export funds for all your expenses. The page also warns that other documents may be required and that visa office instructions for your country can add local requirements. Our student visa document checklist covers the wider file.

The 2026 Cap in Numbers

IRCC's notice of 25 November 2025 says it expects to issue up to 408,000 study permits in 2026, which is 7% below the 2025 target of 437,000. The expected split is below.

For PAL/TAL applicants, IRCC set 309,670 application spaces, which is more than the 180,000 issuance target because it allows for expected refusals. Provincial values for the larger destinations are below.

Who Needs a PAL or TAL

IRCC says a PAL or TAL is usually required. It is a letter from the province or territory, issued through your DLI. Students going to Quebec generally need a CAQ with the attestation line instead. These applicants are exempt, and must still show proof of the exemption:

• Preschool, primary and secondary students.
• Master's or doctoral students at public DLIs, from 1 January 2026.
• Students in the Francophone Minority Communities Student Pilot, if the acceptance letter says so.
• Students at a federally designated military college, exchange students who pay no tuition to the Canadian DLI, and Global Affairs Canada scholarship recipients.
• Students already in Canada who are extending at the same DLI and level of study, plus some other situations on IRCC's list.

Private-DLI master's applicants are not on that list, so they still need a PAL or TAL. Moving to a different DLI or level needs a new letter, unless you move from post-secondary study to a public DLI graduate programme.

Planning for 2027 Intakes

1. Assume the CAD 23,448 table applies. It covers every application from 1 September 2026. IRCC changed the figure before, and the page does not say when it will change next, so check the page again before you pay.
2. Treat the PAL year as a deadline. A PAL must be valid when you apply, not when you start. A 2026 letter expires on 31 December 2026, and a letter from a previous cap year cannot be used. An application filed after that date for a January or May 2027 intake would need a letter for the 2027 cap year, and I found no published 2027 process.
3. Expect new numbers. The notice gives no 2027 allocations and says further reductions are needed to bring the temporary population below 5% of the total by the end of 2027. The 2027 to 2029 Levels Plan of 5 November 2026 sets 150,000 student arrivals a year but does not mention a cap or PAL for 2027. I could not verify how those figures turn into 2027 permit numbers.
4. Build the money trail now. Bank statements must cover 6 months and show where the money came from. A large deposit just before you apply is harder to explain than steady savings or documented family transfers.
5. Match your funds to who travels. A spouse or child coming with you raises the living-cost figure, so decide who travels before you collect documents.
6. Choose a course with the work rules in mind. See our guide to co-op, the PGWP list and the 24-hour work limit.

For background on the cap, see our earlier study permit cap guide, and the Canada study permit page. To size a budget, use the student visa calculator, and confirm its figures against IRCC.

Frequently Asked Questions

How much money must I show for a Canada study permit from September 2026?

For one applicant outside Quebec, IRCC lists CAD 23,448 for living costs for applications on or after 1 September 2026. You must also show first-year tuition and the cost of travel to and from Canada.

Does my older application with CAD 22,895 still work?

The CAD 22,895 figure applies to applications from 1 January 2025 to 31 August 2026. An application submitted on or after 1 September 2026 uses the new table.

Is a GIC compulsory?

No. IRCC lists a GIC from a Canadian financial institution as one accepted proof of funds, alongside bank statements, a tuition receipt, a loan, a scholarship and a letter from a person supporting you.

Do I need a PAL if I am doing a master's degree?

Not if the programme is at a public DLI and you apply from 1 January 2026. A master's at a private DLI is not on IRCC's exemption list, so a PAL or TAL is still required.

Can I use a 2026 PAL for a 2027 application?

Only if you apply while it is valid. IRCC says a 2026 letter is valid until 31 December 2026 and that you cannot apply with a letter from a previous cap year.

How many study permits will Canada issue in 2027?

I found no official 2027 allocation as of 6 November 2026. The 2027 to 2029 Levels Plan sets 150,000 student arrivals a year, but it does not state a cap or PAL rule for 2027.

What are the government fees?

IRCC's fee list shows CAD 150 for a study permit and CAD 85 for biometrics per person, as modified on 21 September 2026.