- Canada announced a new financial threshold for international study permit applicants, effective September 1, 2026
- A single student must now show C$23,448 for living expenses alone, separate from tuition and transport costs
- Nigerian students travelling with family members face significantly higher requirements, with amounts rising per additional person
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Canada has raised the minimum amount of money international students, including Nigerians, must prove they have before they can obtain a study permit, with the change coming into force on September 1, 2026.
The new requirement applies to applicants heading to all Canadian provinces and territories except Quebec.
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Under the updated rules, students must show they can cover their living costs, tuition fees and return transport without depending on employment in Canada to get by.
New Living Expense Thresholds
Canada proof-of-funds requirements from September 1, 2026
- One person: C$23,448
- Two people: C$29,192
- Three people: C$35,888
- Four people: C$43,572
- Five people: C$49,419
- Six people: C$55,736
- Seven people: C$62,054
- Each additional family member: C$6,318
Note: The amounts cover one year of living expenses and exclude tuition and transportation costs, which must be demonstrated separately.
What Applicants Must Show
Students applying for a study permit must provide documents confirming that the required money is available to them at the time of application, Punch reports
Those enrolled in programmes running longer than one year must also show how they plan to fund the years beyond the first.
Acceptable evidence includes a scholarship that covers the full course duration or proof that a parent or sponsor earns a stable income.
Accepted Financial Documents
Canada accepts a range of documents as proof of funds.
These include bank statements from the past six months, guaranteed investment certificates, Canadian bank accounts, student or education loans, scholarships, employment pay slips, tuition and housing payment receipts, and letters from financial sponsors.
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All documents submitted must clearly show that sufficient money is accessible and must be consistent with the rest of the study permit application.
Students from countries with foreign exchange controls, such as Nigeria, carry an extra burden. They must also show that they are legally allowed to transfer the necessary funds out of their home country.
For Nigerian applicants and their sponsors, the higher threshold means that careful financial planning well ahead of any application deadline will be essential.
permanent residency option for students in Canada
Earlier, Legit.ng reported that Canada had extended a special immigration programme designed to give eligible international graduates, including Nigerians, an opportunity to seek permanent residency through employment.
The pathway applies to graduates who complete qualifying programmes at two designated private colleges in New Brunswick.
The provincial government has confirmed that the Private Career College Graduate Pilot will continue accepting eligible applicants until December 31, 2027.
Source: Legit.ng