International Students: Key Update on Living Costs
Overview of the Change
As per the Immigration, Refugees and Citizenship Canada (IRCC) website, effective September 1, 2025, IRCC is raising the required proof‑of‑funds for international students. The minimum cost‑of‑living requirement will increase from CAD $20,635 to CAD $22,895 per calendar year for a single applicant studying in Canada (Quebec not included in this monetary update).
Why Is This Change Happening?
Canada updates these thresholds annually to reflect the actual cost of living and to ensure international students are financially prepared. This update is about an 11% increase, based on Canada’s annual low-income cut-off (LICO) levels.
Updated Proof-of-Funds (Outside Quebec)
Table based on IRCC website data
This amount covers living expenses only—tuition and travel are additional and must be demonstrated separately.
Acceptable Proof of Funds
To meet the new requirement, Pakistani students can provide any combination of the following:
Paid tuition and housing receipts for the first year
GIC (Guaranteed Investment Certificate) from a Canadian financial institution
Bank account statements minimum 4 months, showing sufficient balance, although, for Pakistani students, 6 months is better
Student loan letters from recognized financial institutions
Official bank drafts or certificates convertible to Canadian dollars
Letter of financial support or scholarship (government or private)
Proof of funding from a Canadian institution (E.g.: scholarship or research assistantship, if applicable)
Special Note for Pakistani Students
Because of Pakistan's foreign exchange restrictions, you must show clear evidence that the funds you are using for your Canadian education can legally be transferred out of Pakistan. IRCC may request:
A letter from your bank confirming foreign currency availability and permission to remit
Documentation from State Bank of Pakistan (SBP) or authorized dealers
Use of official remittance channels, such as RemitDirect, SBP Student Portal, or a GIC provider authorized in Canada such as chartered Canadian banks like RBC, CIBC, TD Bank or Scotiabank. Please note CIBC and Scotiabank are the best banks for Pakistani students to use.
Start this process early, as approval for large international education transfers may take time. Having GIC funds transferred in advance can simplify this step.
What This Means for You
📈 Plan Ahead – Ensure your financial documents reflect the updated CAD $22,895 requirement starting September 1, 2025.
💰 Combine Resources – Tuition receipts + GIC + bank statements = stronger application.
👨👩👧👦 Include Family Wisely – If you plan to bring dependents, calculate additional proof-of-funds based on IRCC’s updated chart.
Use Legal Channels – Avoid informal money transfers. Use approved, traceable methods to transfer funds from Pakistan.
How Go 2 Canada Education Services Helps Pakistani Students
Financial Planning – Support for Pakistani bank processes and exchange rules
GIC Guidance – Help choosing and setting up a GIC with an approved Canadian bank
Document Support – Guidance with letters, translations, and bank confirmations
Application Timing – We help you avoid delays by keeping you updated with IRCC policy changes
Final Takeaway
From September 1, 2025, international students must show CAD $22,895 per year for living expenses in addition to tuition and travel costs. For Pakistani students, this also means navigating banking and currency regulations carefully.
Planning early, using legal channels, and preparing a complete financial package will strengthen your study permit application—and we’re here to help every step of the way.
📩 Have questions about the new financial requirements or how to transfer funds from Pakistan?
Contact Go 2 Canada Education Services today for expert, up-to-date guidance.
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