Are you thinking about studying in Canada in 2026? One of the things you need to do when applying for your study permit is to show that you have enough money to live on while you are there. If you apply on or after September 1, 2026, and you are not studying in Quebec, you will need to show at least CAD 23,448 to cover living expenses for one year.
Canada Proof of Funds is an important requirement for Nepali students applying for a Canadian study permit. For 2026, students must show sufficient funds to cover living expenses, tuition fees, and travel costs. Understanding the required amount and accepted financial documents can help you prepare a stronger application and avoid common mistakes.
For Nepali students, knowing about the Canada proof of funds requirement is very important, before getting bank statements, sponsor documents and other financial papers ready. This guide explains the amount of CAD 23,448 that is now required. It covers what this amount includes, which documents are acceptable and how much money you might really need for your Canada study permit.
What is Canada Proof of Funds?
Proof of funds is evidence that you have enough money to pay for your studies and living costs in Canada.
- Tuition fees
- Living expenses for themselves and any family members who are coming with them
- Transportation to and from Canada
Students must show these funds without using employment in Canada to satisfy the requirement. For programs lasting more than one year students must also explain how they plan to finance the rest of their studies.
What is the New CAD 23,448 Requirement for 2026?
For applications submitted on or after September 1 2026 the minimum living expense amount for one person is CAD 23,448, per year. This minimum living expense amount does not include tuition or transportation. This applies to provinces and territories except Quebec.
The requirement goes up when family members come along with the student.
| Family members (including applicant) | Annual Living Expenses Required |
| 1 | CAD 23,448 |
| 2 | CAD 29,192 |
| 3 | CAD 35,888 |
| 4 | CAD 43,572 |
| 5 | CAD 49,419 |
These amounts are for living expenses. Tuition and transportation must be shown separately.
Is CAD 23,448 enough for a Canada Study Visa?
The CAD 23,448 figure is the amount for one applicant’s first year living expenses. It does not represent the amount required for a Canada study permit.
A student should consider:
First Year tuition fee, CAD 23,448 living expenses and transportation cost.
For example if your first year tuition is CAD 20,000 and your transportation costs are CAD 1500, your overall financial requirement would be approximately:
| Expense | Example Amount |
| First year tuition | CAD 20,000 |
| Living expense | CAD 23,448 |
| Transportation | CAD 1500 |
| Total | CAD 44,948 |
This is an example. Tuition changes based on the school and the course and transportation expenses change depending on each person’s situation.
IRCC asks people to prove they have money to cover all the costs that apply, not just the CAD 23,448 amount for living expenses.
What Documents Can Be Used as Canada Proof of Funds?
IRCC accepts several kinds of documents to show that you have enough money. IRCC does not require every document on the list. IRCC only wants proof that you can cover the required costs.
Some examples include:
Bank Statements
Bank statements from Canadian or foreign accounts can be used to demonstrate available funds. IRCC lists bank statements for the past six months, including the month of application or the month immediately before it, as an example of acceptable evidence.
The documentation should also help demonstrate the source of the funds, such as employment income or savings transfers.
Education or Student Loan
A student or education loan from a bank can also be used as evidence of financial support.
Scholarship Documents
If you have received a scholarship provide documents that show the exact amount of financial support and the length of time it covers.
Even if your scholarship covers tuition, you must still show that you can pay for your living expenses and transportation costs.
Proof of Tuition or Housing Payment
If you have already paid tuition fees or housing fees you can show receipts as proof of support. You might still need more papers to show that you can pay for daily life costs and travel expenses.
Guaranteed Investment Certificate (GIC)
A GIC from a Canadian financial institution may also be used as one form of financial evidence.
Income and Employment Documents
Income evidence can help demonstrate where your funds come from. Depending on your circumstances, this may include:
- Employment letters
- Recent pay slips
- Business income documents
- Rental income evidence
- Pension related financial documents
IRCC may assess both the amount of funds and their source.
Can Parents Bank Statements Be Used for Canada Proof of Funds?
Yes, parents can provide financial support for a student’s education.
For Nepali students whose parents are funding their studies, it is important to clearly demonstrate:
- The relationship between the student and sponsor
- The sponsor’s employment or occupation
- The sponsor’s income
- The available funds
- The amount of financial support being provided
- The source of the funds
IRCC gives examples of sponsor documentation that can include evidence of the sponsor’s occupation or employment, their relationship with the student and evidence of the financial support they will provide.
How Should Nepali Students Prepare Their Proof of Funds?
Preparing financial documents early can make the application process easier. Nepali students can follow these steps:
1. Calculate Your First Year Costs
Start with your tuition fee and add the applicable living-expense requirement and transportation costs.
2. Identify Your Source of Funding
Determine whether your education will be funded by:
- Yourself
- Parents
- Another family member
- An education loan
- Scholarship
- A combination of sources
3. Prepare Bank Statements
Collect the required bank statements and make sure the financial history is clear.
4. Explain the Source of Funds
If there are significant deposits or transfers, be prepared to provide supporting evidence explaining where the money came from.
5. Prepare Sponsor Documents
If your parents or another person is supporting you, prepare evidence of your relationship and their financial capacity.
6. Include Tuition Payment Evidence
If you have already paid part or all of your tuition, include the relevant receipt or payment confirmation.
7. Show Your Plan for Future Study Costs
If your program lasts more than one year, explain how you intend to finance the remaining period of study. IRCC specifically requires applicants to explain how they plan to pay for the full duration of programs longer than one year.
Common Canada Proof of Funds Mistakes to Avoid
Financial documentation is an important part of a study permit application. Some common mistakes students should avoid include:
Showing Only CAD 23,448
The CAD 23,448 amount covers living expenses for one applicant. It does not include tuition or transportation.
Unexplained Large Deposits
A sudden large deposit without supporting evidence can make the source of funds difficult to understand.
Inconsistent Financial Information
The information in your bank statements, sponsor documents and application should be consistent.
Depending on Future Part Time Work
Students should not rely on future employment in Canada to demonstrate that they currently have sufficient funds. IRCC requires applicants to show they can cover the required expenses without working in Canada.
Providing Incomplete Financial Documents
Submitting only a bank balance without adequate supporting evidence may not clearly demonstrate your overall financial capacity.
Forgetting About Transportation Costs
Transportation to and from Canada is separate from the CAD 23,448 living expense requirement.
Canada Study Visa Requirements for Nepali Students
Proof of funds is only one part of the Canada study permit application.
Depending on your circumstances, you may need documents such as:
- Valid passport
- Letter of Acceptance (LOA) from a Canadian designated learning institution
- Proof of financial support
- Provincial Attestation Letter (PAL) or Territorial Attestation Letter (TAL), where required
- Letter of explanation
- Academic documents
- Language test results, where applicable
- Biometrics
- Medical examination, if required
IRS lists a valid acceptance letter and proof of funds among the key study permit requirements, while other requirements depend on the applicant’s circumstances.
How to Apply for a Canada Study Permit from Nepal?
If you are planning to study in Canada, the general process involves several stages:
Step 1: Choose a Canadian institution and program
Research programs that match your academic background and career goals.
Step 2: Apply for admission
Submit the required academic and supporting documents to your chosen institution.
Step 3: Receive your Letter of Acceptance
You need an acceptance letter from a designated learning institution for your study permit application.
Step 4: Obtain required provincial documentation
A PAL or TAL is usually required, depending on your situation.
Step 5: Prepare your financial documents
Organise your bank statements, sponsor documents, tuition receipts, scholarship or loan documents and other evidence.
Step 6: Submit your study permit application
Complete the application and provide the required supporting documents.
Step 7: Complete biometrics and other requirements
Depending on your circumstances, you may need biometrics, a medical examination or additional documentation.
Having sufficient funds does not by itself guarantee study permit approval. IRCC assesses the application as a whole, including financial capacity and other eligibility requirements.
Why Canada Proof of Funds Matters for Nepali Students?
For students coming from Nepal, money planning needs to be seen as an important part of the plan to study in another country. It should not be left until the end.
Your financial documents should show a clear picture: who is paying for your education, where the money comes from, how much money is available and how your study costs will be covered.
The new CAD 23,448 requirement sets a standard for the first year living costs of one student applying outside Quebec starting from September 1 2026. Students must still plan for tuition and travel costs on their own.
Why Large Last Minute Deposits Can Be a Red Flag
Under IRCC’s current rules, visa officers check where your money came from in every study permit application, not only in high risk cases. A healthy bank balance alone is no longer enough. Officers also look at how that money got there.
“Fund seasoning” means money that has been in an account for a while, with a history that makes sense. When a large amount appears just before you apply, with no clear source, the officer may wonder whether the money is really yours to use. It could look like a short-term loan or money placed there temporarily to inflate the balance. That doubt can lead to a refusal, even if the total meets the requirement.
Common Fund Sources for Nepali Students That Need Extra Explanation
- Sale of land or property. Keep the sale deed (rajinama), the buyer’s payment record and proof the money went into the account.
- Money from relatives. Show the relationship, the sender’s own income or savings, and a signed letter confirming the support.
- Remittance from family abroad. Keep the remittance receipts and proof of the sender’s employment.
- Loans from a bank or cooperative. Keep the loan sanction letter and disbursement record.
- Fixed deposit maturity or business income. Keep the FD certificate, business registration, tax clearance and audited accounts.
How to Prepare Your Funds Before Applying
- Start organising your funds early, so your statements show a steady, explainable history rather than one sudden jump.
- For every large deposit, keep the supporting document that proves where it came from.
- Make sure the amounts, dates and names match across your bank statements, sponsor documents and letter of explanation.
- If a large deposit can’t be avoided, address it openly in your letter of explanation, and attach the evidence.
IRCC does not set a fixed number of months that funds must sit in an account. What matters is that the source is genuine, documented and consistent.
Connect With CIC Education Hub
Planning to study in Canada from Nepal? Let CIC Education Hub help you understand the latest Canada study visa requirements, prepare your proof of funds and plan your application with confidence.
Connect with CIC Education Hub today and take the next step toward your Canadian education journey.
Frequently Asked Question
1. Can an education loan be used as proof of funds for Canada?
Yes. IRCC lists proof of a student or education loan from a bank as one acceptable form of financial evidence.
2.How can students choose a suitable university in Canada?
The factors that the students must consider in making their choice include entry requirements, costs, programs available, locations, and future prospects. Take a look at these universities of Canada.
3. How much does it cost to study in Canada?
The overall cost will depend on the particular school, courses, tuition costs, living expenses, and transportation. One needs to calculate his/her budget before making an application for a study permit.
5. What happens if I cannot show enough funds for my Canada study permit?
Insufficient financial evidence can impact a study permit application. IRCC says that an application might be refused if the applicant does not have money to support themselves during their studies, in Canada.
6. Can I book a counselling session with CIC Education Hub?
Yes. Students can contact CIC Education Hub to discuss their academic background, preferred course and plans for studying in Canada.
