Canada’s Immigration, Refugees and Citizenship Canada (IRCC) has released a revised breakdown of the minimum funds international students must have available to cover their living expenses while studying in the country, with the new figures already coming into force.
The update was announced via IRCC’s official X account on September 15, 2026, where the agency said the changes to cost-of-living criteria are designed to ensure that study permit applicants can afford rent, groceries, and other day-to-day costs throughout their time in Canada.
Canada’s new financial thresholds by family size
The required sums are computed annually and exclude tuition and transportation costs.
They scale based on the total number of family members, including the applicant, who intend to travel to Canada.
- A single candidate must have at least CAD 23,448 (about ₦22,354,854) accessible cash.
- The barrier for two individuals is CAD 29,192 (₦27,831,069), while for three, it is CAD 35,888 (₦34,214,896).
- A family of four requires CAD 43,572 (₦41,540,673), while five individuals demand CAD 49,419 (₦47,115,086).
- Groups of six require CAD 55,736 (₦53,138,596), while seven require CAD 62,054 (₦59,161,086).
- For groups of seven or more, each additional family member costs CAD 6,318 (₦6,023,455).
According to the IRCC, a student bringing two family members to a Canadian province or territory other than Quebec for one year must demonstrate at least CAD 35,888 in living funds before tuition and transportation are taken into account.
Why does the change matter for Nigerian students?
Canada remains one of the top locations for Nigerian students seeking overseas education, and changes to study permit criteria have a direct impact on how candidates manage their money before applying.
The revised estimates reflect a significant increase above previous criteria, requiring prospective students and their families to reassess their budgets well in advance of any application submission.
The IRCC stated that the update applies to study permit applicants, which means that individuals who have not yet received their permits will be required to meet the revised financial criteria when their applications are reviewed.
Study Rules for Nigerian Students
Meanwhile, on Wednesday, September 9, 2026, Immigration, Refugees, and Citizenship Canada announced on its verified official X account that it will begin informing qualifying work permit holders that week.
They will be informed that their study duration is limited to six months or until their permit expires, whichever occurs first.