Canada study permit 2026: New cap, GIC requirement and Standard Stream explained
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Canada's study permit rules have changed more in the last two years than in the previous decade. Here's what applies now.
Canada's international student rules have changed several times over the past two years, and it can be hard to know which version of the advice you are reading is still current. Here is where things stand for 2026, based directly on IRCC's own published figures.
The 2026 study permit cap, in plain terms
Immigration, Refugees and Citizenship Canada (IRCC) has confirmed it expects to issue up to 408,000 study permits in 2026, made up of 155,000 permits for newly arriving international students and 253,000 extensions for students already studying in Canada. That total is 7% lower than the 2025 issuance target of 437,000, and 16% lower than the 2024 target of 485,000. IRCC has said the goal is to bring Canada's temporary resident population below 5% of the total population by the end of 2027, and the study permit cap, first introduced in 2024, is one of the main levers being used to get there.
A useful new detail for 2026: as of 1 January 2026, master's and doctoral students enrolling at a public designated learning institution (DLI) no longer need a provincial or territorial attestation letter (PAL/TAL) with their study permit application. Primary and secondary school students, and students extending a permit at the same DLI and study level, are also exempt. Everyone else applying to a program requiring a PAL/TAL is competing for a pool of 180,000 permits, distributed to provinces and territories by population, with Ontario (70,074) and Quebec (39,474) receiving the largest shares.
The GIC and proof of funds requirement
A GIC is still a recognised way to show you can support yourself financially in Canada, but since the SDS closed, it is one of several accepted methods rather than a mandatory requirement. Whichever method you use, you need to demonstrate access to enough money to cover your first year.
According to immigration law reporting on IRCC's published cost-of-living figures, a single applicant studying outside Quebec must currently show at least CAD $22,895 for living costs for their first year, on top of their first year's tuition and return transportation costs. This figure took effect for applications submitted on or after 1 September 2025 and is adjusted annually in line with Statistics Canada's low-income cut-off, so always confirm the exact current figure directly with IRCC's financial support page before you apply, since it can shift each September.
In practice, this means your total proof of funds is usually well above $22,895 once tuition and travel are added. A student with $18,000 in first-year tuition, for example, would need to evidence somewhere in the region of $40,000 to $43,000 in total, so it is worth building a realistic budget early rather than assuming the living-cost figure alone is what you need to show.
How the standard stream application works
Get accepted at a designated learning institution (DLI) and receive your letter of acceptance.
Gather your proof of funds, whether through a GIC, bank statements, a loan letter, or another accepted method, covering tuition, living costs, and return travel.
Check whether your programme needs a PAL/TAL. As of 2026, most master's and doctoral applicants at public DLIs, along with several other exempt groups, do not need one; most other applicants do.
Submit your study permit application online through IRCC, along with biometrics and any required medical exam.
Prepare for your arrival, including your port of entry documents and, once approved, your study permit conditions.
Because application spaces under the cap are limited and distributed provincially, timing matters more than it used to. Applying as early as your acceptance letter allows is generally the safer approach.
Financing your Canadian degree
Whichever proof-of-funds method you use for your visa application, you still need an actual plan for paying tuition and living costs once you arrive. If a GIC or personal savings alone will not cover your full cost of attendance, financing designed for international students, with no co-signer and no collateral required, based on your future earning potential rather than your existing credit history or assets, may be worth exploring. Loan amounts can go up to USD $220,000, covering up to 100% of your cost of attendance, with funds paid directly to your school and a mandatory in-school payment of USD $100 a month while you study (built into your representative APR, 11.78%*, rather than charged separately).
Because eligibility by nationality, school, and destination can vary by intake as funding conditions shift, the most reliable way to know where you stand is to check your eligibility directly, which takes a few minutes and will not affect your credit score. You can also browse supported schools and read more on our studying in Canada page.
Funding your proof of funds
Prodigy Finance lends to international postgraduate students without a co-signer or collateral, based on your future earning potential, and your sanction letter can help support your proof-of-funds documentation.
FAQs
What are the new Canada study permit rules for 2026?
Is the Student Direct Stream still available?
How much money do I need to show for a Canada study permit?
Can I use a loan instead of a GIC to prove funds?
Does a lower study permit cap make it harder to get funding for my programme?
