Living Expenses In Canada For International Students

Canada is one of the most popular study destinations for international students due to its high-quality education system, multicultural society, and welcoming environment. However, studying in Canada can be expensive, and it’s important for international students to understand the Canadian financial system and how to manage their finances to make the most of their experience. In this blog, we will discuss the key aspects of finance in Canada that international students should be aware of.

Understanding The Canadian Financial System 2024

Understanding the Canadian financial system is essential for anyone who wishes to live, work or study in Canada. Here is an overview of the financial system in Canada.

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Banking System

Canada has one of the most stable banking systems in the world, with five major banks dominating the market: Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. These banks offer a range of financial products and services, such as checking and savings accounts, credit cards, loans, and mortgages.

Credit Scores

In Canada, credit scores play a significant role in accessing financial products and services. Credit scores range from 300 to 900, with higher scores indicating better creditworthiness. It is essential to maintain a good credit score by paying bills on time and avoiding overusing credit.


Canada offers many investment opportunities, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs). It is crucial to understand the risks and rewards of each investment before investing.


In Canada, taxes are collected by the Canada Revenue Agency (CRA). The tax system is progressive, meaning that the more income you earn, the higher your tax rate. As an employee, your employer will deduct taxes from your paycheck, and you will file an annual tax return.


Insurance is a crucial aspect of the Canadian financial system. Health insurance is provided by the government, while other types of insurance, such as home and car insurance, are available from private companies.

Understanding Canadian Taxes

All international students in Canada are required to pay taxes on their income. The Canadian tax system is based on a progressive income tax, which means that the more income you earn, the higher your tax rate. The tax year in Canada runs from January 1 to December 31.

Here are some things international students need to know about filing taxes in Canada:

File Your Taxes Every Year: Even if you did not earn any income in Canada, you still need to file your taxes every year.

Get a Social Insurance Number (SIN): A SIN is a nine-digit number that is required for working and filing taxes in Canada.

Determine Your Residency Status: Your residency status will determine the type of income you need to report and the tax credits and deductions you are eligible for.

Claim Tax Credits and Deductions: International students are eligible for several tax credits and deductions, such as the tuition tax credit, education and textbook tax credits, and the GST/HST credit.

Financing Your Education

Financing education can be a daunting task for international students. However, there are several types of financial aid available to help students fund their education. Here is an overview of the different types of financial aid available to international students in Canada:

Scholarships: Scholarships are awarded based on academic performance, financial need, or other criteria. There are several scholarship programs available to international students, such as the Canadian Commonwealth Scholarship Program and the Trudeau Foundation Scholarship.

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Grants: Grants are financial awards that do not need to be repaid. There are several grant programs available to international students, such as the Canada Student Grants Program and the Canada Millennium Scholarship Foundation.

Loans: Loans are available to international students, but they must have a co-signer who is a Canadian citizen or permanent resident. The Canada Student Loans Program offers loans to eligible students.

Work-Study Programs: Work-study programs allow students to work part-time on-campus or off-campus to help finance their education.

Canada Student Loans for International Students

International students studying in Canada can apply for student loans through the Canadian government’s student financial assistance program. However, the eligibility criteria and application process may vary depending on the province or territory you will be studying in.

Here are some important things to keep in mind:

  • Eligibility: To be eligible for a student loan in Canada, you must be a Canadian citizen, permanent resident, or protected person. International students may also be eligible if they have a valid study permit, have been in Canada for less than a year, and are enrolled in a full-time program at an eligible institution.
  • Application Process: The application process varies depending on the province or territory, but typically involves filling out an online application form and providing supporting documents such as proof of enrollment, income, and identification. You may also need a co-signer or guarantor who is a Canadian citizen or permanent resident.
  • Loan Amount: The amount of funding you can receive through a student loan depends on several factors, such as your province or territory of residence, your program of study, and your financial need. Generally, the maximum amount you can receive is around $10,000 to $15,000 per academic year.
  • Repayment: You will be required to start repaying your loan six months after you graduate or leave school. The repayment period can vary from province to province, but typically ranges from 9 to 15 years. You may also be eligible for loan forgiveness or repayment assistance if you are experiencing financial hardship.

It’s important to research and understand the loan options available to you and to only borrow what you need to cover your educational expenses. You should also explore other sources of funding, such as scholarships, grants, and part-time work opportunities.

Best Credit Card Options For Students In Canada

There are several credit card options available for students in Canada. Here are some popular choices we found:

  • BMO SPC CashBack Mastercard: This card offers cashback rewards on purchases and also provides discounts at participating SPC retailers.
  • Scotiabank Scene Visa Card: This card earns points for purchases that can be redeemed for movie tickets and other entertainment rewards.
  • CIBC Dividend Visa Card for Students: This card provides cashback rewards on purchases and also includes benefits such as purchase protection and extended warranty coverage.
  • TD Rewards Visa Card for Students: This card earns reward points on purchases that can be redeemed for travel, merchandise, and other rewards.
  • RBC Rewards+ Visa Card for Students: This card earns reward points on purchases that can be redeemed for travel, merchandise, and other rewards. It also includes benefits such as purchase protection and extended warranty coverage.

It’s important to remember that credit cards should be used responsibly, and that students should only spend what they can afford to pay back in full each month to avoid accumulating debt.

How To Buy A Car and Best Car Deals In Canada

Buying a car can be a big investment for students in Canada, but there are ways to find good deals and make the process more affordable. Here are some tips for buying a car as a student in Canada:

  • Set a budget: Determine how much you can afford to spend on a car and stick to it. Consider all the costs associated with car ownership, including insurance, maintenance, and fuel.
  • Do your research: Research different car models and their features to find the best fit for your needs and budget. Check online reviews and ratings, and compare prices and financing options.
  • Shop around: Visit different dealerships and compare prices and financing options. Don’t be afraid to negotiate and ask for discounts or incentives.
  • Look for student discounts: Some car dealerships offer discounts or incentives specifically for students, such as cashback or low-interest financing.
  • Get pre-approved for financing: If you need financing, get pre-approved for a car loan from a bank or credit union before you start shopping. This can give you a better idea of how much you can afford to spend and can help you negotiate with dealerships.
  • New Car Incentives: Many car manufacturers offer incentives or discounts to students who are purchasing a new car. These incentives may include cashback offers, low-interest financing, or special lease rates. Be sure to research the current offers and compare them to find the best deal.
  • Consider leasing: Leasing a car can be a more affordable option for students who don’t want to commit to long-term ownership. Look for lease deals with low monthly payments and no down payment.
  • Used Cars: Buying a used car can be a cost-effective option for students. It’s important to research the vehicle’s history and have it inspected by a trusted mechanic to avoid purchasing a car with hidden problems. You can also consider buying from a dealership that specializes in used cars and offers a warranty.
  • Car Sharing: Car sharing services like Zipcar or Communauto can be a good option for students who only need a car occasionally. These services allow you to rent a car by the hour or day, and usually include gas and insurance in the rental fee.
  • Student Discounts: Some car insurance companies offer discounts to students, so be sure to shop around for insurance rates. Additionally, some car dealerships may offer special discounts or promotions to students, so be sure to ask about any available deals.

Remember, owning a car comes with ongoing expenses such as insurance, maintenance, and fuel costs, so it’s important to factor these into your budget. By doing your research, shopping around, and looking for student discounts, you can find a good deal on a car that meets your needs and budget.

Minimum Financial Requirements & Cost of Living In Canada 2024

Average cost of living in Canada varies based on your choices such as accommodation, food choices, travel choices, etc. Below we have provided a comprehensive estimation for your idea.

Average Cost of Studying in Canada

Canada university fees varies based on location, university, and program. As you must have minimum bank balance for Canada student visa, these tables will give you an overview on the expenses so that you can plan it ahead of your time.

CourseAverage Tuition Fees per Annum
Application FeesCAD 50 to CAD 250
Undergraduate CoursesCAD 10,000 – CAD 30,000
Engineering & Medicine (UG Level)CAD 20,000
Humanities, Business & Management (UG Level)CAD 5,000 to CAD 7,000
LawCAD 15,000
Visual and Performing ArtsCAD 5,000
Postgraduate CoursesCAD 18,000
MBACAD 30,000
Executive MBACAD 30,000
Law (Postgraduate)CAD 10,000 – CAD 55,000
EngineeringCAD 20,000
DentistryCAD 23,000
NursingCAD 45,000

Students Studying Outside of Quebec

Persons Coming To CanadaAmount Required per year (in addition to tuition)Amount Required Per Month (in addition to tuition)
You (Student)CAD 10,000CAD 833
First family memberCAD 4,000CAD 333
Every additional family member accompanying youCAD 3,000CAD 255

Students Studying in Quebec

Persons Coming To CanadaAmount Required Per Year (in addition to tuition)Amount Required Per Month (in addition to tuition)
You (Student)CAD 11,000CAD 917
First family member (18 years old or older)CAD 5,100CAD 425
First family member (under 18 years old)CAD 3,800CAD 317
Every additional family member accompanying you (18 years or older)CAD 5,125CAD 427
Every additional family member accompanying you (under 18 years old)CAD 1,903CAD 159

Living Expenses

This table demonstrates the monthly expenses in Canada in general.

FactorsAverage Cost Per Month
AccommodationCAD 400 – 600
FoodCAD 200 – 300
TransportationCAD 100 – 250
InternetCAD 30 – 50
Miscellaneous600 CAD – 700 CAD

Budgeting For Student Life In Canada

Budgeting for student life in Canada is crucial for international students to manage their finances effectively. Here are some tips to help you budget and save money while studying in Canada.

Track Your Expenses

The first step in budgeting is to track your expenses. This will give you an idea of where your money is going and help you identify areas where you can cut back. Use a budgeting app or a spreadsheet to record your expenses and income regularly.

Prioritize Your Expenses

Prioritizing your expenses means deciding what is essential and what can wait. Your essential expenses should include rent, utilities, food, and transportation. Non-essential expenses, such as eating out or shopping, should be limited or cut back to save money.

Be Realistic

It is important to be realistic when budgeting for student life in Canada. Consider your income and expenses, and set achievable goals. Don’t overspend on non-essential items or activities that are beyond your budget.

Look For Ways To Save

There are many ways to save money as an international student in Canada. You can buy used textbooks, cook meals at home, use public transportation, and take advantage of student discounts on products and services. You can also save money on entertainment by attending free events and activities on campus or in the community.

Plan For Unexpected Expenses

It is important to plan for unexpected expenses, such as medical emergencies or car repairs. Set aside some money each month for emergencies, so you don’t have to rely on credit cards or loans.

Part-Time Work Opportunities

International students are allowed to work part-time in Canada while studying. However, they must have a valid study permit that authorizes them to work on or off-campus. Here is an overview of part-time work opportunities for international students in Canada:

On-Campus Jobs: International students can work on-campus for up to 20 hours per week during the academic year and full-time during scheduled breaks.

Off-Campus Jobs: International students can work off-campus for up to 20 hours per week during the academic year and full-time during scheduled breaks, provided they have a valid study permit that authorizes them to work off-campus.

Co-Op Programs: Co-Op programs allow students to gain work experience in their field of study while earning a salary.

Planning For Your Post-Graduation Finances

Planning for your post-graduation finances is crucial for international students in Canada. Here are some essential considerations for managing your finances after graduation.

Post-Graduation Work Permit

International students can apply for a post-graduation work permit (PGWP) after completing their studies in Canada. A PGWP allows you to work in Canada for up to three years, providing valuable work experience and income. To be eligible, you must have completed a program at a designated learning institution (DLI) and apply within 180 days of receiving your final grades.

Permanent Residency

Obtaining permanent residency (PR) is a significant milestone for international students in Canada. PR provides access to public benefits such as healthcare, education, and social services, and opens up more job opportunities. There are several immigration programs that international students can apply for, such as the Canadian Experience Class, Federal Skilled Worker Program, and Provincial Nominee Program.

Job Opportunities

Finding a job in Canada after graduation can be challenging, but there are many resources available to help you. Career services at your school can provide job search support, including resume and cover letter writing, interview preparation, and networking events. Job search websites, such as Indeed and LinkedIn, are also useful for finding job opportunities in your field.