Current Language: en
Post ID: 936
Related Posts Count: 3
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Compared to many countries, studying in Canada is very affordable. You will likely need between C$20,000 and C$30,000 annually to cover tuition. This range is an average only and will vary according to the institution and program in which you are enrolled. The costs for housing, food and other living expenses will depend on your location and your own needs, but C$15,000 annually is not an uncommon estimate.
Tuition
Tuition fees for international students vary across provinces and programs. The table below shows the weighted average tuition fees (in Canadian dollars) for full-time foreign students, by field of study.
University tuition fees (Canadian dollars) for full-time Canadian and international students in an arts and humanities program, 2023 – 2024 / Source: Statistics Canada
Do remember that the costs associated with attending university go beyond tuition fees. You must also budget for items such as books, living expenses and housing.
University of Saskatchewan-Students standing in front of campus buildingCitizenship and Immigration Canada mandates that you prove you have enough money to meet your financial needs while studying in Canada before you start. So it’s important to begin sorting out your finances – and looking into the possibility of obtaining a scholarship to help fund your education – early on.
Housing
Most universities offer on-campus residences for students, some of them specifically for scholars from abroad. But acceptance at a Canadian school does not automatically mean you can get a room in residence. Students must apply separately for on-campus housing, and its cost varies across institutions and will depend on whether or not you want a private room or a meal plan, for example.
Some international students choose to live off-campus in an apartment. Rent for a typical two-bedroom apartment in Canada averages $1,930 per month*, but varies depending on the city or neighbourhood and the type of accommodation. As a renter, you may also need to pay additional monthly costs for utilities such as electricity, home phone, Internet and cable television, as well as personal expenses and renter’s insurance. Some students share apartments or entire houses in order to reduce their housing costs, or they rent rooms in private houses, sometimes also paying for use of the kitchen. *Source: CMHC (Fall 2022)
Most universities can provide assistance with finding housing, both on and off campus, and answer questions through their housing office or student services.
Transportation
Depending on where you live, you may be able to walk or bike to campus. Many students, particularly those in larger cities, choose public transportation: buses, subways, commuter trains or ferries. One-way public transit fares typically cost a few dollars, and monthly passes range from about $80 to $150, although many transit providers offer student discounts.
Health insurance
All international students in Canada must have health insurance, and the medical coverage that’s available varies from province to province. Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, and Saskatchewan cover international students under their provincial health care plans, but coverage generally depends on the length of your stay.
Dalhousie University-two students on computers at a tableHowever, international students planning to study in Manitoba, Nova Scotia, Ontario, Prince Edward Island or Quebec must arrange for private health insurance.
You can find out more details about health coverage through the university websites and those of the provincial ministries of health.
Cost calculator
To help calculate your overall expenses and estimate the cost of living in Canada, try the education and living cost calculator for students at educanada.ca.
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By Mohamed Berrada
Starting university is a major milestone. For many, it’s their first foray into adulthood—and their first time managing a budget. Budgeting can seem complicated, but it’s an essential skill for personal and financial success. Here are some ways students can get ahead.
Cut unnecessary expenses
Cutting unnecessary expenses is an important part of balancing your budget. Your budget shrinks every time you spend. If you’re not careful, you might blow your budget before you know it. Here are some tips to reduce your spending.
- Curb impulse buys: Before proceeding to checkout, ask yourself: “Do I really need this?” If you take a day to think about it before buying something, you might decide you don’t need it after all.
- Cut down on subscriptions: Gym memberships and streaming services like Netflix and Spotify might seem like money-savers, but they can quickly add up. Subscribing only to services you actually use is a great step toward financial health.
- Buy used books: Textbooks are expensive. Seek out used textbooks for sale on student swap groups and websites like Kijiji. Buying digital versions of your textbooks, or borrowing them from the library, can also help keep expenses down.
- Buy in bulk: If you have the storage space, buying essentials like rice, pasta, and hygiene products in bulk can mean big savings over time. You may also find cheaper goods at big box stores like Walmart and Costco.
Tips for saving
Student discount and benefit programs are designed to help you save money, but it can be difficult to know how to apply them effectively.
- Show your student card for discounts: A number of businesses and services offer discounts to students. The Student Price Card (SPC) will also get you discounts in various stores and restaurants.
- Track your spending with an app: Try a free app to help you manage and track your spending in real time.
- Cook frugally at home: Eating out is tempting and easy—but it’s also costly! Build good habits from your first year of studies by preparing simple, inexpensive meals at home. Pasta and salads are easy to make, and meal prepping can also save money and time. Here are some easy, affordable recipes for students.
Learn about credit and debt
One credit card mistake can leave students paying the price—literally and figuratively! —for years to come. Credit cards pose major pitfalls to students who don’t know the risks.
- Use credit cards with caution: Don’t make purchases you can’t afford, and never put a balance on your credit card you can’t pay off promptly. Credit card interest rates are often very high and can lead to debt accumulation, which can weigh heavily on your financial—and mental—health.
- Learn about interest on balanced owed: Take advantage of university resources to improve your knowledge of credit cards, interest rates, and repayment. The internet also offers countless free and interactive resources.
By learning how to manage your budget as a student, you’re developing a skill for life. Reducing your financial stress starts with your budget. By cutting unnecessary expenses, finding daily savings, and learning the basics of credit and debt, first-year university students can make smarter financial choices and start their university life off on the right foot.
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SPONSORED CONTENT
This article was written by Employment and Social Development Canada (ESDC)
Personal savings now represent the single most important source of funding for post-secondary education, and they reduce the need for loans and bursaries later on. Research indicates that children with education savings are more likely to attend and complete post-secondary education and graduate with less debt.
The Government of Canada encourages the use of Registered Education Savings Plans (RESP) to save for a child’s education after high school. This includes full- or part-time studies not only in university, but also in trade school, apprenticeship programs, college and CEGEP. The savings in an RESP grow tax-free until they are withdrawn to help pay for the costs of education after high school.
Money is available to help you save.
An RESP is also the only savings account that attracts education savings incentives, such as:
- the Canada Education Savings Grant, which is money from the Government of Canada to help make RESP savings grow. The Government of Canada may add between 20% and 40% of personal contribution to an RESP, depending on family income and the amount contributed.
- The Canada Education Savings Grant is available for an eligible child until the calendar year in which they turn 17, for a maximum lifetime amount of $7,200.
- the Canada Learning Bond, which is money that the Government of Canada adds to an RESP for children from low income families, born in 2004 or later. It provides:
- an initial deposit of $500 in the RESP; and
- an extra $100 for each additional year of eligibility until the child turns 15 years old.
- That’s up to $2,000 in an RESP for a child’s post-secondary education. No personal contributions are required for the Canada Learning Bond.
- Provincial education savings incentives may also be available. Contact your province of residence to find out more.
What can the money saved in an RESP be used for?
The money can be used to help pay for expenses related to education after high school, such as tuition, books, tools, computers, transportation and rent.
When should I open an RESP?
It’s never too late to start saving for a child’s post-secondary education, but it’s best to start early so the money can grow over time. An RESP can remain open for 35 years, even if there is a delay in starting post-secondary education, the savings will be there when it’s needed.
Who can open an RESP?
Anyone can open an RESP: parents, guardians, grandparents, other relatives or friends. While the education savings incentives are only available for eligible children, you can also open an RESP for yourself or another adult, such as a spouse or partner. The money saved in the RESP will grow tax-free until it is withdrawn to help pay for the costs of post-secondary education.
Helpful Links
- For more information about RESPs and the education savings incentives, go to ca/education-savings
- For a complete list of organizations that offer RESPs, go to: ca/list-resp-promoters
- For information on how to get a Social Insurance Number, go to: ca/social-insurance-number
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