Every student aspiring to study in Canada has this fundamental question – how much money do I need to have? We will answer all those questions in this article.
Studying in Canada is not cheap and requires a substantial sum of money. International education in Canada becomes expensive because tuition fees are more expensive for overseas students. You must gather enough funds before starting your study abroad journey.
Apart from the tuition and visa fees, you need money for the English language test and other miscellaneous expenses that need to be covered.
In this guide, we will list all the expenses and an estimate of the expenditure that you require to go to Canada.
Cost of tuition fees
The biggest question is what is the cost of tuition fees in the colleges. In Canada, every college has a different structure for tuition fees. Also, individual fees for different courses can vary considerably in the same university/college. The remuneration of a college or university is dependent on each university.
If you are planning to go to an ivy league institution, then its cost is significantly more than that of 2nd or 3rd-tier colleges. For example, the average fee of the University of Toronto for international students is approximately CA$45,000 (approximately Rs. 27 lakhs at the time of writing). Apart from this, there are application fees that are considerably higher for international students and differ across universities.
If we go to another college, for example, Conestoga college, its average remuneration is CA$11,500 (approximately Rs. 7 lakhs at the time of writing). Therefore, check with each university regarding their application and tuition fees.
Don’t get demotivated by these exuberant tuition fees because several scholarships are available to international students. We have made an extensive guide on the available scholarships for international students that are either privately or government-funded.
Another vital aspect of a visa is the pecuniary and documentation related to queries. Indian students are eligible for the fast-track application if they can pay GIC (Guaranteed Investment Certificate). It means that you have to invest an amount of C$10,000 (approximately Rs.6 lakhs at the time of writing) or, as stipulated by IRCC (Immigration Refugee Citizenship Canada). So, add GIC into your tuition fees because express entry is the best pathway to a student visa but tends to be complex and riskier. If the visa application is rejected, then getting a refund for your tuition fees can be another big hassle that you should avoid.
Then the application for the visa is CA$150 at the time of writing. Also, the best part of GIC is that it can be reclaimed once you reach Canada! Different banks can provide GIC certificates, and ICICI bank’s program allows you to get your investment fund in your savings account after in-person verification in Canada. So, the GIC route is the best for international students because of the quick processing of the visa application and guaranteed chances of getting a study permit.
Cost of living
The cost of living in Canada differs from province to province – there is no blanket price range for all students with individual conditions and circumstances. For example, the cost of living in Toronto is higher than in cities like Saskartchwen.
As an international student, you must learn to budget the money you spend against the cost of living in your study destination.
Living expenses in big cities and towns will be high, but the experience and exposure are well worth the cost. Moreover, you will have more avenues to find a job. You can compensate for the higher cost of living by earning better wages. Your study permit allows you to work for 20 hours/week. On weekends and holiday periods, there is no limit on the work hours. As long as you are not breaking any federal laws, you can work in any job during holiday breaks. Finding a job will help sustain your study costs and living expenses without having to depend on your parents or guardian.
Building your bank balance before starting the process as an international student is extremely important to cover all your studying and living expenses without having to rely too much on your parents or guardian back home.