How much does it cost to study in Canada: Planning for your education abroad

While contemplating an education abroad, the cost is one of the first parameters that most international students consider. Post-graduate education in Canada is often deemed world-class and more affordable than the other comparable destinations such as the United States or the United Kingdom – which are some of the key reasons why students choose Canada for their studies.

To better understand and get a realistic sense of the cost of studying in Canada, we surveyed 44 international students from varied backgrounds who have recently completed their education or are currently pursuing full-time post-graduate programs. 

Average school expenses for international students in Canada

Course type: Post-graduate certificate or diplomas in various fields

Duration: Depending on the nature of the course, it could range between eight to 18 months. 

Average school-related costs for post-graduate certificate or diploma in Canada

To sum up all school expenses, as an international student pursuing a post-graduate certificate or diploma in Canada, you may expect to spend approximately $14,000 to $29,000 CAD per year.

“Budget for more than what you think you’ll need. The first two to three months are key to understanding what’s expensive and what’s not, so account a little extra for those months.”

– Kashwin, graduated in 2020

Course type: Masters (such as MBA) or niche post-graduate certificate or diploma programs

Duration: 18 months to two years (Note: Niche fields refer to disciplines like robotics and AI, construction, big data, blockchain, design, etc.) 

Average school-related costs for masters (such as MBA) program or niche post-grad certificate or diploma in Canada

To sum up all school expenses, as an international student pursuing an MBA or a niche post-graduate certificate or diploma program in Canada, you may expect to spend approximately $16,000 to $37,000 CAD per year.

“Avoid the trap of living far away from campus to save money. Living nearby may appear expensive, but it will be economical in the end as you won’t need to spend money on public transit. Take advantage of everything your college/university has to offer – gym, WiFi (to avoid going over your data plan), or even the library computers, if you need to work with licensed software.”

– Oscar, graduated in 2014

Course type: Post-graduate advanced diploma programs

Duration: Three years.

Average school-related costs for post-graduate advanced diploma programs in Canada 

To sum up all school expenses, as an international student pursuing an advanced diploma program in Canada, you may expect to spend approximately $16,000 to $25,000 CAD per year.

“Plan your finances with extra room for uncertainty and bumps along the way (be prepared with 40-50 per cent above your initial budget), especially if coming to Canada with family and children.”

– Sabrina, graduated in 2019

Average living expenses for international students in Canada

As an international student studying in Canada, you may expect to spend approximately $27,000 to $64,000 CAD annually on living expenses. The government of Canada also lays down certain minimum cost of living requirements for students, which impact the amount of money you must bring/prove access to when entering Canada.

Tip: To know your options for finding affordable housing as an international student in Canada, see Finding accommodation in Canada: Tips for international students.

“The amount you have in Guaranteed Investment Certificates (GIC) won’t even cover rent. Live either on-campus or near campus to make most of your time and save on commute costs – cook at home and take coffee from home. Ensure your debit card has unlimited debits or manage your debits. Be careful while using a credit card, and keep a close eye on your expenses.” 

– Aakanksha, graduated in 2016

Summary of school and living expenses for an international student in Canada

“Research and plan ahead before starting your program. Even though your study permit may allow part-time employment, sometimes due to the course-load, it becomes impossible or very difficult to work part-time. So you will need to have strong financial support to pay your expenses during the time you’re just studying.”  

– Lucas, graduated in 2019

Managing your finances as a student

Getting an education abroad is expensive. Hence, having sufficient finances to support your overseas education from the get-go is important. To fund your studies in Canada, you can consider options such as student loans, scholarships, grants, bursaries, student lines of credit, and financial aid offered by individual educational institutions.

Tip: As you estimate the cost for your education in Canada, be sure to check the government of Canada website for the proof of financial support required as part of your student permit application.

“Save money as much as you can. The pandemic showed me how important it is to have savings in case something unexpected happens. Also, I strongly recommend living near the campus as it helps with saving time, which means money, as you can then use that time on your part-time job.”

– Carolina, graduated in 2019

Living expenses, on the other hand, can be offset by taking up part-time jobs while studying, or through a co-op or internship program at your university, provided your study permit allows it. Be aware that taking up a job while studying may eat into your study time. Some courses tend to be very intensive and may leave you with very little to no time for taking up part-time employment.

Having access to the right resources, doing thorough research, and planning for your student-life finances well in advance will free up your mind and enable you to focus on your academics, so that you can graduate and start a successful career in your chosen field.