Learn exactly how much money you need to study in Canada in 2025. From tuition fees and living expenses to proof of funds and GIC requirements, this detailed guide helps you plan your international student budget with real costs and expert advice.
Understanding the Real Cost of Studying in Canada in 2025
Canada is one of the top destinations for international students due to its high-quality education, multicultural environment, and post-graduation immigration pathways. However, before applying for a Canada student visa, it’s essential to understand the cost of studying in Canada and prepare your finances accordingly.
From tuition fees in Canada for international students to accommodation and daily living expenses, this guide breaks down the real costs and financial requirements for studying in Canada in 2025. Whether you’re applying on your own or seeking professional help, planning your budget accurately is the first key step.
Why Budgeting Matters for International Students in Canada
When applying for a Canadian study permit, Immigration, Refugees and Citizenship Canada (IRCC) requires that you prove you have enough money to support yourself during your studies. If you don’t meet the Canada student visa financial requirements, your application could be refused.
Understanding how much money you need for your studies will help you:
- Secure your visa or study permit without delays
- Ensure a stable and comfortable life in Canada
- Plan ahead for unexpected expenses
- Explore Canadian immigration pathways after graduation
1. Tuition Fees in Canada for International Students (2025)
Your biggest upfront cost will be tuition. These fees vary depending on the institution, programme of study, and province. Here is a breakdown of average annual tuition fees for international students in 2025:
Average Tuition per Year by Level of Study
- Undergraduate Programmes: CAD $18,000 – $35,000
- Postgraduate (Master’s) Programmes: CAD $20,000 – $45,000
- Doctoral Programmes: CAD $7,000 – $20,000
- College Diplomas and Certificates: CAD $13,000 – $22,000
Professional programmes like medicine, dentistry, and MBA can cost significantly more—up to CAD $60,000 or more annually.
By Province and City
Tuition can also vary by location. For example:
- Ontario: Higher average tuition, especially in Toronto and Ottawa
- British Columbia: Moderate to high, especially in Vancouver
- Quebec: Lower tuition rates with many French-language options
- Atlantic Canada: More affordable, ideal for budget-conscious students
Looking for the cheapest way to study in Canada? Consider applying to public colleges in smaller cities or provinces like Newfoundland and Labrador, Manitoba, or Saskatchewan.
Tip:
Use a Canada education cost calculator to estimate your tuition based on programme, level, and province.
2. Living Expenses for Students in Canada
Beyond tuition, you must also budget for your daily living costs. The IRCC requires international students to show proof they can support themselves for at least one year in Canada.
Minimum Living Expense Requirement
As of 2025, IRCC mandates the following minimum funds required for living expenses (outside of Quebec):
- Student: CAD $20,635 per year
- First accompanying family member: CAD $4,000
- Each additional family member: CAD $3,000
Note: These are minimums. Actual costs may be higher depending on your lifestyle and city of residence.
Breakdown of Monthly Living Expenses
| Category | Monthly Cost (Average) |
|---|---|
| Rent (shared apartment) | CAD $600 – $1,200 |
| Food | CAD $300 – $500 |
| Transportation (public transit) | CAD $80 – $150 |
| Internet and Mobile | CAD $80 – $120 |
| Books and Supplies | CAD $100 – $200 |
| Entertainment & Miscellaneous | CAD $100 – $300 |
Total: Roughly CAD $1,200 to $2,000 per month depending on location and lifestyle.
By Region
- Toronto & Vancouver: Highest cost of living
- Montreal & Halifax: Moderate costs
- Winnipeg, Regina, St. John’s: Lower living expenses
To help manage your study in Canada expenses, consider living in student residences or shared housing, cooking at home, and using student discounts for transit and entertainment.
3. Canada Student Visa Financial Requirements
When applying for your study permit, you must demonstrate that you have enough money to pay for:
- Your first year of tuition
- At least one year of living expenses
- Travel costs to and from Canada
This is called proof of funds for Canada student visa. It is a crucial part of your visa application.
Accepted Forms of Proof of Funds
IRCC accepts several types of financial documents, including:
- Bank statements (6 months)
- Proof of a Canadian bank account in your name
- Guaranteed Investment Certificate (GIC)
- Education loan from a recognized financial institution
- Scholarship or funding letters
- Letter from a sponsor (with supporting financial documents)
Canada Student Visa Bank Statement Requirements
Your bank statement should show stable income and savings. Large, unexplained deposits may raise red flags. It’s recommended that the funds be in your account or your sponsor’s account for at least 4–6 months before applying.
Need help preparing your documents? Use our free immigration assessment to determine your eligibility and receive a checklist tailored to your situation.
GIC Amount for Canada (2025)
If you’re applying through the Student Direct Stream (SDS), you must purchase a Guaranteed Investment Certificate (GIC) of at least CAD $20,635.
The GIC is a financial product offered by Canadian banks. You deposit the required amount, and the bank releases it to you in monthly instalments once you arrive in Canada. This proves you have enough money to support yourself.
Participating banks include:
- Scotiabank
- CIBC
- ICICI Bank Canada
- HSBC
- Simplii Financial
The GIC requirement is in addition to your tuition payment.
4. Calculating Your Total Budget: Canada Education Cost Calculator
Now that you know the main expenses, let’s calculate your total costs for studying in Canada in 2025. This will vary based on your programme, location, and lifestyle.
Total First-Year Cost Estimate (Sample Calculation)
Let’s say you’re applying for a 2-year college diploma in Ontario. Here’s a sample budget:
- Tuition: CAD $16,000
- Living Expenses (12 months): CAD $20,635
- Books & Supplies: CAD $1,500
- GIC (if SDS route): CAD $20,635 (refundable in instalments)
- Miscellaneous & Travel: CAD $2,000
Total Funds Required: CAD $40,000 – $45,000
If you’re from a country eligible for SDS, the tuition + GIC + travel costs must be paid or shown in advance to meet visa criteria.
International Student Budget Tips
- Apply for scholarships and bursaries
- Work part-time (up to 20 hours/week during semesters)
- Use student discounts and loyalty programmes
- Live with a roommate or in student housing
- Create a monthly budget and track your spending
To make this process easier, you can use a Canada education cost calculator or speak with an expert to build a personalized budget plan. Our team at EverNorth can help you assess your immigration options and guide your financial preparation.
Tips for Meeting the Financial Requirements
- Start saving at least 12 months before applying
- Consider support from parents, relatives, or sponsors
- Explore education loans with low interest rates
- Keep all financial documents clear, consistent, and in English or French
Applying to study in Canada can be a life-changing opportunity—but it does require careful financial planning. Whether you’re pursuing a college diploma, a university degree, or a postgraduate programme, understanding the full cost of studying in Canada will help you prepare for success.
To get personalized advice and find out if you meet the Canada student visa financial requirements, we recommend completing a professional immigration evaluation. Our team will guide you through every step of your journey—from budgeting and document preparation to visa application and settlement support.
Continue reading to explore additional costs, part-time work opportunities, and how to fund your Canadian education efficiently.
5. Additional Costs International Students Should Consider
Beyond tuition and basic living expenses, several other costs can affect your overall budget while studying in Canada. These hidden or less obvious expenses can quickly add up, so it’s important to plan ahead and include them in your international student budget for Canada.
Application and Visa Fees
- Study Permit Application Fee: CAD $150
- Biometrics Fee: CAD $85 (if required)
- Medical Exam (if required): CAD $100 – $300 (varies by country and clinic)
These are mandatory costs for most applicants and should be included when calculating how much money you need to study in Canada.
Health Insurance
International students are required to have health insurance while in Canada. In some provinces, you’ll be covered under the provincial health plan, but in others, you must purchase private insurance.
Estimated Annual Costs:
- Public insurance (where applicable): May be free or low-cost (e.g., British Columbia, Alberta, Saskatchewan)
- Private insurance: CAD $600 – $1,000 per year
Always check with your school or provincial government to understand your health coverage options and obligations.
Settlement and Arrival Costs
- Airport transportation
- Initial groceries and household items
- Temporary accommodation (if needed)
You should budget at least CAD $1,000 – $2,000 for initial settlement costs when you first arrive in Canada.
Language Testing and Credential Evaluation
If you’re applying through immigration pathways like Express Entry after graduation, you may need to provide proof of language proficiency and get your foreign credentials assessed.
- IELTS Academic or CELPIP (for immigration): CAD $300 – $350
- WES or other credential evaluations: CAD $200 – $300
These are not required for your study permit but may be needed later if you plan to apply for permanent residence through Canadian immigration pathways.
Travel and Immigration Costs for Family Members
If dependents are accompanying you, don’t forget to account for their travel, visa, and living expenses. Spouses may apply for open work permits, and children may be eligible for free public schooling, but initial costs can be significant.
To assess your immigration options with dependents, it’s best to get professional guidance to calculate your total financial needs accurately.
6. Funding Your Education in Canada: Scholarships, Jobs, and Loans
Paying for your Canadian education can be challenging, but many international students successfully fund their studies through a mix of scholarships, part-time work, and financial support. Understanding your options can reduce your financial stress and help you stay focused on your education.
Scholarships and Bursaries
Many Canadian institutions offer scholarships and bursaries to international students. These awards may be based on academic merit, financial need, or other criteria such as leadership or community involvement.
Types of Scholarships:
- Entrance Scholarships: Automatically awarded upon admission for high academic scores
- Programme-Specific Awards: Offered by faculties or departments
- Government Scholarships: Such as the Vanier Canada Graduate Scholarships or Banting Postdoctoral Fellowships
- External Scholarships: Provided by NGOs, community organisations, or international bodies
Check with your school’s international student office for a list of available scholarships and how to apply.
Part-Time Work While Studying
As an international student in Canada, you are allowed to work up to 20 hours per week during academic sessions and full-time during scheduled breaks (such as summer holidays).
Typical Student Jobs Include:
- Retail sales associate
- Barista or restaurant staff
- Campus jobs (library assistant, tutor, research assistant)
- Internships or co-op placements related to your field
Income from part-time work can help cover some of your living expenses in Canada, but it should not be relied on as your primary source of funding for tuition or visa requirements.
Post-Graduation Work Opportunities
After completing your studies, you may be eligible for a Post-Graduation Work Permit (PGWP), which allows you to stay and work in Canada for up to three years. This can be a stepping stone toward permanent residency through Canadian immigration pathways like Express Entry or Provincial Nominee Programmes (PNPs).
Working in Canada post-graduation can help you repay any student loans and build long-term financial stability.
Education Loans and Financial Assistance
Some international students choose to apply for education loans from banks or other financial institutions in their home countries. These loans may cover tuition, living expenses, and travel costs.
Tips When Applying for a Loan:
- Choose a bank with experience in funding international education
- Ensure the loan covers your full financial requirement for visa purposes
- Provide all necessary documentation early, including admission letters and cost estimates
Some Canadian banks may also offer student lines of credit for permanent residents or international students with co-signers residing in Canada.
7. Cheapest Way to Study in Canada: Smart Budgeting Strategies
If you’re looking for the cheapest way to study in Canada, the good news is that there are many strategies to reduce your costs while still receiving a world-class education. Here are some expert tips to help you save:
Choose the Right School and Location
- Apply to public colleges or smaller universities in affordable provinces like Manitoba, New Brunswick, or Newfoundland and Labrador
- Avoid large urban centres like Toronto and Vancouver if budget is a concern
- Compare tuition fees across institutions and programmes before applying
Use a Canada education cost calculator to compare different schools and regions based on your budget.
Apply for Early Admission and Scholarships
- Many schools offer early bird tuition discounts or priority scholarship consideration
- Start your application process at least 12–18 months in advance
This gives you more time to plan, gather documents, and secure funding.
Live Frugally and Track Your Spending
Once in Canada, practice smart financial habits:
- Cook meals at home instead of eating out
- Use public transportation or discounted student transit passes
- Use your student ID for discounts at gyms, cinemas, and shops
- Buy used textbooks or borrow from the campus library
Consider Online or Hybrid Programmes
Some Canadian institutions offer online or hybrid learning options, which can reduce living expenses and provide more flexibility. However, make sure the programme is eligible for a study permit and post-graduation work permit before enrolling.
Conclusion: Be Financially Ready for Your Canadian Education
Preparing financially to study in Canada is one of the most important steps in your international education journey. From tuition fees and living expenses in Canada to proof of funds for Canada student visa requirements, knowing exactly how much money you need will help you avoid surprises and stay focused on your goals.
In 2025, international students should plan for a total first-year cost of approximately CAD $35,000 to $50,000, depending on the province, programme, and lifestyle. This includes tuition, living expenses, travel, visa fees, and other essentials.
By budgeting wisely, exploring scholarships, and knowing your options for part-time work and financial aid, you can turn your dream of studying in Canada into a reality. Make use of tools like a Canada education cost calculator and don’t hesitate to seek expert help when needed.
Our team at EverNorth is here to support you throughout your journey. Whether you’re just starting to research or ready to apply, we offer guidance on everything from budgeting and document preparation to immigration to Canada after graduation.
Ready to take the next step?
Complete our free immigration assessment to determine your eligibility and get a customised plan for your Canadian study and immigration goals.
- Explore your Canadian immigration options
- Assess your immigration options
- Get expert advice on Canada student visa financial requirements
- Learn how to meet GIC amount for Canada and provide proof of funds
Studying in Canada is a rewarding investment in your future—and with the right financial planning, it’s more achievable than you might think. Let EverNorth help you navigate the process with confidence and clarity.
