Budgeting for International Student: Moving to Canada to study is an incredible adventure. It’s a chance to experience a new culture, making new friends, and getting the world-class education. But before you can enjoy it all, you need to get one thing under control—your budget. When it comes to money, its important to use it wisely. Creating a solid budget is the first step to a stress-free experience.
Without a plan, money worries can quickly overshadow your experience. With the right financial roadmap, you’ll be able to focus on your studies and make the most of your time abroad. This guide will help you understand where your money goes, so you can plan ahead.
Budgeting for International Student
Your financial journey actually begins months before you fly out—covering passport, visa fees, IELTS preparation costs, and more. But let’s not focus too much on those pre-departure expenses. Today, our main concern is budgeting and managing expenses after you land in Canada.
Tuition Fees: The Biggest Piece of the Pie
Your tuition fee will be your single largest expense, and it can vary widely depending on your program and university. College fees are usually lower compared to university fees, but it also depends on the program you choose. In general, specialized programs like engineering or medicine are more expensive than arts (Interior Design Courses) or humanities.
- Undergraduate Programs: Expect to pay anywhere from CAD $16,000 to $50,000+ per year. Some college programs can be more affordable, starting as low as CAD $5,100 per semester.
- Postgraduate (Master’s/PhD) Programs: These typically range from CAD $11,000 to $40,000+ per year.
Where You’ll Live: Accommodation Costs
Another major expense is housing when you live away from home. This can make a big difference because, unlike tuition fees, you have some control over it. If you don’t mind sharing, you can find accommodation much cheaper than living alone. Then you have option of living in campus or off campus.
Costs can also change a lot depending on the city – Vancouver and Toronto are much pricier than cities like Calgary or Montréal.
On-Campus Residence
Living within campus is super convenient, especially in your first year. It’s a great way to meet people, and utilities are usually included. However, in most case it’s more expensive than living off-campus.
- Cost: CAD $600 – $1,500 per month. Meal plans are often mandatory and can add another $300-$800 per month.
Off-Campus Housing
Renting an apartment or a room in a shared house is a popular choice. I personally lived in shared housing throughout my college years, and it really helped me save money. Back then, a two-bedroom basement apartment cost around CAD $1,100–$1,300.
Keep in mind that you’ll likely have to pay for utilities such as electricity, heat, and internet on top of the rent. In most cases, basement tenants cover about 30% of the utilities, while the rest is paid by the people living upstairs.
- Cost (Shared): CAD $300 – $700 per month, per person.
- Cost (One-Bedroom): CAD $1,100 – $2,500+ per month, especially in big cities.
Homestay
Living with a Canadian host family can be a great way to immerse yourself in the culture. This option usually includes meals and a furnished room. If you ask me, I don’t think its very popular option in Canada.
- Cost: CAD $600 – $1,100 per month.
Daily Life: Living Expenses
These are the day-to-day costs that you’ll need to factor into your monthly budget. Smart choices here can make a big difference.
Groceries: How much you spend on food depends on your habits. Cooking your own meals is by far the cheapest option. Eating out regularly will add up quickly. You can easily manage in CAD $300 – $500 per month if you cook at home.
Transportation: Most students rely on public transport. Monthly passes offer unlimited rides on buses, subways, and streetcars, making them a great deal. You could cost you around CAD $65 – $150, depending on the city. (For example, Toronto’s post-secondary pass is about $128, while Vancouver’s is around $105).
Health Insurance: Health insurance is mandatory for all international students in Canada. Some provinces allow you to join their provincial health plan, while in others, you’ll need to buy a private plan through your university. In most cases, you have to purchase it before landing in Canada and it could cost around CAD $600 – $1,000 per year.
Phone and Internet: Staying connected is essential. Many companies offer student-friendly mobile plans, plan start from CAD $15. But if you need both data and calling plan you need to spend little more. For saving, make sure you do compare plans from all popular SIM card provider in Canada.
| Expense Category | Low Estimate (CAD) | High Estimate (CAD) |
|---|---|---|
| Accommodation (Shared) | $350 | $1,200 |
| Groceries | $250 | $500 |
| Transportation | $100 | $150 |
| Health Insurance | $50(mostly paid annually) | $85 |
| Phone Bill | $25 | $80 |
| Personal & Entertainment | $150 | $300 |
| Monthly Total (Excluding Tuition) | $925 | $2,315 |
We will launching budgeting tool soon on this website. Other ways to save money, doing well research before spending it. For example, do research and compare which bank account is best for you. That in long run will save good amount of money. Another example could be, get best rates while Money Transfers from Home.
Thousands of international students successfully manage their finances in Canada every year, and you can too. The key is to be aware of the costs, create a realistic budget, and look for ways to save money.
Welcome to Canada!!
If you’re an international student, what’s the biggest expense you’re preparing for? Share your experience in the comments below – we’d love to hear your story!
