How much money do you need to study in Canada?

Institution’s application fee: CAD 50 (INR 3,086) to CAD 200 (INR 12,346) (one-time)

Make sure to conduct thorough research on the study programs you’re interested in & check the tuition fees set by different universities in Canadian provinces. 

Cost of Living for Indian Students in Canada

Students applying for a Canada study visa from India must budget for living expenses such as accommodation, food, transportation, & other personal expenses – in addition to the tuition fees.

The cost of living will also depend on the city you choose to study in. Larger cities like Vancouver & Toronto are more on the expensive side than small cities or rural areas. 

The average cost of accommodation will be between CAD 10,000 (INR 6,10,644) and CAD 15,000 (INR 9,15,966). This amount includes rent for accommodation, groceries, utilities, transportation, & other day-to-day expenses. 

Indian students in Canada can choose on-campus or off-campus accommodation. Many universities have on-campus housing but if you wish to live off-campus, shared apartments, single apartments homestays, etc. are available around the campus.

The cost of housing will also depend on the location and time of the year. For instance, if your university is in Toronto, it will be more expensive than say Calgary.

Again, it's important to research the cost of living in your chosen city & budget accordingly.

Financial Requirements

Providing evidence to the Canadian immigration authorities that you have enough money to study in Canada is mandatory. If the financial requirements for international students in Canada do not align with the cost of living, this may cause students to fall short of their expected funds.

(For that, you need to get a Guaranteed Investment Certificate (GIC) – a financial product that banks & other financial institutions give to international students in Canada. This works as proof that students have enough funds to cover living expenses while studying in Canada.

A fixed amount is deposited into the GIC account through the RBC International Student GIC Program. In return, students get fixed monthly payments for a specific time.)

To make sure this does not happen, IRCC revises the annual cost of living, aligning it with the updates to Statistics Canada's Low-Income Cut-off (LICO).

As of January 01, 2024, the cost-of-living requirement for a single study visa applicant is CAD 20,635 (75% of LICO) - in addition to the first-year tuition fee & travel costs. Earlier, it was CAD 10,000.

The amount has been doubled to address the changing financial landscape in Canada and prevent student vulnerability. The IRCC has implemented specific directives for Canada's Student Direct Stream (SDS) to speed up the processing of Canada Study Visas for residents of 14 countries.

Study Visa and Travel Costs

Indian students who are applying for a study visa must keep in mind that their overall study cost is majorly affected by the study visa and travel costs.

These include:

1. Language Proficiency Tests

You need to take a language test that assesses your speaking, writing, listening & reading skills. The cost for these tests will depend on the test you take.

• IELTS – INR 17,000
• TOEFL – INR 16,900
• PTE Core – INR 17,000
• Duolingo Test - $59 (INR 3,603)

You need a study permit, without which you cannot officially start your studies in Canada - costs CAD 150 (INR 9,161). Also, pay the biometric fees as a part of the application process - CAD 85 (INR 5,190).

3. Health Insurance

All international students from India need health insurance to study in Canada. The cost of this can vary as per the province or territory they choose to study in. But on average, you can expect it to be between CAD 600 (INR 36,652) & CAD 1000 (INR 610,87) per year. Some Canadian universities may include health insurance as part of their student fees. So, check this with your institution.

Studying in Canada is indeed a rewarding experience, as it opens doors to more research opportunities & shapes your future. But it’s equally important to know the costs involved with higher education to budget & plan accordingly.

If you’re having trouble funding your Canadian education, explore scholarships for Indian students in Canada funded by the Canadian government. This may take a while, so you better start sending out applications about a year before your study begins in Canada.

Need help? Talk to the best immigration consultants in India to apply for a study visa, manage your finances effectively, and make your dream of studying in Canada a reality without breaking the bank.

Good Luck!

Read more: Smart Budgeting Tips for International Students in Canada