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Streamline your Finances with our Budget Guide
The cost of studying abroad can be prohibitive, but Canada is one location where quality education is offered at a lesser cost than in many other places. However, before you leave India, make sure to include other costs such as accommodation, food, health insurance, and travel in your estimate of the cost of attending university in Canada. With this information, you will be able to organize your budget better.
Depending on the sort of degree and institution you choose, your tuition costs will vary. A year’s salary of between CAD 13,000 and CAD 35,000 will be needed to pay for this. More expensive subjects like medical or engineering tend to be more common in the humanities and arts fields. When pursuing a postgraduate degree, the cost of education is normally higher, and it varies based on your chosen program. MBA programs in the United States tend to be the most expensive, as they are in most other nations. A typical programme costs between CAD 30,000 to $42,000.
You'll Spend the Most Money on Tuition
|S.No.||Study Program||Average Annual Fee|
|1||Undergraduate program||$13,000 to $20,000|
|2||Postgraduate master’s degree||$17,000 to $25,000|
|3||Doctoral degree||$7,000 to $15,000|
|4||MBA||$30,000 to $40,000|
Estimate the Cost of Travel and Lodging
For international students, the majority of Canadian universities include on-campus housing options. Alternatively, you might choose to live in an off-campus apartment with other Indian students. From CAD 8,000 to CAD 10,000, the cost of on-campus lodging can be expected to be incurred (annually). Depending on where you live, and the time of year, you can expect to pay between CAD 400 and CAD 700 a month for a shared apartment. Keep in mind that rental prices differ from one city to the next. Homestays, where you stay with a Canadian family, is a different choice. In exchange for meals and a room, you’ll have to pay a CAD 200 placement fee and a monthly charge of CAD 750 – 950. For this reason, you’ll have a lot of opportunities to interact with your host and immerse yourself in the culture.
The Cost of Obtaining a Student Visa and Work Permit
As a first step toward studying in Canada, students must first obtain a valid study permit, which carries a fee (approx. CAD 150). You may find out more about Canadian student visas here: please consult your IOE counselor for the most recent updates to get the most up-to-date information.
A small amount of money should be set aside for food, social events, and unexpected expenses. To avoid overspending while living in a new nation as a student, keeping track of your spending is best. Single student budgets in Canada run at CAD 15,000, taking into account various expenses and living costs (indicative). When preparing your budget, it’s a good idea to take into account these everyday expenses.
Communication costs: Your family and friends back in India would be your constant companions while studying in the United States. Therefore, it would be best to allocate a portion of your monthly budget to phone and data charges. Use student discounts and cost-effective calling plans to keep in touch with your loved ones while staying within your monthly budget. You’ll be able to select a phone plan that works for you. However, the average monthly cost is about CAD 20.
Books and other materials: Buying textbooks might be a bit of a financial burden. Books for engineering courses, for example, will set you back anywhere from CAD 250 to CAD 350 for each book. Courses like law, medicine, and pharmacy provide an even more significant potential for return on investment. It’s possible to do this on a budget by buying used books, downloading digital versions, or signing up for a library card.
Expenses incurred for personal reasons: Everything from washing detergent to clothing to dining out is included in your everyday spending. Depending on your lifestyle, this may or may not be accurate.
Determine the Transportation Cost to get Around.
You’ll need to use public transportation unless your school provides a shuttle service to get to and from your lodging.
For short Distances: Use regional trains, buses, and subways whenever possible. Buses and subways are readily available in major cities such as Toronto, Vancouver, and Montreal. There may not be subways in smaller cities, but buses, commuter trains, and local taxis are always available. When it comes to the cost of transportation, a month’s worth of commutes can cost anywhere from $80 to $110. (indicative). It’s a good idea to buy a monthly pass for college commuting because it’s reasonably priced.
Park and Ride Service: In some cities, if you live far from a bus stop, you can drive to a designated parking area and then catch a train or bus. It’s also possible to get an international driver’s license and rent a car. According to how far you have to travel, the cost of your commute will vary.
For long distances :You can take long-distance buses, trains, and planes to travel between cities.
Taxes should not be overlooked
Working 20 hours per week during academic sessions and full-time during holidays is permitted for Indian students in Canada who have a Social Insurance Number (SIN) issued by their home government. Taxes will be levied on any Canadian income you generate while pursuing your education. The federal and state governments may also tax these wards if you get a university’s scholarship or assistantship. Remember that fluctuations in the exchange rate could affect your budgeting as well. Additionally, while studying in Canada, consider finding a part-time job or applying for a scholarship. This can significantly reduce your study abroad expenses.