Studying in Canada: Government Reveals Monthly Living Costs and Budget Guidelines for Students

Canada is a top destination for students seeking world-class education and promising career opportunities. However, studying there comes with significant expenses beyond tuition fees, and students must plan their finances carefully.

Minimum Funds Required for Student Visa
Many aspiring students assume that paying university tuition is sufficient. However, the Canadian government requires proof of adequate funds before issuing a student visa. Students must show at least CAD 22,895 (approximately ₹15.35 lakh), which can be done through a Guaranteed Investment Certificate (GIC). This amount generally covers tuition as well as living expenses for the first year.

Monthly Living Costs in Canada
According to the Canadian government’s EduCanada website, the monthly expenses for students vary depending on lifestyle and accommodation choices:

• Accommodation: Rent ranges from CAD 500–2,000 (₹33,525–1.34 lakh) per month, depending on whether students stay in college dorms or private apartments.
• Food: Monthly food expenses range from CAD 240–480 (₹16,092–32,184). Dormitory residents typically pay for meal plans, while those in private apartments cook their own meals.
• Utilities (Electricity/Heating): About CAD 100 (₹6,700) per month. Heating is necessary in Canada’s cold climate.
• Internet and Phone Plans: Internet costs CAD 50–100 (₹3,352–6,705), and phone plans average CAD 60 (₹4,000) per month.
• Health Insurance: Monthly health coverage ranges from CAD 75–120 (₹5,028–8,046), essential to cover medical expenses.
• Transportation: Public transport costs CAD 80–156 (₹5,364–10,460) per month, depending on usage.
• Entertainment: Activities such as movies, art galleries, or leisure outings cost around CAD 120 (₹8,000) monthly.

Overall, students can expect monthly living expenses between CAD 1,225–3,016 (₹82,000–2 lakh).

Managing Expenses
Some students rely entirely on personal savings, while others supplement their budget through part-time jobs, which are popular among international students. However, working while studying requires strict adherence to student visa regulations.

With proper financial planning, students can comfortably manage tuition, accommodation, and living costs while enjoying the educational and cultural benefits that Canada offers.