Canada, For its multicultural tapestry and world-renowned universities, has become a magnet for international students. A rigorous financial evaluation is requisite for informed relocation decisions. This blog delves into the costs associated with studying at Canada’s Best universities, equipping you with the knowledge to make informed decisions.
The All-Important Tuition Fees
Globally, Canadian tuition fees show notable variability across universities, programs and fields. Statistics Canada reports the weighted average tuition fee for all full-time international undergraduate students in 2024 to be a hefty annually. Let’s explore some specific examples from top-ranked universities:
- University of Toronto (UoT): Ranked 25th globally in the QS World University Rankings 2025, UoT boasts a diverse range of programs. A notable disparity exists in tuition fees among Canada’s premier universities, with Arts and Commerce programs costing $5,000 and Engineering programs reaching $20,000.
- Mc Gill University : Arts program tuition fees (CAD $47,281.69) remain considerable.
Keep in mind that these are just starting points. Tuition fees can fluctuate based on specific programs. Consulting the university website for program-specific costs is essential.
Beyond Tuition: The Living Cost Equation
Here’s a breakdown of other key cost factors:
- Accommodation: Find your perfect home without breaking the bank! On-campus housing is pricey. Off-campus options like shared spaces or room rentals save money. Toronto: CAD $3,000/month; Montreal: CAD $2,300 (Source: The Economic Times).. Plan wisely!
- Food: Eating healthy is crucial for student success. Budgeting for groceries and occasional dining out is necessary. According to Numbeo, a cost of living comparison website, the average cost of groceries in Canada can range from CAD 300 to CAD $400 per month.
- Transportation: It’s important to get around efficiently. Consider the university’s location and available public transportation options. Make smart travel choices: student passes for savings and cycling with maintenance in mind.
- Other Expenses: Include textbooks, stationery, healthcare (international student health plans are mandatory), and entertainment in your budget.Life happens. Build flexibility into your finances.
| Type of Expense | Cost in CAD | Cost in INR |
| Test Fee (IELTS, GRE, & Etc) | 280 to 371 | 17,000 to 22,550 |
| Guaranteed Investment Certificate | 20,635 | 12.72 Lakhs |
| Tuition Fees | 7,000 to 53,538 | 4.25 Lakhs to 32.52 Lakhs |
| Student Visa Fee of Canada | 150 | 9,115 |
| Living costs in Canada | 37,526 | 22.80 Lakhs |
| Travel Expenses | 1,810 | 1.10 Lakh |
| Total Cost of Studying In Canada | 67,401 to 1,14,030 | 41.00 Lakhs to 69.30 Lakhs |
Note: This cost is just an overview to let you know about the total cost of studying in Canadian universities.
Scholarships & Financial Aid: Bringing Down the Costs
Global Affairs Canada’s Top Universities involvement in prominent international scholarship programs. Discover scholarships offered by Canadian and foreign governments, NGOs, and international organizations.
Studying in Canada can be expensive, & scholarships , financial aid opportunities can alleviate the financial burden. Here are some starting points for your research:
- University Scholarships: Most Canadian universities offer dedicated scholarships for international students. Research individual university websites for scholarship opportunities specific to your program and academic achievements.
- Government Scholarships: The Canadian government offers various scholarship programs for international students. Explore options like the Vanier Canada Graduate Scholarships (VCGS) and the Banting Postdoctoral Fellowships Program.
- External Scholarships: Numerous organisations and institutions offer scholarships for international students. Research scholarships offered by foundations, corporations, or organisations related to your field of study.
Here are some popular government-funded scholarships available for Canada’s Top Universities in Canada:
| S. No. | Name of the scholarship | Description |
| 1 | Shastri Indo-Canadian Institute | Offers various fellowships at different levels from graduate to post-doctorate and from research to training fellowshipsShastri Research Student Fellowship: For students enrolled in Bachelors, Masters, M.Phil degree programmes in recognised Indian universities or institutions to undertake research in their interested areas/ fields in a Canadian universityEligible students can also pursue an e-course (module/part of a course), or do an e-internship at Canadian universities, which falls under SICI network |
| 2 | Canadian Commonwealth Scholarship and Fellowship Plan | This scheme identifies students with high intellect from Commonwealth countries applying to programs of advanced study and research at the Master and PhD levelThe award comprises travel, living allowance and the compulsory tuition feesIt includes Graduate Students Exchanges (GSEP), which provide $10,000 for transportation, living and other expenses in Canada for 5-6 months(Source: https://www.collegesearch.in/study-in-canada) |
| 3 | Ontario Graduate Scholarship Program | For graduate students in a wide variety of disciplines As a prerequisite to applying, students must accept an offer from a university in Ontario and obtain a valid study permit The scholarship amount is $5,000 per session. So, you may receive $10,000 (two consecutive sessions); $15,000 (three consecutive sessions). In all, the unit will limit itself to one-third of the cost of the total award to be received by you Each award is tenable for one year (two to three academic sessions). The value and duration are determined by the awarding graduate unit and detailed of which will be mentioned in your offer letter Deadlines are set by the current or proposed graduate unit Duration: Each scholarship is tenable for one year (i.e., two consecutive or three academic sessions). The value and duration of each OGS award will be determined by the awarding graduate unit and detailed in the offer letter.(Source:https://www.sgs.utoronto.ca/awards/ontario-graduate-scholarship/#section_1) |
| 4 | National Research Council of Canada (NRCC) | Research associateship is offered to master’s degree holders in engineering and PhD holders in natural science or engineering disciplines(Please connect with your IDP expert for more information) |
| 5 | Quebec Provincial Government Scholarship | For students studying in QuebecFinancial assistance to Canada’s Top Universities master’s level or aboveEach application is assessed on its meritValue and duration are determined as per the level of study:Doctoral program: $25,000 a year and duration is up to 3 years with a possible extension to it of 12 monthsPostdoctoral scholarships: $35,000 for one year and can’t be renewedShort-term research or professional development scholarship: $3,000 each month for 4 months(https://www.quebec.ca/en/education/study-quebec/financial-assistance-international-students/merit-scholarships) |
| 6 | Ontario Trillium Scholarship | First announced in November 2010 for doctoral students from around the world to study in Ontario Each scholarship is worth $40,000 annually, renewable for a maximum of four years75 scholarships are awarded each year Ontario universities are responsible for selecting and awarding the scholarship to international PhD students based on merit and program criteria(Source: https://graduatestudies.uoguelph.ca/current/funding/scholarships/gov-fundedawards/ots) |
| 7 | Partnership Grants by Social Sciences and Humanities Research Council of Canada | For PhD candidates Supports new or existing research initiatives in social sciences and humanities Worth up to CAD 20,000 Duration: 4 to 7 years(Source:https://www.sshrc-crsh.gc.ca/funding-financement/programs-programmes/) |
| 8 | Banting Postdoctoral Fellowships | Offered by the Canadian government to international students to pursue postgraduate programs within the natural science, social sciences, or healthcare research. This Postdoctoral Fellowship is worth $70,000 per year (taxable) for two years Deadline for this scholarship is 1st October 2020(Source: https://www.educanada.ca/scholarships-bourses/news-nouvelles/2020/2020-06-01.aspx?lang=eng) |
| 9 | Vanier Canada Graduate Scholarships | This scholarship is awarded by Government of Canada to meritorious students who aspire to pursue a doctoral degree at a Canadian institution. Duration is for 3 years (non-renewable) and amount is 50,000 CAD per year Deadline to submit an application to the nominating institution. Contact the nominating institution for a specific date.(Source: https://vanier.gc.ca/en/nomination_process processus_de_mise_en_candidature_overview.html) |
*Note : Discuss your specific needs with our experts to uncover the most advantageous opportunities matching your profile.
Planning Your Finances: Budgeting for Success
To ensure a smooth financial journey throughout your studies, here are some valuable tips:
- Create a Detailed Budget: List down all your anticipated expenses, from tuition fees to groceries and transportation. This information will provide valuable insights into your financial needs, enabling you to make informed spending decisions.
- Explore Work Opportunities: As an Canada’s Top Universities, you might be eligible for part-time on-campus or off-campus work. This can be a great way to offset your living expenses and gain valuable work experience.
- Manage Your Finances Wisely: Open a Canadian bank account to manage your finances effectively. Utilise online banking tools to monitor your spending and avoid unnecessary overdrafts.
Investing in Your Future:
Studying in Canada offers a unique opportunity for academic excellence and personal growth. By understanding the associated costs.