Entering the realm of studying abroad is an exhilarating adventure, yet it comes with its unique financial challenges. This holds particularly true for Indian students, especially when opting for higher education in Canada.
Canada's Education Expenses
Undoubtedly, education in Canada comes with a hefty price tag. Students must be well-informed about the associated costs to make informed decisions during the financial planning phase. This awareness serves as a shield against feeling overwhelmed by uncertainties.
The costs can be broadly categorized into three sections:
Tuition Fees
Cost of Living
Study Visa & Travel Costs
We aim to guide comprehending the expenses tied to studying in Canada, allowing you to channel your focus into your studies without the burden of financial stress.
Also Read Canada Introduces Two New Language Tests for Its Study Visa Process
Canada Tuition Fees for Indian Students
Navigating the landscape of studying in Canada brings you face-to-face with a significant expense — tuition fees. The costs associated with tuition can vary substantially based on the institution, chosen study program, and level of study.
Choosing to pursue professional programs such as medicine or law comes with an additional financial commitment.
University Fees for International Students in Various Courses:
Institution’s Application Fee: CAD 50 (INR 3,086) to CAD 200 (INR 12,346) (One-time)
Ensure thorough research on the study programs of interest and review the tuition fees established by various universities in Canadian provinces.
Also Read Top 5 Canadian Companies That Sponsor Foreign Professionals
Cost of Living for Indian Students in Canada
As Indian students apply for a Canada study visa, it is essential to budget for living expenses, encompassing accommodation, food, transportation, and additional personal costs, alongside the tuition fees.
The living costs are influenced by the city of choice. Larger cities like Vancouver and Toronto tend to be pricier compared to smaller cities or rural areas.
The average accommodation cost ranges from CAD 10,000 (INR 6,10,644) to CAD 15,000 (INR 9,15,966). This covers rent, groceries, utilities, transportation, and day-to-day expenses.
Indian students in Canada can opt for on-campus or off-campus accommodation. Many universities provide on-campus housing, while off-campus options include shared apartments, single apartments, and homestays around the campus.
Housing expenses also vary based on the location and time of the year; for example, Toronto is more expensive than Calgary.
Once again, comprehensive research on the cost of living in your selected city is crucial for effective budgeting.
Also Read Get a Canadian PR Visa
Financial Requirements
It is imperative to present evidence to the Canadian immigration authorities proving that you possess sufficient funds for studying in Canada. Failing to align financial requirements with the cost of living may lead to a shortfall in expected funds for students.
To address this, obtaining a Guaranteed Investment Certificate (GIC) is necessary. This financial product, provided by banks and other institutions to international students in Canada, serves as proof of adequate funds for living expenses during their studies.
Through the RBC International Student GIC Program, a fixed amount is deposited into the GIC account, and in return, students receive fixed monthly payments for a specific duration.
To prevent such financial gaps, the IRCC regularly updates the annual cost of living in line with 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 and travel costs. This amount has doubled from the previous CAD 10,000 to adapt to the changing financial landscape in Canada, safeguarding students from vulnerability.
The IRCC has also implemented specific directives for Canada's Student Direct Stream (SDS) to expedite the processing of Canada Study Visas for residents of 14 countries.
Study Visa and Travel Costs
For Indian students applying for a study visa, study visa, and travel costs significantly impact the overall study cost.
These include:
Language Proficiency Tests
IELTS – INR 17,000
TOEFL – INR 16,900
PTE Core – INR 17,000
Duolingo Test - $59 (INR 3,603)
Study Permit and Biometric Fees
Study permit: CAD 150 (INR 9,161)
Biometric fees: CAD 85 (INR 5,190)
Health Insurance
International students from India must have health insurance to study in Canada. The cost varies by province or territory but averages between CAD 600 (INR 36,652) and CAD 1000 (INR 610,87) per year. Some Canadian universities may include health insurance in their student fees, so it's advisable to check with the institution.
Embarking on a Rewarding Educational Journey in Canada
Undoubtedly, studying in Canada offers a wealth of rewarding experiences, unlocking doors to extensive research opportunities that can shape your future. However, it is equally crucial to comprehend the associated costs of higher education for effective budgeting and planning.
Exploring Financial Avenues
Should you encounter challenges in funding your Canadian education, consider delving into scholarships for Indian students in Canada, generously funded by the Canadian government. Given the time-intensive nature of the process, initiate the application process approximately a year before your scheduled study commencement in Canada.
Also Read How to Apply for the Provincial Nominee Programs?
Expert Guidance at Your Fingertips
Seek assistance from the top immigration consultants in India to facilitate your study visa application, manage your finances proficiently, and transform your dream of studying in Canada into a reality without straining your finances.
