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Nikhil Mankala Community Mentor

2 months ago

Financial Plan for Canada

Are you planning to study in Canada? Canada is a great choice for your future. It offers top-ranked education institutions as well as incredible post-graduate options to stay on and gain international work experience.

Creating a budget is a big part of the process and you’re probably wondering just how much it will cost to obtain a qualification in Canada. Below are the complete details: -

We already know that studying abroad is incredibly beneficial for both your personal and professional growth. You’ll gain more than just a world-recognized qualification but also the soft skills such as adaptability, cultural awareness, problem-solving, and courage.

On the flip side, it also comes with a price tag. How hefty that price tag depends on many factors and that’s why it’s important to create a budget and stick to it. Or at least until you find a part-time job in Canada while studying that will allow you a little more wiggle room.

Here are a few common expenses to budget for as an international student in Canada:
1. Visa Fees
2. Tuition Fees
3. GIC (Guaranteed Investment Certificate)
4. Accommodation
5. Food
6. Health Insurance
7. Transportation
8. Recreation

1. Visa Fees: Many international students make the mistake of focusing on tuition and accommodation fees and other miscellaneous expenses and forget to budget for their student visa application fees too. Applying for a Canadian study permit costs $250.

2. Tuition Fees: Your tuition fees will most likely be your most costly expense. It’s no secret that international students pay more tuition fees in Canada than permanent residents or citizens. However, Canada is still more affordable than other top study destinations such as the USA, Australia, and the U.K.

3. GIC (Guaranteed Investment Certificate): It is mandatory for each foreign student to have GIC to take care of the living expenses once they reach Canada. The amount of GIC is $10,200 that can be purchased from any participating bank.
· Scotia Bank (Recommended)
· CIBC (Recommended)
· RBC (Recommended)
· SBI
· ICICI

4. Accommodation: Accommodation plays another big role in planning our finances after tuition fees. Canada’s rental market is large and diverse, so you’ll have great options to choose. These include on-campus and off-campus accommodation or homestays.
· On Campus Accommodation: On-campus residences for students are within walking distance to the campus so you don’t have to worry about commutation and transportation expenses. The average cost is $250-$625 and may also include meal plans.
· Off Campus Accommodation: Many students tend to choose Off campus accommodation because they have the flexibility to explore the surroundings. The rent can vary depending on the type of apartment, flat, or house you choose to stay in. The average cost is around $250- $700 per month (Shared basis).

5. Food (Groceries and Eating Out): Even if you have a meal plan included in your accommodation rent, still you would need few essentials. On an average monthly essential cost would vary between $200 - $300 CAD.
Eating out would depend on the location you are choosing.
* Some grocery stores and restaurants offer student deals on certain days of the week. Ask about student discounts whenever you shop!

6. Health Insurance: When you come to Canada to study, you can expect an incredible student experience. What you can't predict is whether you'll have a medical emergency while you're here. And for this reason, all international students in Canada must have health insurance.
Mostly health insurance is covered in your tuition fees, in other words if you see the detailed breakup of your tuition fees you will see that tuition fees includes health insurance (this is for most of the colleges and universities).
In case, if health insurance is not covered as part of your tuition fees, then you will have to purchase it on your own which will cost approximately $75 per month.

7. Transportation: As an international student you will not have your own mode of transportation. But if you’re living near to college or university then you wouldn’t need any transportation to commute to college or university. Otherwise, if you want to explore around then you will have to use other modes of transportation, let’s understand average cost for each type of the transportation –
· Bus – Student Pass: $130 (Per Months)
· Subway – Weekly Pass: $45
· Lyft/Uber: $10 Per KM
· Gas: $2 Per liter (If you have car)
· Ferry: $20 Per Person (one way)

8. Recreation: Make sure that your student budget in Canada allows you to have some fun too! If you don’t have any plans to head back home, then you don’t want to sit idle in your room during the summer and winter holidays. This is the time to get out and explore Canada at her finest.

9. The best part is that international students may work full-time during school holidays. So, if you ever wanted to ski on the slopes during winter while making extra bucks then getting a part-time job at a ski resort would be possible. let’s understand average cost for a recreational activity -
· Hockey Match - $85 Per Person
· Movie/Cinema - $11 - $13 Per Person
· Niagara Falls day tour - $145 Per Person
· Whistler Winter Pass – Starting from $95 per day
· National Park - $10 Per Person or an Annual Pass $125

Plan your Finances and budgeting properly!

Stay Happy!

#masters #Canada #pgdm #budget #finance

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Edil Sk

2 months ago

Djh

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Atul Sharma

2 months ago

What about the job opportunities after that is it better than us in computer science?

1 Reply
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Priya Adapala

2 months ago

Can please make it for job opportunities for Msc microbiology in Canada

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Prem Sagar

2 months ago

Can you also make it one for USA

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Akshay Kumar

2 months ago

Is it possible to get non collateral loan for Canada?

1 Reply