Financing

How to
Finance
Your Education in Canada

Comprehensive solutions for all budgets and levels of language proficiency Start Today
Queen

The cost of education in Canada is lower than the cost in the United States, Great Britain, and Australia. In addition, the current exchange rate of the Canadian dollar makes your investment in Canadian education even more attractive.

Tuition Accommodation Total
Australia Australia
$24,081 $18,012 Australia Total
USA USA
$24,914 $11,651 USA Total
UK UK
$21,365 $13,680 UK Total
Canada Canada
$16,746 $13,201 Canada Total

Getting an education in Canada is a serious investment towards your future that requires thorough planning.

For your first year, you need at least $25,000 CAN. In addition to $10,000-$12,000 CAD for accommodations and $2,000-$3,000 CAD for visa and travel expenses, you will need to cover the tuition cost:

  • $10,000 – $18,000 CAD for college
  • $9,000 - $30,000 CAD for university

The main sources of financing your educations are:

  • Your savings
  • Your work during your study and school holidays
  • Bursaries and scholarships

Savings comprise of funds provided by a student’s parents, a student’s own savings or bank loans received in a student’s home country.

This part of your funding is especially important since you have to prove that you have enough money to support yourself during your first year of study.

In Canada, working at even minimum wage, students can make about $900 CAD per month.

Graduates who received a Post-Graduate Work Permit can work up to 40 hours per week, earning from $1,800 CAD per month. Due to Canadian tax regulations, your taxes will be excluded from your paycheck.

However, you can get a hefty tax return at the end of the year, especially if your family (a spouse/children) lives with you in Canada.

Tuition

Book $16,756

Accommodation

House $13,201

Total

Sum $29,947
Clock

$11.40

Minimum hourly wage in Ontario

Clock x 20 hours = $228/per week

During study time

Up to $6,384
Clock x 37.5 hours = $427.50/per week

During holidays

Up to $10,260
Total $16,504

You can earn enough money to cover either your tuition cost or your food and accommodation

How to receive Bursaries and Scholarships in Canada? – This is one of our most commonly asked questions

The number of bursaries and scholarships offered by an educational institution for international students often determines their choice. Normally, ccolleges and universities offer scholarships and bursaries to international students within a range of $500CAD - $5,000 CAD per academic year, but some of our educational partners offer full tuition support.

To receive CANPASS’s ratings for scholarships and bursaries – Learn More

Do you want to receive entrance scholarships and bursaries? Prove that you deserve them!

Both educational institutions and employers want to attract the best candidates with an active attitude toward life. Outstanding academic achievements in your home country’s high school or college/university are the minimum requirement to being considered for a scholarship or bursary.

CANPASS recommends you to start working on your applications for scholarships and bursaries while you are preparing for your English test. We have compiled a list of the five key factors of a successful scholarship application – Learn More

Grants differ from scholarships and bursaries by their purpose. They are normally funds given by the government or big organizations for different types of research. Applying for a grant is a separate process that we can consult you on if you have plans to pursue a Master’s Degree or Ph.D. – Learn More

How to minimize cost of living during your study?

Follow our blog posts, ask and receive advice

about the cost of living in Canada in the Manual of Common Sense category.

Learn More

^