Studying in Canada offers life-changing experiences, including amazing personal and professional opportunities. If you’re interested in coming to Canada as a student, or if you’re already here, you’re in good company. Canada’s renowned universities and colleges attract a large number of international students. More than a million were enrolled nationwide in 2023—27% more than in 2022. It may soon be tougher to get a study permit, however. Concerned about housing shortages and “bad actors” among educational institutions, the federal government recently announced that it is capping undergraduate study permits for international students over the next two years. In 2024, it will issue 360,000 permits, 35% fewer than in 2023. (The government says that study permit renewals will not be affected.)
For those who do receive a permit to attend school in Canada, the cost of tuition and living expenses will be significant. Many international students can work in Canada, but there are restrictions on working in full-time positions (40 hours or more per week) in Canada. Fortunately, there are ways for international students to make money and get financial support towards tuition and living expenses. Follow these tips to help offset the cost of continuing your education.
What’s the average tuition cost for international students in Canada?
Statistics Canada reports that international undergraduate students will pay, on average, $38,081 in tuition fees for the 2023/2024 academic year. That’s about 5.5 times the average cost of a domestic student’s tuition, which is $7,076. International graduates students will pay an average of $22,061, compared to domestic graduates students’ tuition of $7,573. The high price of post-secondary school is one reason why scholarships for international students in Canada are so sought-after.
Most provinces in Canada set a limit on the annual tuition fee increase, but this doesn’t usually apply to international students. However, Edu Canada, the Government of Canada’s website for international students, notes that these fees are still generally lower than those in Australia, the U.K. and the U.S. Additionally, when considering the number of bursaries, scholarships and paid co-op programs available, international students might be able to find financial support with some hard work.
How international students can get financial aid in Canada
Studying in Canada as an international student can be expensive, but investing in an education can be one of the best decisions to make. Thankfully, numerous government and educational institutions provide financial aid for international students in Canada.
Apply to bursaries and scholarships
International students in Canada are eligible to apply for many bursaries and scholarships. Bursaries for students are provided based on financial need and may also have academic performance requirements.
Hundreds of bursaries can be found on Scholarships Canada. Factors like an applicant’s age, location and other eligibility criteria determine who qualifies for them. Bursaries are typically funded by government agencies, corporations and businesses, religious institutions, individual donors, private foundations and non-profit organizations.
Meanwhile, scholarships are awarded based on factors like an applicant’s academic achievements, income, and volunteer or community work. If you’re looking for scholarships for international students in Canada, Edu Canada is a helpful search tool that compiles a comprehensive list of scholarships non-Canadians can receive. Just input your citizenship status and country of residence, and the portal will recommend a list of scholarships you may be eligible to apply for.
For accurate and up-to-date information about the availability and eligibility criteria for scholarship and bursary opportunities for students at your school, contact your college or university’s financial aid office.
Claim benefits from the Canadian government
Many international students are considered to be residents of Canada. The first step is to determine your residency status, which will impact how your income from part-time jobs will be taxed and what benefits you might be eligible to receive. You’re considered a resident if you have strong ties to Canada, such as having a home in Canada, or a spouse or dependents who live in Canada. The following factors may also indicate ties to Canada: having Canadian bank accounts or credit cards, a Canadian driver’s license, or health insurance from a Canadian province or territory. To receive government benefits and grants, you’ll have to get a social insurance number (SIN) from Service Canada, provide your banking account information and, for some credits, file an income tax return before you can receive the payment.
International students who are considered to be residents of Canada are eligible for various federal and provincial Canadian grants, tax deductions and rebates. Some examples include:
Goods and services tax / harmonized sales tax credit
The goods and services tax (GST) and harmonized sales tax (HST) are sales taxes in Canada that apply to most things you buy and services you use, including some types of property. The Canadian Revenue Agency (CRA) allows for GST/HST credits for low-income people and families four times a year. It helps offset the goods and services tax or harmonized sales tax you pay. The amount you’ll receive depends on your marital status, how many eligible children you have, and your family’s income for the 2023 base tax year. You do not need to file a tax return to receive this credit, but there may be other requirements such as the minimum amount of time you have resided in Canada.
For the period from July 2023 to June 2024, an international student could receive:
- $496 if single
- $650 if married or in a common-law partnership
- $171 for each child under 19 years old
The climate action incentive payment
The climate action incentive payment (CAIP) is a quarterly payment eligible Canadian residents receive to help offset costs related to the carbon tax. You’re eligible for this payment if you live in Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, P.E.I., Nova Scotia, or Newfoundland and Labrador. Your quarterly payment amount depends on your province and ranges from $120 to $193 (depending on location) for a single adult. All you need to do is file your taxes on time to get the CAIP payments automatically.
How to find more benefits for international students
Benefits Finder is an online tool from the Government of Canada to help Canadians, including international students in Canada, search for payments and supports they might be able to receive. Respond to a few straightforward questions, and you’ll get answers about what you could be eligible for.
3 ways international students can make money in Canada
1. Take advantage of banking incentives
Opening a bank account is one of the first things to do when you arrive in Canada as an international student. Note that you’ll need a copy of your study permit and your letter of enrolment or student ID to confirm your eligibility for some bank accounts.
Many banks offer a chequing account bonus that can be up to $400 when you open the account and make eligible transactions, like setting up pre-authorized payments or payroll deposits. Zero monthly fees, cash back on credit cards, and free Interac e-Transfers are some examples of valuable banking perks.
Getting and using a credit card can help you build your credit score in Canada (which is helpful if you want to get a loan or mortgage in the future). If you’re ready to apply for a credit card, compare student credit cards and newcomer credit cards from Canadian banks and financial institutions. Look at features like their interest rates, rewards programs and more. Many credit cards also offer cash back or rewards welcome bonuses.
2. Sell used textbooks
If you’re looking for a smart way to get back some of the money you spent throughout the semester, consider selling textbooks you no longer need. Some of the more expensive ones can resell for around $100. There are several ways to sell textbooks, such as through online marketplaces or a campus bookstore’s textbook buyback program, or directly to other students. This is a great way to earn free money (or at least get some of your money back) and help other students who are looking for affordable textbooks.
3. Rent out your condo’s parking spot or storage locker
Rent can eat up a significant portion of a student’s budget. Check to see if your rental agreement includes a parking spot or storage unit. If you don’t use it, you could rent it out to a neighbour. You could list the parking spot or storage unit on your building’s Facebook group, if it has one, or post an ad on your mailroom’s bulletin boards.
According to real estate agency True Condos, the average cost of renting a parking spot in a Toronto building can be anywhere from $50 to $200 per month. Toronto real estate agent Marco Pedri says that renting a condo storage locker can range from $30 to $150 a month. You could potentially earn more in buildings with limited parking or storage availability.
Can international students work more than 40 hours in Canada?
Not anymore, at least not when school’s in session. Here’s why: In November 2022, the federal government introduced a temporary measure allowing international students whose study permits had off-campus work authorization to work more than 40 hours per week; previously, the limit was 20 hours. In December 2023, the policy was extended to April 30, 2024. Immigration, Refugees and Citizenship Canada (IRCC) has announced that the policy will not be extended again. Over the summer, “students who have a scheduled academic break can continue working unlimited hours,” the IRCC stated in a press release. It also noted: “This fall, we intend to change the number of hours students may work off campus per week to 24 hours.”
Here are the some of the jobs you can do as an international student:
- Work on-campus: Full-time international students can work on campus without a work permit. On-campus jobs may include paid note-taking positions, residence hall monitor positions, peer tutoring, exam proctor positions or library roles.
- Work off-campus: If you have a study permit with an ability to work in Canada, you can work off-campus and during full-time breaks like summer and winter holidays.
- Co-ops or internships: If your study program requires practical work experience like a co-op placement or an internship, you can work off-campus—but you may need a co-op or internship work permit.
- Post-graduation work permit (PGWP): After finishing your studies in Canada, you might qualify for a PGWP. This permit allows you to work in Canada for up to three years after graduation. It’s a great way to advance your career, and it might help you with your eligibility for permanent residence. Read on for more information on working in Canada as a newcomer.
How can I start gaining professional experience related to my field in Canada?
Internships and co-op placements allow students to gain professional experience related to their schooling by working. Participating in a paid co-op or internship allows you to apply your classroom knowledge to real-world scenarios while earning income to help offset your living and educational expenses. Many paid co-op positions are 9-to-5 arrangements and enable international students in Canada to work 40 hours per week—much more than a typical part-time student job.
These programs can be a win-win—allowing you to gain practical skills, build professional connections in Canada, and get paid for your work in some cases. The company or organization benefits from your contribution.
For example, the University of Waterloo requires co-op work (paid internship placements) for certain undergraduate degree programs. Students in these programs usually alternate between four months of school and four months of full-time work. In 2022, the university reported that students typically earn around $9,000 to $21,500 for each four-month work term in Canada.
Can international students get loans in Canada?
No. International students can apply for student loans, but they are not eligible for government student loans. International students who hold study permits in Canada are not considered Canadian citizens or permanent residents, which is a requirement of the National Student Loans Service Centre.
Although you cannot receive this government-funded financial assistance, you can look into other loans for international students in Canada. You might be eligible for private bank loans and student lines of credit; however, review the terms carefully. Reading the fine print is essential to clearly understand the interest rate, repayment schedule and any other obligations associated with the loan. Many of these options also need a Canadian resident co-signer or someone who is a client of the issuing bank. Note that loans are not free money, and you are required to pay them back, plus interest.
Living under a tight budget is key for this international student
For Yazmin Pascual Dominguez, a post-graduate digital marketing student at George Brown College in Toronto, studying in Canada has felt like riding a rollercoaster. She came to Canada from Mexico to practice English for a few months, but quickly realized she wanted to plant roots. “I had never felt safe like I do in Canada, and it was the main reason I decided to stay here, study and start a new life.”
On one hand, she’s thrilled about the education and experiences she’s gaining as a temporary resident. But at the same time, she’s solely responsible for her finances and thinking about the future makes her anxious. “I have ambitious goals and I’m excited about them, but every day is a mix of confidence—that I’ll achieve them—and anxiety—about what might happen if I get sick or lose my job. There’s just not enough certainty,” Pascual Dominguez says.
Living under a tight budget is vital for Pascual Dominguez. She found a great deal for rent and lives with four roommates in a four-bedroom house. For added financial support, Pascual Dominguez has applied for various scholarships and grants, and she works part-time.
Each roommate pays $648 in monthly rent, including utilities. She also pays an additional $33 for internet. The estimated average rent for a one-bedroom apartment in Toronto is approximately $2,620, according to listing site Rentals.ca. “I initially found my place in May 2023 through a sublet arrangement on Facebook marketplace, but I have since signed my own lease,” she says.
Pascual Dominguez reduces her monthly expenses by opting for a low-cost prepaid phone plan and buying a monthly discounted Presto student transit pass. She also has a no-fee student debit card with RBC and received a $65 bonus when she opened the account. (This has since changed, and students can now get a $100 bonus with the RBC Advantage Banking Account when they fulfill the offer requirements.)
“I qualified for a $400 bonus from opening another account with CIBC as a student and worker, but it required fulfilling extra criteria like transferring my payroll and making two purchases worth over $50 in the first month,” Pascual Dominguez says.
Use a combination of funding and supports available to international students in Canada
When it comes to looking for financial support as an international student, try to use all the resources available to you. Most schools have offices or dedicated support staff to help students transition to their life in a new country. These offices typically offer a range of valuable resources and services, including access to financial aid programs and free workshops to help you file your taxes and receive rebates. They’re also a great resource to help you learn more about scholarships and bursaries tailored to international students and can provide you with assistance in finding part-time employment opportunities.
Schools and their student communities may have other resources that can help students stretch their budgets. For example, many schools have a food bank on campus. Your school’s student union may also organize events like clothing swaps and potlucks, which are both thrifty and an opportunity to meet other students.
Try to use multiple different avenues for financial assistance to help you thrive during your time as an international student in Canada.
Read more about student finances:
- Student Money: How to pay for school and have a life—a guide for students and parents
- The best student credit cards in Canada for 2023
- How to make more money in Canada: 6 side hustle ideas
- The best credit cards for newcomers to Canada for 2023
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