If you are aspiring to study in Canada and are concerned about the cost of living, there are two reasons you shouldn’t be worried: Studying in Canada is a worthwhile experience and the cost of living is actually quite affordable.
When you compare it to the cost of living in other countries students flock to for studying, Canada has an average (or a little more) cost of living.
However, the wages offered in Canada are also higher which makes your stay not only affordable but also blissful as you get to experience a lot in the country. From ice-cold regions to beautiful plains and high peaked mountains, Canada has places with extremely beautiful locations.
While you don’t need to worry about the cost of living, you definitely need to plan it. An effective financial plan for studying in Canada will make the whole experience a worthwhile investment.
Financial requirements for international students to Study In Canada
Citizenship and Immigration Canada (CIC) requires you to prove that you have enough funds available to cover the expenses of education and living in Canada. You receive a cost estimate of studying in Canada with living expenses from your college and you have to meet that estimate.
In the case that a college does not provide an estimate, the CIC will ask you to prove that you have $10000 for 12 months of expenses. If you have a spouse, you need to show an additional $4000 and $3000 every other dependent. This amount includes everything except the tuition and other fees you pay to your college.
Having health insurance can prove to be extremely beneficial for you since healthcare is a little expensive in Canada. In fact, some universities have made it mandatory that you have health insurance.
Factors affecting the cost of living for a Student to Study in Canada
There are two factors that grossly affect the cost of living for every student: the choice of the region and the choice of the institution.
The choice of region in Canada to Study
As in every other country, living in the suburbs costs you much less than living in the cities. All the major cities have a high cost of living due to the shortage of available housing. Most students prefer in-campus accommodation for its convenience although it’s not as affordable as the suburbs.
The choice of institution from where to Study
The institution you enroll into is directly affected by the city it is situated in, impacting your overall cost of living. Moreover, if you enroll for the in-house accommodation, every institution has their own fee which varies a lot. While some colleges offer an affordable fee, others charge hefty amounts
If you plan your expenses well, studying in Canada would be among the most eventful and happening years of your life.