Managing funds as an international student in Canada can be difficult. The Canadian government requires that you provide enough financial assistance for your study. According to Immigration, Refugees, and Citizenship Canada (IRCC) requirements, living expenditures such as rent, food, and tuition must be paid for using CAD 20,635 (or CAD 15,278 if studying in Quebec).

These recommendations will assist you in financially preparing before leaving your native country and after you arrive in Canada.

Pre-Arrival Financial Tips for International Students

Saving for Your Studies

Begin saving money in a high-interest bank account in your native country. When the money is ready, convert it to a guaranteed investment certificate to increase your chances of getting a student visa or study permit in Canada.

Choosing the Right Bank

There are numerous institutions in Canada where you can open a GIC, however, "the big five banks" are the most prevalent, with centuries of trustworthiness. Deposits at these banks are protected by the Canadian Deposit Insurance Corporation for up to $100,000.

Understanding Living Costs

The weather in Canada varies greatly depending on where you go to school, from misty rains in British Columbia and Nova Scotia to steamy summers in Toronto and snow piles in Montreal in the winter. All of these cities and provinces have varying living costs, including rent, food, and tuition.

Post-Arrival Financial Tips for International Students

Opening a Bank Account

Banking is a part of everyday living in Canada—whether it's writing checks or emailing money transfers to your landlord or depositing your first GIC withdrawal (and your first paycheque if you acquire a part-time job), having a bank account will make your life easier once you arrive.

Building Credit with a Credit Card

A good credit score allows you to receive lower student loan rates, find better housing, and possibly even get reductions on your internet or phone bill. Most of Canada is cashless. A debit or credit card is the preferred method of payment, and it is often the only option.

Bundling Financial Products

Combining all of your financial products with one bank can result in lower fees and more benefits. For example, Scotiabank's Student Banking bundle includes up to $640 in welcome prizes and savings.

Following these guidelines will help you handle your funds more efficiently as an international student in Canada.

FAQS

How much money do I need in my GIC to get a Canadian student visa?

The payment from your GIC guarantees a minimum of CAD 4,127 (CAD 3,016 in Quebec) upon arrival, as well as a fixed monthly dividend of CAD 1,376 ($1,005 in Quebec).

What is the average rent cost in Canada?

The average rent in Canada is approximately $2,193, but this varies by area. For example, a one-bedroom apartment in Vancouver costs roughly $2,653, whereas it costs around $1,183 in Saskatoon.

What documents are required to open a bank account in Canada?

You will require proof of identity (such as a passport), a Permanent Resident card or an IRCC form, proof of arrival into Canada, and maybe a document with your photo issued by provincial authorities.