Financial Survival Guide for International Students in Canada: Before and After You Arrive

#studentvisa #study

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.


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.


To access the free information about visas and immigration, simply navigate to the relevant section on our website. You'll find a wide range of articles, guides, and resources to help you understand various visa processes, immigration requirements, and related topics.
Yes, VisaLobby strives to cover visa and immigration information for a wide range of countries across the globe. While we aim to provide comprehensive coverage, please note that the depth and breadth of information may vary for different countries.
Registering as a user on VisaLobby is easy. Simply click on the "Sign up" button on the top right corner of the website and fill in the required information. Once registered, you'll have access to full features on our website.
If you have any further questions, concerns, or feedback, you can reach out to us through the "Help" page on our website. We value user input and are always ready to assist you with any inquiries you may have.
If you need technical assistance or have inquiries about VisaLobby, you can reach our customer support team through the "Help" page on our website. Provide a detailed description of your issue or question, and our team will promptly assist you. We strive to provide excellent customer support and ensure that your experience on VisaLobby is as smooth and enjoyable as possible.
Yes, you can leave comments on the blog articles without registering. We encourage active participation and discussion among our users, so feel free to share your thoughts, ask questions, or provide feedback in the comments section.
After registering as a user, you can log in to your account and navigate to the blog section. There, you'll find an option to submit your article for review. Our team will review the content, ensuring it aligns with our guidelines and it will be published on the blog.
No, publishing articles on our blog is completely free for registered users. We believe in providing a platform for individuals to share their experiences, knowledge, and insights related to visas and immigration.
Yes, we strive to keep our visa and immigration information up-to-date. Our team regularly monitors and researches changes in visa policies, immigration regulations, and related topics to ensure that the information we provide is accurate and current.
Absolutely! We encourage users to share their personal visa and immigration experiences on VisaLobby. By doing so, you can provide valuable insights, tips, and support to others who may be going through similar situations.
Absolutely! We encourage users to share blog articles or other visa-related information from VisaLobby on social media platforms. By sharing valuable content, you can help spread awareness and assist others who may benefit from the information.
While we encourage users to freely express their opinions and experiences, there are certain guidelines in place to maintain the integrity and quality of the content published on the blog. Content that is offensive, discriminatory, or violates our community guidelines may not be approved for publication.
Yes, you can subscribe to our newsletter or opt-in for email notifications to receive updates on new blog articles, visa-related information, and other relevant updates from VisaLobby. Simply provide your email address and select the subscription option that suits your preferences.
If you come across inappropriate content or behaviour on VisaLobby, we encourage you to report it to our moderation team. Look for the "Report" option associated with the content or user, provide a brief explanation of the issue, and our team will review and take appropriate action.