Studying in Canada has become an attractive option for Indian students seeking higher education abroad. With its affordable cost of studying and a welcoming environment for international students, Canada offers a range of opportunities to pursue academic excellence. However, Indian students need to have a clear understanding of the cost implications before deciding to study in Canada.
Compared to other English-speaking countries like the USA, UK, and Australia, the cost of studying in Canada for Indian students is relatively affordable. In this blog post, we will delve into the details of various expenses associated with studying in Canada and provide actionable insights to help you plan your finances accordingly.
Cost of Masters Degree in Canada
The cost of a master's degree in Canada can vary depending on several factors such as the university, program, and location. On average, Indian students can expect to pay between CAD 9,54,000 to CAD 29,35,000 for a one-year MBA program in Canada. The tuition fees for other postgraduate programs range from CAD 5,23,300 to CAD 11,21,400 for a duration of three to six years.
You must note that these figures for the cost of doing MS in Canada are approximate and may vary depending on the specific program and institution you choose. Apart from the cost of a masters' programme in Canada, you need to consider other expenses such as accommodation, transportation, health insurance, and living costs. Here is a breakdown of the various costs involved:
Tuition Fees in Canada
The tuition fee is an integral component of the cost of studying in Canada and varies depending on the program and institution you choose. On average, international undergraduate students can expect to pay around $36,100 per year for tuition fees, while international graduate students can expect to pay around $21,100 per year (Statistics Canada). These figures give you an idea of the baseline costs associated with pursuing higher education in Canada.
Please note that these figures are subject to change and may vary depending on the specific university and program you choose. You must research the tuition fees for your desired program before making any decisions.
Other Essential Expenses to Study in Canada
In addition to tuition fees, there are several other expenses that Indian students need to consider when studying in Canada. These include accommodation costs, transportation expenses, health insurance coverage, taxes in Canada, and visa application fees.
Accommodation Costs:
The cost of accommodation can vary depending on the type of housing you choose (on-campus or off-campus) and the location. On average, accommodation costs can range from CAD 5,000 to CAD 10,000 per year.
Transportation Expenses:
Transportation costs also depend on your location and mode of transport. If you opt for public transportation such as buses or trains, you can expect to spend around CAD 80 to CAD 110 per month.
Health Insurance Coverage:
International students are required to have health insurance coverage in Canada. The cost of health insurance varies depending on the type of policy chosen and can range from CAD 300 to CAD 800 per year.
Taxes in Canada:
International students studying in Canada may be required to file Canadian income tax returns based on their residence status. It is important to understand the taxation rules and regulations in Canada and consult with a tax professional if necessary.
Visa Application Fees:
To study in Canada, Indian students need to obtain a study permit, which serves as a student visa for the duration of their program. The cost of a Canadian study permit is CAD 150, and the application fee may vary depending on the university and nationality of the student.
It is crucial for Indian students planning to study in Canada to account for these additional expenses when budgeting for their education.
Cost of Living in Canada: City-Wise
The cost of living in Canada can also vary depending on the city or province you choose for your studies. Larger cities like Toronto and Vancouver tend to have higher living costs compared to smaller cities. For instance, the average cost for some major cities in Canada can be Toronto (CAD 37,000), Vancouver (CAD 38,484), Calgary (CAD 26,904), Montreal (CAD 25,000), and Ottawa (CAD 20,000).
Please note that these figures are approximate and can vary depending on individual lifestyle choices and spending habits.
Scholarships for International Students in Canada
To ease the financial burden on international students, several scholarships and grants are available at both undergraduate and postgraduate levels. These scholarships are offered by universities, government organisations, and private institutions.
Some popular scholarships available for Indian students studying in Canada include Vanier Canada Graduate Scholarships, Ontario Graduate Scholarships, President's Scholarship for World Leaders, Lester B. Pearson International Scholarship Program, International Leader of Tomorrow Award, University of Manitoba Graduate Fellowship (UMGF), and Trudeau Foundation Scholarships. t is important to research and check the eligibility criteria for each scholarship and apply well in advance to increase your chances of receiving financial aid.
Part-Time Jobs for Students in Canada
To support their education and living expenses, international students in Canada can work part-time during their studies. Indian students can work up to 20 hours per week during university semesters and full-time during scheduled breaks. Part-time jobs can provide valuable work experience and help cover some of the living costs while studying in Canada.
Financing Your Expenses
If you are considering studying in Canada and need financial assistance, you can consider taking an education loan. Tata Capital offers education loans that can help you realise your dreams. With easy application processes and attractive interest rates, Tata Capital's education loans provide support to Indian students pursuing higher education abroad. Apply for an education loan from Tata Capital today to make your dreams come true.
Conclusion
Studying in Canada offers Indian students a world-class education system, diverse cultural experiences, and career opportunities. However, it is essential to have a clear understanding of the cost implications before deciding to study abroad.
In terms of expenses, you would need tuition fees, accommodation costs, transportation expenses, health insurance coverage, taxes, and visa application fees. There are scholarships available for international students and part-time job opportunities to support education and living expenses, apart from education loans. Download the Tata Capital App to apply for a loan and support your financial needs while fulfilling your dream of studying in Canada.\
16 April 2024
6 mins read
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