Canada
is one of the most sought after countries for foreign education. In India, a
lot of students with the hopes and expectations of a better future aim to go to
Canada and settle there. But when it comes to the cost of studying in Canada,
most people have a lot of doubts and queries. Let us try to understand exactly
what are the different areas that you need to look into and what is the
estimated cost associated with it.
Prime Expenditure: Tuition fee
The
largest chunk of your expenditure is going to be on the tuition fee. Now, to
determine what kind of costs you would incur for this, you will have to first
identify a college of our choosing and then the course. Please note, each
college and each course has a different kind of cost associated with it.
However, a rough estimate would be anything between CAD 7,000 and CAD 29,000 a
year typically for a graduation course.
Subjects
that are research oriented, like medicine or engineering are cost intensive.
Even post graduate programs like MBA or finance can be very expensive and range
between CAD 40,000 to CAD 42,000.
Key Takeaways: Costs can range from CAD 7,000 to
CAD 42,000 per year.
Accommodation Expenditure
This
one depends entirely on how frugal you want to be. While most universities offer
hostels and boarding facilities to international students, some of them might
not. In those cases, students prefer to rent an off-campus shared
accommodation.
If you come from money, then you can choose to rent an individual apartment as well. On campus accommodation follows a basic norm and regulation therefore might cost you around CAD 8,000 to CAD 10,000 per year. However, renting an apartment off campus might cost you anywhere between CAD 4,800 to CAD 12,000.
If you come from money, then you can choose to rent an individual apartment as well. On campus accommodation follows a basic norm and regulation therefore might cost you around CAD 8,000 to CAD 10,000 per year. However, renting an apartment off campus might cost you anywhere between CAD 4,800 to CAD 12,000.
Key Takeaways: Costs can range from CAD 8,000 to
CAD 12,000 per year.
Cost of Sustenance
Living
your day to day life includes many minor expenses. These include social
outings, groceries, medicines, taxis and other emergency situations. If you are
a student living in Canada, it is wise to keep a ledger of your expenses.
On
an average, your annual cost of sustenance should be between CAD 15,000 to CAD
25,000. You might incur expenses in
- Communication
- Books and supplies
- Personal expenses and incidentals
Key Takeaways: Costs can range from CAD 15,000
to CAD 25,000.
Consider health support and insurance
For
any student who goes to study in Canada, it is mandatory to get a medical
insurance before the commencement of the program. The health cover and support
costs might come within the bracket of CAD 300- CAD 800 a year (approximately).
For more details on health support and insurance, click here.
Key Takeaways: Costs can range from CAD 300 to
CAD 8,000.
Paying your Taxes
Indian
students studying in Canada who have been issued a Social Insurance Number
(SIN) may be allowed to take up a job of 20 hours per week during academic
sessions. This limit might extend up to full time work during the vacation
times. However, please note that if you are employed in Canada, whether part
time or full time, you will have to pay the taxes as per Canadian rules.
Because
you will already be paying a good amount of money for your tuition and your
accommodation, it is always advisable to take up a part time job on a regular
basis. Not only will it help you in being able to support yourself during this
duration, it will also ensure that you can find a job there after your studies
easily.
Managing your money
After
all, you are a student. You will have many hopes and dreams and might wish to
spend lavishly while you stay there. However, for the initial few months, it is
best that you stay away from such temptations.
Once
you start maintaining a ledger of your average expenditure per month, you will
be in a better position to understand exactly how much money you need to
survive there. After you have a good idea about this, you can then allot a
fixed budget for your social and leisure activities.
As you start earning, you can then decide how much you want
to spend and how much would you like to save. It is always advisable to first
work hard and make a saving for a rainy day. It is not really nice to be stuck
in a situation only to realize how ill prepared we are for it. Visit best Canada Immigration Consultants of Gujarat.
