• Study Abroad

Cost of Living in Canada for Indian Students in 2024

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  • By:CANAM Group
  • Updated On:Apr 30,2024 03:21 PM IST

Canada is a top choice for Indian students as it offers vast prospects for personal and professional growth. The blog highlights Canada’s appeal as a study abroad destination, focusing on the cost of living in Canada. Discover why Canada stands out as an affordable choice for pursuing higher education abroad.

Cost of Living in Canada for Indian Students in 2024.webpCanada, one of the most preferred study destination, offers abundant prospects for a student’s career growth. The cost of living in Canada is one of the standout advantages of studying in the country. Choosing the maple country not only promises to offer affordable living expenses but also top-notch education. 

Canadian universities offer estimated living costs, aiding students in effective financial planning. This blog serves as a guide to understand the latest updates on the living cost of Canada in 2024, the benefits of choosing the country, effective tips to reduce the cost of living and much more. 

Reasons for Considering Canada as a Study Abroad Destination

Choosing a study abroad destination can be an intimidating task. Students aspiring to pursue their higher education overseas can choose Canada as their next chapter, where world class education meets vibrant culture and exceptional opportunities. 

Globally Recognized UniversitiesCanada houses top ranked universities offering a spectrum of innovative programs
Innovative Teaching ApproachesUniversities in Canada employ interactive and modern teaching methods, fostering engaging and effective learning experiences. These methods equip students with the skills and knowledge crucial for academic and career success.
Job OpportunitiesUpon graduation, international students studying in Canada can apply for a work permit that allows them to stay in the country and work for up to three years. The post study job opportunity can help students gain Canadian work experience.
Post-Graduate Work OpportunitiesCanada's immigration policies allow international students to gain valuable post-graduate job opportunities, potentially leading to permanent residency.
Research OpportunitiesThe country is a leader in various research fields, offers students unique opportunities to collaborate with renowned researchers and engage in several projects.

Education System in Canada

The Education System in Canada stands as one of the world's finest, renowned for its exceptional faculty and remarkable university infrastructure. It not only provides an outstanding learning environment but also presents incredible opportunities. Additionally, there are attractive options for assistantships, on-campus jobs, and diverse financial incentives for students pursuing advanced education prospects in Canada. The ability to work part-time during studies and the availability of post-coursework employment opportunities under a valid study permit further elevate the appeal of higher education in this country.

Latest Update on Cost of Living in Canada for 2024

As per the latest update, Canada announced to increase the cost of living financial requirement by two times for international students beginning January 1, 2024. According to which, starting next year, prospective students will need to show a proof of financial support (in addition to travel and tuition fee) of 20,635 CAD instead of 10,000 CAD requirement. The change will apply to new study permit applications in Canada received on or after January 1, 2024. 

Despite the hurdle, Canada's educational allure remains. Quality education, diversity, and post-graduation opportunities still shine brightly. With meticulous planning and resourceful spirit, the dream to study in Canada is within reach, even with the revised cost of living requirement.

Factors Affecting the Cost of Living in Canada

There are various factors that play a major impact on the Canadian cost of living. Significant expenditures include transportation, groceries, utilities, and rent. The choice of city greatly influences these costs, with metropolises like Toronto and Vancouver typically posing higher expenses compared to smaller cities. Moreover, a student’s lifestyle preference significantly contributes to their overall cost of living. Practicing financial mindfulness and strategic budgeting allows one to optimize their Canadian experience while managing expenses sensibly. Here are two major factors influencing the living cost in Canada

Based on Educational InstitutionsIt is evident that living costs fluctuate depending on the city where the university is situated. Each college's living expenses are contingent upon the specific university a student intends to join.
Choice of LocationLiving expenses in urban areas are generally more those in the suburbs. While on-campus housing is a preferred choice for many students, it might not always be the most economical but certainly remains a convenient option. Vancouver and Toronto stand out as Canada's most expensive cities to reside in, with Toronto experiencing an escalating cost trend due to the scarcity of affordable housing.

Average Cost of Living in Canada for Indian Students

Students aspiring to study in Canada must set aside funds for their essential daily needs and emergency expenses. One must also be prepared for recurring costs such as accommodations, food and groceries, travel, Health insurance, and much more. To effectively handle the living expenses in Canada, one must apply for Student Identification Card, on reaching Canada for additional benefits. The below attached table provides an idea of the estimated monthly cost of living in Canada for Indian Students.

EXPENSESCOST (Approximately)
Accommodation (shared apartments)$400 – $900
Travel$100 – $120
Food$300- $400
Health Insurance$70-$80
Utilities (Electricity, cooling, water, heating, garbage)$160-$165

Tips to Reduce Cost of Living in Canada

Tips to reduce cost of living in canada.webp

Housing HackShare rent in apartments or homestays, or explore cheaper off-campus options.
Foodie on a BudgetSkip takeout, cook at home, and plan meals in advance.
Travel SmartHop on buses and trains, or walk/bike for short trips.
Budget BossTrack spending, prioritize needs, and choose an affordable health plan.
Team UpSave by sharing groceries, rides, and fun activities with other students.

Education Expenses in Canada

The education cost in Canada might vary depending on the course and university one chooses to opt for. Every year, universities review their tuition fees for both international undergraduate and graduate students. It is thus important that students verify the latest tuition fee before applying to their preferred universities in Canada. Indian students aspiring to study in Canada often encounter the task of finding suitable courses and universities that align with their financial limits.

Scholarships, part-time jobs, and financial aid options can also ease the financial burden for international students. Conducting thorough research and exploring available resources can assist Indian students in making informed decisions about their academic pursuits in Canada.

Healthcare System in Canada for Indian Students

Canadian Healthcare system offers several benefits to Indian students and it is one of the reasons why students prefer to study in Canada. The benefits include doctor visits, hospital care, and emergency services. Students can further avail additional benefits such as prescription medications, dental, and vision care. It's advisable for Indian students to explore obtaining private health insurance to manage these supplementary costs.