Are the new financial requirements for students enough?
Students who plan on studying in Canada need to take into account that it is quite a bit more expensive than studying at home, especially in developing countries. The average cost of living in Canada varies from city to city.
In this article, we explored the average cost of living for a young, single international student living in the Greater Toronto Area or the popular Vancouver area and compared it to the new financial requirements to see if covers the current costs of living in these sought-after areas.
Marc Miller, Minister of Immigration, Refugees, and Citizenship, announced an increased cost-of-living financial requirement for international students from $10,000 to $20,635 towards the end of 2023. This excludes the costs of tuition and travel costs.
This requirement covers the first year of living in Canada. Students who plan to study longer need to ensure that they have sufficient funds to pay for their studies and living expenses for the full duration of their studies.
Accommodation
The biggest expense that international students need to budget for is accommodation. The cost of accommodation will be determined by the location and type of accommodation. Prepare to pay more for a one-bedroom apartment in a prime area where you will need to pay for some utilities such as internet as well.
Sharing an apartment with a responsible student would reduce costs as rent and utilities are shared.
Food
While time-consuming, it is better to prepare your meals at home as much as possible if you don’t have much money to spend on food. Students can shop at discount supermarkets like Giant Tiger or No Frills.
Students who require a special diet, such as gluten-free, can expect to pay a fair amount more for specialty foods.
Fun Things
There are many ways to explore your new surroundings, both urban and outdoor, without breaking the bank. Many outdoor activities are free. Canada has beautiful hiking trails, lakes, beaches, public parks, and outdoor sports facilities such as open-air gyms in the summer or outdoor ice-skating rinks in the winter, which don’t cost you a cent.
Museums, galleries, or cultural events are very affordable. Look out for special passes such as the Vancouver Attractions Pass which offers great discounts if you book two attractions or more. Groupon.com often has amazing deals on fun activities too.
Transportation
The public transport systems in the Vancouver and Toronto areas are effective and well-connected. Depending on where you live, you could make use of buses, subways, or light-rail trains. Your student pass will allow for discounted fares, saving you even more money.
Clothing
Students who live in warmer climates need to purchase appropriate winter gear for the cold Canadian winters. These can come with a hefty price tag. Canada has plentiful thrift stores where you can purchase gently used clothes for a fraction of the price of a new garment. Often, these items still have their original price on them! You will need a decent winter coat, winter boots, a hat (or toque, as they are known in Canada), as well as wool socks and warm gloves at a minimum.
Based on the average costs of living in these two popular areas of Canada, the minimum requirement of $20,635 falls short of the estimated yearly expenses.
Students who study full-time at a Designated Learning Institution can work up to 20 hours per week to help fund their financial needs. Students need to budget accordingly, as their part-time wage might cover their tuition or living expenses for the following year, but it is unlikely to cover both. This is evident from recent stories of international students who are struggling to make ends meet. We cannot emphasize how important it is to have a decent nest egg in place to cover most of your expenses while living in Canada as an international student.
