Are you someone who is planning to study in Canada?
If so, you made a good choice. One of the key factors to consider when being an international student in Canada is the living expenses for yourself.
As obvious as it is, we cannot say a particular amount for a person, because it depends on their lifestyle.
However, we are going to talk about money – specifically, how much you’ll need to live comfortably while following your education.
Therefore, this guide will walk you through everything that you need to know about expenses and financial requirements. In order to make your transition to Canadian student life easier.
Understanding the Cost of Living Requirement
Here’s something important: the Canadian government wants to make sure that you can support yourself during your studies.
Right now in 2025, you need to show that you have at least $20,635 CAD saved up, and that’s on top of your first year’s tuition fees.
They set this amount to make sure that you can live comfortably and focus on your studies.
However, keep in mind that this number changes from time to time as living costs go up or down.
Monthly Living Expenses Breakdown
Housing will probably be your biggest expense.
Speaking of which, if you’re thinking about staying in university housing, expect to pay between $800 and $1,500 monthly, with utilities included.
Let’s say that you are looking for off-campus options.
In that case, in major cities like Toronto or Vancouver, sharing an apartment might cost you $700 to $1,200 per month.
Note: You’ll find better deals in smaller cities.
Also, for off-campus places, don’t forget to add about $100-150 for utilities and internet.
Food-wise, cooking at home will cost you around $400-600 monthly for groceries.
On the other hand, university meal plans are convenient but pricier, where they run about $3,000-4,500 for the academic year.
Anyway, you can save money by shopping at discount grocery stores and buying what’s in season.
On average, most students spend another $100-200 monthly eating out or grabbing food on campus. So, keep that in mind.
Moreover, getting around the city is something that you must consider as well.
This means, monthly student transit passes cost anywhere from $80 in smaller cities to $128 in Toronto.
Nevertheless, many universities include transit passes in your fees, which is pretty handy.
Here’s a money-tip from us: Biking is a great money-saver in warmer months.
Healthcare and Insurance
Let’s be real, you’ll need health insurance – that’s non-negotiable.
In this case, most provinces want you to get the university health insurance plan, which costs $600-900 per year.
Meanwhile, some provinces let you join their public healthcare system after a waiting period.
Either way, you might need to look into extra coverage for dental or vision care, which adds another $200-400 yearly.
Additional Student-Specific Expenses
Academic materials will set you back $800-1,200 yearly, which covers textbooks, course materials, and any tech items you need.
Moreover, universities often charge extra for printing and special software as well.
For personal stuff like phone plans ($40-60 monthly) and for clothes, and entertainment, plan on spending around $200-400 per month.
Anyway, there is good news.
Many universities include gym access in your fees, so if you are someone who thinks about the body shape or fitness, this is for you..
Regional Cost Variations
Living costs aren’t the same everywhere in Canada.
For instance, Vancouver and Toronto are pretty expensive for housing and daily expenses when compared to places like Halifax or Winnipeg.
Moreover, Quebec often has lower tuition fees, but you might need to know French to live there.
Note: Don’t forget about winter – you’ll need warm clothes and heating equipment, especially in colder regions.
Emergency Fund Planning
This is something important that you must follow during your student period.
Try to save some money to cover 3-6 months of expenses for emergencies.
The reason for that is, this helps with unexpected medical bills, travel emergencies, or changes in course requirements.
Also, get familiar with your university’s financial aid services – they’re there to help if you need it.
Managing your money while studying in Canada takes planning, but if you can follow a good money plan, you can do it.
When you understand all your expenses and use the resources that are available to you. You can focus on your studies without facing any issues while enjoying your time in Canada.
Therefore, keep track of your spending and adjust your budget as needed.
In that way, this will help you to stay financially stable throughout your studies.
Contact TEVS a Canada student visa consultants in Sri Lanka for more details.