From Tuition to Rent: The Complete Financial Checklist for International Students

How are you going to provide proof of funds¹ to get your study permit? What about managing funds throughout the year?

This financial checklist for international students walks you through some key information to consider at each stage of your journey. Note that all dollar figures provided in this article are in CAD.

Key Takeaways

• It’s important to carefully research how much money you will need in Canada before you arrive, especially for large expenses like tuition and rent.
• Once you land in Canada, sticking to a budget can help make life in Canada more predictable. It’s helpful to set up your finances to help you succeed.
• Your finances and your immigration pathways might be more interlinked than you expect. It’s helpful to plan early.

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Pre-Arrival Financial Checklist for International Students

Meeting the proof of funds requirement, Canada’s cost of living, and paying tuition

It’s important to have a good handle on your finances before you even apply for your study permit in Canada. The funds requirement to receive your study permit is not optional, and you must carefully document your funds for your application to even be considered.

But more than just getting your study permit approved, having a good handle on your finances can help you navigate Canada with more confidence as an international student.

How much money should international students bring to Canada?

This depends on so many factors, but students may spend, on average, between $45,000 and $85,000 in their first year, including tuition, rent, food, and other basics. This figure is based on data from StatsCan, Numbeo, and Rentals.ca which we’ll go into in more detail below.

There are usually two costs that will have the biggest impact on how much money you will need to bring to Canada (though there are always exceptions to this general rule of thumb):

1. Tuition; and
2. Housing.

Making sure you’ve adequately budgeted for these expenses is one important checklist item when it comes to managing your finances in Canada.

Outside of these two major expenses, Numbeo estimates the average monthly cost of living in Canada to be $1,457, as of June 2025.

How much is tuition for international students in Canada?

Let’s start by looking at tuition costs.

The national average tuition cost per year for an undergraduate international student in 2025 sits at $35,480 (according to StatsCan data). For graduates, it’s $20,548.

But the average tuition costs if you study in Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, or Newfoundland and Labrador are lower than the national averages for graduate and undergraduate international students. Learn more about the average costs for each province over time here.

The average cost of tuition also varies depending on your field of study, according to StatsCan. Education, nursing, and communications studies tend to cost less than the national average.

Housing costs for international students in Canada

Housing costs are likely to be another big line item on your budget as an international student in Canada. We’ve previously published more information about finding accommodations in Canada, and we recommend checking out that guide to learn more about your options.

For now, we’ll say that there can be big price differences between on-campus or college/university accommodation, shared accommodation and renting your own home individually in Canada. One notable difference is that utilities are often in addition to rent in a shared home or if you rent your own home, whereas they are often included in on-campus costs.
In terms of monthly rental costs, the average cost of a room in a shared house is $945 while the average studio apartment is $1,762 in May 2025. Over one year, the average share house costs $11,340 while a studio would be $21,144. That’s almost a $10,000 difference across one year of your studies in Canada.

Suffice to say, the costs of your decisions about housing add up over time.

Is it easy to survive in Canada as an international student?

Whether you find it easy to survive in Canada, financially-speaking, really depends on your personal circumstances, as well as where and how you choose to live.

Good research and thorough planning really can go a long way – and there are steps you can take before arriving that can make budgeting for life in Canada a little easier, such as purchasing a Scotiabank Student GIC², if you’re eligible.

When You Arrive in Canada: Financial Checklist Template for International Students in Canada

Once you arrive in Canada, it’s time to put your planning into motion. You’ll need to buy the necessities to get you started in Canada, this could range from books to a bedroom set, depending on where you live. But with those large, upfront costs paid, you’ll want to create and stick to a monthly budget.

Tips for setting up a budget as an international student

Unfortunately, there’s no ‘one-size-fits-all’ plan when it comes to budgeting. That’s why there are so many different budgeting options available (it is personal finance after all).

One of our favourite budgeting tips is to set things up structurally in a way that helps you stick to the plan. While there are a host of options for you to do this, Scotiabank’s Student GIC gives you the option to buy a 1-year non-redeemable Guaranteed Income Optimizer (GIO) (starting with a minimum of $5,000 CAD) and get equal payments each month for 12 monthsThis means you get predictable access to your funds, with sufficient flexibility built in. You can learn more here.

Another tip is to be realistic when it comes to your budget. If you only budget $150 for food each month, but you’re consistently spending $400 – then something needs to change. If your budget doesn’t accurately reflect your spending, chances are that it is going to be harder to follow. We like using tools to help get deeper insights into what our actual spending looks like, so we can base our budgets on reality.

One tool that Scotiabank offers their chequing account clients is Smart Money³, which keeps you informed about your money and spending habits. It even lets you set up monthly budgets (based on your spending in the last six months) and shows your spending that month against your budget, so you’re kept informed.

Settling In: Finances For The Future

You’ll also want to start thinking about building your financial future in Canada. Two main items here are building your credit in Canada, as well as meeting funds requirements for future immigration programs.

Building credit in Canada as an international student

Having a good credit score in Canada can be helpful when it comes to things like renting a home, securing a mortgage, and even getting certain phone plans. But your credit score in Canada will be very low when you arrive, and it doesn’t automatically transfer from any other country (assuming you had one to begin with!).

Here are some steps you can take to start building your credit as a student:

1. Apply for a credit card – for example, Scotiabank has a range of credit cards suitable for students.
2. Use a rent reporting service, like Borrowell’s Rent Advantage.
3. Pay your credit card off in full each month.

Having to build your credit history from scratch can be challenging and usually takes time and effort. The good news is, with Scotiabank’s new partnership with Nova Credit, eligible clients can now use their foreign credit history reports to apply for a higher credit limit on You can learn more about this exciting partnership and all things related to credit here.

Funds requirements for future immigration programs

It may seem early to start preparing for your future immigration pathways, but planning ahead can move the needle for some candidates. The funds requirement is a good example of this.

There are some immigration pathways, such as the Rural and Francophone Community Immigration Programs, that have a funds requirement as part of the eligibility criteria. If you aren’t able to show that you have sufficient funds for these programs, you won’t be able to successfully apply through them. That’s where planning ahead long in advance can really help.

Get A Banking Package Designed For Students

The Scotiabank Preferred Package for Students and Youth is a great option for those who are studying at a post-secondary education provider in Canada.

Kickstart your finances with unlimited debit⁴ and Interac^§ e-Transfer⁴ transactions (so you can send rent or money for household items to your roommate), no monthly account fees⁵, helpful features in the mobile banking app, and more.

This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third-party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly, and action is taken based on the latest available information.