Cost of Living in Canada

Did you know that the average cost of living in Canada varies significantly depending on the location you choose to live? For example, the cost of living in Toronto, Canada, will be much higher than the cost of living in Calgary, Canada.

Similarly, the cost of groceries and transportation can also be higher in major cities compared to smaller ones.

Minimum Budget Required for 2025

The 2025 IRCC update asks international students to show proof of funds, which is $20,635 (INR 12L) per year. This is a mandatory financial requirement which will help you understand the average cost of living in Canada for international students.

Let’s look at the details:

Tuition vs. Living Expenses: What’s the Bigger Burden?

While the cost of studying varies by program, living expenses often represent the ongoing monthly commitment that affects budgeting the most. In major cities like Toronto and Vancouver, high rent costs make the cost of living in Canada quite steep monthly.

Please note: The amount mentioned may vary depending on the currency exchange rate.

The cost of living in Canada for international students varies significantly by city and lifestyle choices. 

According to recent 2025 figures, students spend anywhere from CAD 1,400 to 2,600 (INR 86K to 1.6L) per month, depending on where they stay, how they commute, and what they eat. Rent remains the largest monthly expense, particularly in metropolitan areas such as Toronto and Vancouver. Let’s explore the breakdown by category and city:

Rent: On-Campus vs Off-Campus

Please note: The amount mentioned may vary depending on the currency exchange rate.

Food & Grocery Costs: Cooking vs Eating Out

Transport: Monthly Passes in Major Cities

Please note: The amount mentioned may vary depending on the currency exchange rate.

Health Insurance: Province-Wise Plans

Please note: The amount mentioned may vary depending on the currency exchange rate.

Miscellaneous: Books, Clothes, Entertainment

Please note: The amount mentioned may vary depending on the currency exchange rate.

The cost of living in Canada usually depends on cities like Toronto & Vancouver, cities that top the chart due to high rent, dining, and transit costs. Job opportunities are abundant, but they often come with higher expenses.

Montreal offers budget-friendly rent and public transport. Edmonton provides lower food and housing costs, making it ideal for students. While not as affordable as Montreal, these cities strike a balance between affordability and job opportunities, along with quality transit.

Here is a city-wise budget comparison table:

Please note: The amount mentioned may vary depending on the currency exchange rate.

The new GIC minimum for a student visa is CAD $20,635 (INR 12L). This amount must be deposited into a Canadian bank account and demonstrate your ability to support yourself.

Best Banks for Student GICs

When exploring the best banks for Student Guaranteed Investment Certificates (GICs), it’s important to consider factors such as interest rates, fees, and overall customer service.

Here are some banks that are often recognised for their student GIC offerings:

Please note: The amount mentioned may vary depending on the currency exchange rate.

GIC Process, Delays & Workarounds

• Deposit amount in the home country
• The bank issues a GIC certificate
• Submit it during the visa process
• Receive CAD 2,000 (INR 1.2L) upfront
• The remaining amount is paid monthly

IRCC now allows international students to work up to 24 hours per week during academic sessions and full-time in breaks.

Average Student Salaries by Province

Please note: The amount mentioned may vary depending on the currency exchange rate.

On-Campus vs Off-Campus Jobs

• On-Campus: Easier to find, but limited slots
• Off-Campus: More opportunities, but often competitive

While part-time work helps, it should supplement your funds, not replace your GIC or tuition.

Studying in Canada is a significant investment, but scholarships can significantly ease the burden. With the average cost of living in Canada ranging from INR 12-18 lakh annually, scholarships are essential tools for financial relief. Canadian universities, the government, and global organisations offer generous support to Indian students, often covering tuition, living, and travel expenses.

Please note: The amount mentioned may vary depending on the currency exchange rate.

Government & NGO Grants

Government and NGO grants play a crucial role in funding initiatives that drive social change and development across various sectors.

• EduCanada Scholarships
• Shastri Indo-Canadian Institute
• Commonwealth Scholarships

Application Tips to Maximise Aid

Here are some essential tips to help you navigate the application process effectively and increase your chances of securing the aid you need.

• Apply early
• Keep a strong SOP & reference letters
• Show academic consistency
• Explore NGO and private scholarships

So, how much is the cost of living in Canada? The answer depends on your location, lifestyle, and smart budgeting. Compared to the cost of living in Australia vs Canada, Canada often provides better PR pathways and healthcare. With careful financial planning, you can manage the cost of living in Ontario, Canada, Calgary, or even Montreal, Canada and thrive as a student.

Whether you're considering the cost of living in Alberta, Canada, or wondering about the average cost of living in Canada, ensure that your finances align with IRCC expectations for a stress-free student journey.

Leap Scholar is proud to have a highly qualified team of counsellors with 50+ years of combined experience in helping students study abroad.