Cost of studying in Canada
There’s no doubt that it can be expensive for students to study overseas. However, in comparison to the UK, Australia, New Zealand and the US, Canada offers the lowest tuition rates for foreign students. So, before you leave Bangladesh, do consider expenses like accommodation, food, health coverage and travelling along with your tuition fees while calculating the estimated cost of studying in Canada.
1. Tuition fees
Your expenditure on tuition fee depends on the type of qualification and university or school you opt for. To cover tuition fees, you will need between CAD 7,000 and CAD 29,000 a year (indicative).
Most commonly, humanities, education and arts courses are cheaper, while subjects such as medicine and engineering are likely to be more expensive. If you wish to study at postgraduate level, the tuition fees are typically higher and the costs vary depending on the program. As with most other countries, MBA programs are often the most expensive. The average cost for these programs is around CAD 42,000.
Average Fees in $CAD*
$12,000 to $25,000 per year
Postgraduate master's degree
$14,000 to $35,000 per year
$7,000 to $10,000 per year
* please note all figures are indicative
2. Student Visa costs
In order to study in Canada, the first step is to secure a valid study permit and that comes with its own costs (approx. CAD 150). You can refer to the official website for fees for various visa applications.
3. Accommodation costs
Most universities in Canada offer on-campus residence to international students. Living as a resident on-campus is a very affordable option, however you need to apply for it separately, and well ahead in time to secure a slot for yourself.
If you are unable to find such accommodation, you might have to look for a room on rent, homestay or find a local host. The cost will vary from city to city.
If you opt to rent an apartment, you will have to additionally pay for utility bills like electricity, internet, water usage and also tenant’s insurance (in some areas of housing). House rent for a two-bedroom apartment generally ranges between CAD 600 and CAD 1,600 [Indicative, Source: CMHC (Fall 2017)]. In most cases, universities help the students in finding accommodation, both on-campus as well as off-campus.
4. Cost of living
You need to keep aside money for your grocery shopping, social activities and emergency situations. When living in a foreign country, it is better to keep a track of your expenditures so that you do not over spend. Considering various expenses and living costs, a single student budget in Canada comes around to be approx. CAD 15,000 (indicative).
5. Health coverage
It is mandatory for all international students to get a medical insurance before the commencement of their program. Several Canadian schools and universities have initiated comprehensive health insurance plans for international students, but that is applicable as long your program is ongoing and ceases upon completion.
Certain colleges may not offer any insurance policies, and hence you will have to arrange for a private medical insurance (your IDP counsellor will guide you with the same). The average cost for medical insurance ranges between CAD 300- CAD 800 a year (indicative).
6. Transportation costs
Public transport is available in all cities and major towns of the country. For short distances, you can make use of regional trains, buses, and subways. This can range anywhere between CAD 80 and CAD 110 (approx. figure, subject to fluctate with changing economy). It is a good idea to get monthly passes for travelling to college and back as these can be fairly cheap. Find out if your university or college provides any shuttle service between your place of stay and campus.
Exchange rate variations may also affect your budgeting. It is advisable to look for a part time job while you are in Canada or seek scholarship in the universities you apply to. This will greatly reduce your cost of studying overseas.