Getting Started
Financial Setup Checklist
| Priority |
Task |
| 1 |
Get study permit |
| 2 |
Open bank account |
| 3 |
Get SIN for work eligibility |
| 4 |
Get phone/internet |
| 5 |
Understand health insurance |
Get Your SIN
| Where |
Service Canada |
| When |
After arrival, before working |
| Required |
To work legally |
| Documents |
Passport, study permit |
Banking for International Students
Student Account Options
| Bank |
Account |
| RBC |
RBC Student Banking |
| TD |
TD Student Chequing |
| Scotiabank |
Student Banking |
| BMO |
Student Chequing |
| CIBC |
Smart Account for Students |
What to Expect
| Feature |
Typical |
| Monthly fee |
$0-$4 (waived for students) |
| Free transactions |
Unlimited |
| Interac e-Transfer |
Often unlimited |
| Debit card |
Included |
Opening an Account
| Bring |
|
| Passport |
ID |
| Study permit |
Status in Canada |
| Proof of enrollment |
Acceptance letter |
| Canadian address |
Even temporary |
No-Fee Alternatives
| Option |
Benefits |
| Simplii Financial |
No monthly fees |
| Tangerine |
No fees, good savings rate |
| PC Financial |
No fees |
Working While Studying
Work Authorization
| Type |
Hours Allowed |
| During term |
Up to 20 hours/week |
| Scheduled breaks |
Full-time allowed |
| Co-op/internship |
With co-op work permit |
On-Campus vs Off-Campus
| On-Campus |
Off-Campus |
| At your school |
Anywhere in Canada |
| No extra permit |
Work authorization on permit |
| Unlimited hours |
20 hours/week during term |
Minimum Wage by Province
| Province |
2024 Minimum |
| Ontario |
$16.55 |
| BC |
$16.75 |
| Alberta |
$15.00 |
| Quebec |
$15.25 |
Understanding Your Costs
Tuition Fees (International)
| Program |
Annual Range |
| Undergraduate |
$20,000-$50,000 |
| Graduate |
$15,000-$40,000 |
| College diploma |
$12,000-$20,000 |
Living Costs
| Expense |
Monthly Estimate |
| Rent (shared) |
$600-$1,200 |
| Rent (solo) |
$1,000-$2,500 |
| Food |
$300-$500 |
| Transportation |
$100-$200 |
| Phone/internet |
$50-$100 |
| Other |
$200-$400 |
| Total |
$1,500-$3,000 |
By City
| City |
Monthly Living Cost |
| Toronto |
$2,200-$3,500 |
| Vancouver |
$2,000-$3,200 |
| Montreal |
$1,400-$2,200 |
| Calgary |
$1,500-$2,200 |
| Ottawa |
$1,500-$2,200 |
Taxes for International Students
Do You Need to File?
| Situation |
File Return? |
| Earned income in Canada |
Yes |
| Want GST/HST credit |
Yes |
| Want tuition credits |
Yes |
| No income |
Still beneficial |
Tax Residency
| Most Students |
Non-resident for tax |
| However |
Individual circumstances vary |
| Impact |
TFSA eligibility, reporting |
Benefits of Filing
| Benefit |
Details |
| GST/HST credit |
Quarterly payments |
| Tuition credits |
Carry forward |
| Income verification |
For PR application |
| Refunds |
If tax withheld |
Tuition Tax Credit
| How It Works |
|
| 15% federal credit |
× tuition eligible |
| Provincial credit |
Additional |
| If no taxes owed |
Carries forward |
| Can use later |
When you have income |
Health Insurance
Provincial Coverage
| Province |
International Students |
| BC |
Not covered (buy private) |
| Ontario |
Not covered (UHIP required) |
| Alberta |
Covered (some circumstances) |
| Quebec |
May be covered (reciprocal) |
UHIP (Ontario)
| Feature |
Details |
| Required |
By most universities |
| Cost |
~$700-$1,000/year |
| Covers |
Hospital, doctor |
| Doesn’t cover |
Dental, vision, drugs |
School Coverage
| Often Required |
|
| Through school |
Mandatory plan |
| Coverage |
Basic health |
| Can opt out |
If have equivalent |
Budgeting Tips
Sample Budget
| Income (Part-Time) |
Monthly |
| 15 hours × $17/hour × 4 weeks |
$1,020 |
| Expenses |
Monthly |
| Rent (shared) |
$800 |
| Food |
$350 |
| Transportation |
$130 |
| Phone |
$45 |
| Other |
$150 |
| Total |
$1,475 |
| Gap |
($455) |
| From savings/family |
Needed |
Ways to Save
| Strategy |
Savings |
| Cook at home |
$200+/month |
| Student transit pass |
vs regular fares |
| Used textbooks |
vs new |
| Student discounts |
Ask everywhere |
| Work during breaks |
Higher income |
TFSA and RRSP
TFSA Rules for International Students
| Warning |
|
| Only for tax residents |
Most students aren’t |
| Non-resident contribution |
1% monthly penalty |
| Be careful |
Check your status |
When You Might Be Resident
| Factor |
Consideration |
| Significant ties |
Home, spouse, dependents in Canada |
| Length of stay |
Extended periods |
| Intent |
Plan to stay permanently |
RRSP
| Rule |
|
| Need earned income |
RRSP room next year |
| If you work |
You’ll have some room |
| Consider |
Only if you’ll stay in Canada |
Plan for After Graduation
Post-Graduation Work Permit (PGWP)
| Allows |
Work in Canada |
| Duration |
Up to 3 years |
| Based on |
Program length |
| Path to |
Permanent residency |
Financial Transition
| When Working Full-Time |
|
| File taxes |
Annual requirement |
| RRSP room |
Based on income |
| TFSA |
If tax resident |
| Credit building |
Start now |
Money from Home
Receiving International Transfers
| Method |
Cost |
| Bank wire |
$15-$30 + exchange markup |
| Wise |
~0.5-1% |
| Western Union |
Varies, compare |
| PayPal |
Higher fees |
Best Options
| For Regular Transfers |
Wise |
| For large amounts |
Compare rates |
| Bank convenience |
Higher cost |
Emergency Funds
Build a Buffer
| Recommendation |
|
| Target |
2-3 months expenses |
| Start small |
$500-$1,000 |
| Where |
High-interest savings account |
| For |
Unexpected costs |