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International Student Finances in Canada: Banking, Working, Taxes & Budgeting

Updated

Studying in Canada as an international student costs more than it does for Canadian students, and the rules on money are different: you have to show funds before you arrive, your off-campus work hours are capped during term, and health coverage depends on the province. This page sets out the money plan from arrival to graduation and links the pages that cover each step in full. For the general student money picture (grants, loans, budgeting), see the student money guide.

Before you arrive: proof of funds

A study permit application must include proof that you can pay for your studies and living costs: IRCC’s study permit document list states, “To support yourself and any family members coming with you, you must show proof of funds.” How much IRCC asks for and what counts as proof are covered on proof of funds for immigration and study. Moving savings to Canada is covered on moving money to Canada.

What studying costs

International undergraduates pay much higher tuition than Canadian students: the national average for international undergraduates is $42,062 for 2026/2027 (Statistics Canada), against $8,021 for Canadian students. Tuition by province is on what university costs in Canada, and monthly living costs for Toronto, Vancouver, Halifax and a smaller city are on the student budget by city page.

Your first weeks: SIN and a bank account

  • Social Insurance Number. You need a SIN to work in Canada, and your study permit must carry a condition allowing work. How to apply and what documents you need are on getting a SIN.
  • Bank account. All the big banks and several online banks have accounts and newcomer packages for international students. What you need to open one, and the options, are on banking for international students; the general student bank accounts comparison also applies.

Working while studying

IRCC’s off-campus work page states that during regular school terms “You can work up to 24 hours per week,” and that this does not affect your ability to work unlimited hours during scheduled breaks such as the summer. Working more than that during term is a violation of your study permit conditions. On-campus work has its own rules, and co-op or internship placements need a co-op work permit, which your school helps you apply for. The current rules and conditions are on IRCC’s work off campus page.

Pay is at least your province’s minimum wage, listed on minimum wage by province.

Health coverage

Whether provincial health insurance covers international students depends on the province: some include study-permit holders in the provincial plan, sometimes after a waiting period or for a fee, while others leave them to a mandatory school or private plan. Your school’s international student office will tell you which applies, and the provincial plans and waiting periods are compared on health insurance in Canada. School plans often leave out dental, vision and some prescriptions, so checking what yours covers before buying more insurance avoids paying twice.

Budgeting

A student working 15 hours a week at $17 an hour earns about $1,020 over four weeks before deductions. Against $800 for a shared room and $675 for food, transit, a phone and other costs, the monthly shortfall is about $455, covered from savings or family.

The usual levers are the same as for any student: shared housing, cooking at home, a transit pass included in student fees, used textbooks and student discounts. An emergency fund in a high-interest savings account matters more for international students, who are far from family and may face a flight home or a gap between tuition payments.

Receiving money from home

Transfer services that use the mid-market exchange rate usually cost less than bank wires, but fees and exchange-rate margins vary by service and corridor, so comparing the total cost of a transfer matters more than the advertised fee. Ways to move money into Canada are compared on moving money to Canada.

Taxes

Many international students file a Canadian tax return each year, both to get back tax withheld from paycheques and because filing can make you eligible for benefits and records your tuition amounts for later. Whether you file as a resident or non-resident depends on your ties to Canada, which the CRA decides case by case: see Canadian tax residency. What to report and which credits apply are covered on taxes for international students, and how tuition reduces tax is on the tuition tax credit page.

Saving and investing

A TFSA is open only to Canadian residents who are 18 or older with a valid SIN, and contributing while a non-resident leads to a penalty tax, so international students confirm their residency status first (see TFSA room for new residents). RRSP room comes from earned income reported on a Canadian return: 18% of the previous year’s earned income, up to the annual limit, which is worth more if you stay and earn more after graduation.

After graduation

A Post-Graduation Work Permit lets eligible graduates work in Canada after their studies. IRCC’s PGWP page says the length “depends on the level and duration of your study program,” with a PGWP of up to the same length as a program shorter than two years and “valid for 3 years” for a program of two years or more, and most applicants now need language test results. Eligibility rules are on IRCC’s post-graduation work permit page.

The money steps when you start full-time work: file each year, open a TFSA once you are a resident, start a credit history with a student credit card or other first card, and switch from a student bank account when its perks end. If you go on to permanent residence, the newcomer finance guide covers the next steps.

Sources

The figures and rules on this page come from these sources, last checked against them between August 29, 2026 and September 24, 2026. How we check facts.