Cost of Post-Secondary Education
Tuition by Province (Undergraduate, 2025-2026)
| Province | Average Tuition | Notes |
|---|---|---|
| Quebec (resident) | $3,000-$4,000 | Lowest in Canada (CEGEP is nearly free) |
| Quebec (out-of-province) | $9,000-$10,000 | Much higher for non-residents |
| Newfoundland | $3,500-$4,500 | Frozen tuition |
| Manitoba | $5,000-$6,000 | Below average |
| British Columbia | $6,000-$7,500 | Average |
| Alberta | $6,500-$8,000 | Average |
| Saskatchewan | $7,000-$8,000 | Average |
| Ontario | $7,500-$9,500 | Highest in Canada |
| Nova Scotia | $8,000-$9,000 | Higher (but grants available) |
Total Annual Cost (Including Living)
| Expense | Living at Home | Living Away |
|---|---|---|
| Tuition | $7,000 | $7,000 |
| Rent | $0 | $8,000-$15,000 |
| Meal plan/groceries | $2,000-$3,000 | $4,000-$6,000 |
| Textbooks/supplies | $500-$1,000 | $500-$1,000 |
| Transportation | $1,000-$2,000 | $500-$1,500 |
| Phone/internet | $500-$700 | $500-$700 |
| Personal/entertainment | $1,500-$3,000 | $1,500-$3,000 |
| Total/year | $12,500-$16,700 | $22,000-$34,200 |
Funding Your Education
| Source | Amount | Repayment? |
|---|---|---|
| RESP (parents/grandparents) | Up to $50,000 + $7,200 grants | No |
| Government grants (need-based) | $1,000-$6,000/year | No |
| Scholarships/bursaries | $500-$40,000+ | No |
| Federal student loans | Based on need | Yes (0% interest rate) |
| Provincial student loans | Additional based on need | Yes (interest varies) |
| Part-time work | $5,000-$15,000/year | N/A |
| Parents/family | Varies | Generally no |
| Student line of credit | $5,000-$15,000/year | Yes (prime + 0-2%) |
Student Loans
How to Apply
| Province | Program | Apply At |
|---|---|---|
| Ontario | OSAP | ontario.ca/osap |
| British Columbia | StudentAidBC | studentaidbc.ca |
| Alberta | Student Aid Alberta | studentaidalberta.ca |
| Quebec | AFE (Aide financière aux études) | afe.gouv.qc.ca |
| All provinces | Canada Student Loans | Through your provincial program |
Loan Details
| Feature | Federal Loans | Provincial Loans (varies) |
|---|---|---|
| Interest rate | 0% (permanent since 2024) | 0-prime rate (varies) |
| Interest during school | No | No |
| Repayment grace period | 6 months after graduation | 6 months (varies) |
| Repayment Assistance (RAP) | Income-based payments | Varies |
| Loan forgiveness | After 15 years on RAP | Some provincial programs |
Scholarships and Free Money
| Type | Where to Find | Amount Range |
|---|---|---|
| Entrance scholarships | Your university/college website | $1,000-$40,000+ |
| In-course scholarships | Department/faculty | $500-$5,000 |
| University bursaries | Financial aid office | $500-$5,000 |
| External scholarships | ScholarshipsCanada.com, Yconic.com | $500-$10,000 |
| Government grants | Student loan application | $1,000-$6,000/year |
| Employer scholarships | Parents’ employers, community businesses | $500-$5,000 |
| Professional associations | CPA, engineering associations | $1,000-$5,000 |
| Indigenous funding | Band, Indspire | Full tuition + living |
Student Budget Template (Monthly)
| Category | Living at Home | Living Away |
|---|---|---|
| Rent | $0 | $700-$1,200 |
| Groceries/meal plan | $200-$300 | $350-$500 |
| Transportation | $100-$150 | $50-$125 (student transit pass) |
| Phone | $30-$50 | $30-$50 |
| Entertainment | $100-$200 | $100-$200 |
| Clothing | $50-$100 | $50-$100 |
| Personal care | $30-$50 | $30-$50 |
| Savings | $50-$200 | $0-$100 |
| Total | $560-$1,050 | $1,310-$2,325 |
Ways to Save Money as a Student
| Category | Tips | Monthly Savings |
|---|---|---|
| Textbooks | Library reserves, used, PDFs, open textbooks | $50-$100 |
| Food | Meal prep, campus food bank, student discounts | $100-$200 |
| Transportation | Student transit pass, biking | $50-$100 |
| Phone | Public Mobile, Lucky Mobile student plans | $20-$30 |
| Entertainment | Student discounts (Spotify, Apple Music, Amazon Prime) | $20-$30 |
| Banking | Free student bank account | $15-$20 |
| Shopping | Student discount apps (UNiDAYS, Student Beans) | $20-$50 |
| Housing | Roommates, off-campus vs residence | $200-$600 |
Student Banking
| Bank | Student Account | Features |
|---|---|---|
| Scotiabank (SCENE+) | Student Banking Advantage | Free, unlimited transactions, no minimum |
| TD | Student Chequing | Free, unlimited transactions |
| CIBC | Smart Account (free for students) | Free, unlimited |
| RBC | Student Banking | Free, unlimited |
| BMO | Student Chequing | Free, unlimited |
| Tangerine | No Fee Daily Chequing | Always free (not student-specific) |
Building Credit as a Student
| Step | When | Details |
|---|---|---|
| 1. Get a student credit card | Year 1 | $500-$1,000 limit, no annual fee |
| 2. Use for recurring expenses | Monthly | Phone bill, subscriptions, groceries |
| 3. Pay full balance every month | Monthly | Most important rule |
| 4. Keep utilization under 30% | Monthly | E.g., spend under $300 on a $1,000 limit |
| 5. Never miss a payment | Monthly | Set up auto-pay for minimum at least |
| 6. Graduate with 4+ years of history | Graduation | Score should be 720+ |
Best Student Credit Cards
| Card | Annual Fee | Cash Back | Limit |
|---|---|---|---|
| BMO CashBack Student | $0 | 3% groceries, 1% other | $500-$1,000 |
| Scotiabank SCENE+ Student | $0 | SCENE+ points | $500-$1,000 |
| CIBC Dividend Visa Student | $0 | 1% cash back | $500-$1,000 |
| Tangerine Money-Back | $0 | 2% on 2-3 categories | $500-$2,000 |
Part-Time Work
| Option | Pay Range | Hours/Week | Notes |
|---|---|---|---|
| Campus job (work-study) | $16-$20/hour | 10-15 | Subsidized, convenient |
| Tutoring | $20-$40/hour | 5-10 | High hourly rate, flexible |
| Retail/food service | $16-$18/hour | 10-20 | Widely available |
| Freelancing | $20-$50+/hour | Variable | Skills-based (writing, design, coding) |
| Co-op/internship | $18-$30+/hour | Full-time (work terms) | Best for career and résumé |
Earning $10,000-$15,000/year from part-time work significantly reduces student loan needs.
Taxes for Students
| What to Know | Details |
|---|---|
| File a return every year | Even with $0 income — to get GST credit and build RRSP room |
| Basic personal amount | First $16,129 of income is tax-free |
| Tuition credit | 15% of tuition reduces tax; unused amounts carry forward |
| Scholarship/bursary income | Generally tax-free |
| Use Wealthsimple Tax | Free; auto-imports slips from CRA |
| Report all income | Part-time work, freelance, tips |
| GST/HST Credit | Up to $350-$500/year for low-income students |
Student Tax Benefits
| Benefit | Amount |
|---|---|
| Tuition tax credit (carry forward) | 15% × tuition = $1,050/year (on $7,000 tuition) |
| Transfer to parent | Up to $5,000 of unused tuition credit |
| GST/HST Credit | $350-$500/year |
| Moving expenses | Deductible if moved 40+ km for school |
| Student loan interest | 15% federal credit |
| RRSP room building | 18% of earned income |
After Graduation Priorities
| Priority | Action | Why |
|---|---|---|
| 1 | Build emergency fund ($3,000-$5,000) | Safety net for job transition |
| 2 | Start professional career | Income is the biggest factor |
| 3 | Review student loan repayment | Budget for payments (RAP if low income) |
| 4 | Open TFSA | Tax-free savings from day one |
| 5 | Start RRSP (if employer match) | Free money from employer |
| 6 | Open FHSA (if planning home purchase) | $8,000/year tax-deductible |
| 7 | Continue building credit | Apply for regular credit card |
Related Reading
- Divorce Financial Checklist Canada | Complete Guide
- International Student Finances Canada | Complete Guide
- Financial Guide for Your 20s Canada | Money Moves to Make
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