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AMOUNT TO BE CARRIED

The amount of money you should carry when going to Canada for studies depends on a number of factors, including:
  • The province or territory where you will be studying
  • The length of your study program
  • Your tuition fees
  • Your living expenses
  • Your travel expenses

Immigration, Refugees and Citizenship Canada (IRCC) requires that international students have proof of financial support to cover their tuition fees and living expenses for the first year of their studies. This amount varies depending on the province or territory where you will be studying.

For example, in 2023, the minimum amount of proof of financial support required for international students studying in Ontario is CAD 10,000, plus CAD 4,000 for each accompanying family member.

In addition to your tuition fees and living expenses, you will also need to cover your travel expenses and other costs, such as books and supplies.

Here is a sample budget for an international student studying in Ontario for one year:

  • Tuition fees: CAD 10,000
  • Living expenses: CAD 12,000
  • Travel expenses: CAD 2,000
  • Other costs: CAD 1,000

Total: CAD 25,000

It is important to note that this is just a sample budget. Your actual expenses may vary depending on your individual circumstances.

It is also a good idea to have some extra money saved up in case of unexpected expenses, such as a medical emergency or a change in your financial situation.

Here are some tips for managing your finances as an international student in Canada:

  • Create a budget and track your spending. This will help you stay on top of your finances and avoid overspending.
  • Take advantage of student discounts. Many businesses in Canada offer discounts to students.
  • Look for ways to save money on living expenses. For example, you can cook at home instead of eating out, and you can take public transportation instead of owning a car.
  • Get a part-time job. International students are allowed to work up to 20 hours per week while they are studying. This can be a good way to earn extra money and help cover your expenses.

I hope this information is helpful. Good luck with your studies in Canada!