Graduate Student Finance Canada — Masters and PhD Guide

Funding a master's or PhD in Canada works differently than undergraduate. From tri-council scholarships to TA stipends, here is the complete graduate funding picture.

How Graduate Funding Works in Canada

Graduate students in Canada are funded through a combination of institutional funding packages, research assistantships (RAs), teaching assistantships (TAs), external scholarships, and sometimes government student loans. Unlike undergraduate school where you primarily pay tuition and receive aid, many graduate programs — especially PhDs — come with a guaranteed funding package that covers tuition and provides a living stipend.

When evaluating graduate programs, the funding package is as important as the program content. A PhD program offering $22,000/year in stipend is financially very different from one offering $32,000/year — especially in high cost-of-living cities like Toronto or Vancouver.

Tri-Council Scholarships — The Big Three

Scholarship	Amount	Field	Eligibility
NSERC CGS-M	$17,500/year (1 year)	Natural sciences, engineering	Master's students
NSERC PGS-D	$21,000–$35,000/year	Natural sciences, engineering	PhD students
SSHRC CGS-M	$17,500/year (1 year)	Social sciences, humanities	Master's students
CIHR CGS-M	$17,500/year (1 year)	Health research	Master's students
Vanier CGS	$50,000/year (3 years)	All fields	Exceptional PhD students

Tri-council scholarships are highly competitive but transformative — a Vanier Scholarship at $50,000/year for three years means a funded PhD with no financial stress. Apply for every scholarship you are eligible for, starting in your final undergraduate year.

Ontario Graduate Scholarship (OGS)

The Ontario Graduate Scholarship provides $15,000/year for master's and PhD students enrolled at Ontario universities. OGS is partially funded by the provincial government and matched by institutions. Competition is through your graduate department. Many students who miss out on NSERC/SSHRC receive OGS — apply to both simultaneously.

Teaching and Research Assistantships

Most funded graduate positions include TA or RA duties. TAs typically earn $8,000–$15,000/year for 10–12 hours of weekly work (marking, tutorials, labs). This income is employment income — you receive a T4 and pay income tax on it. RA funding from your supervisor's research grants may come as a stipend or bursary with different tax treatment. Ask your supervisor and graduate administrator how your funding is structured for tax purposes.

OSAP for Graduate Students

Graduate students can still apply for OSAP. Funding calculations account for your stipend or RA/TA income, which typically reduces the OSAP amount you receive. However, for students in unfunded master's programs or with lower stipends, OSAP can provide meaningful supplementary support. Always apply — the grant component, if eligible, is free money regardless of your funding source.

Graduate Student Tax Considerations

Graduate stipends, fellowships, and scholarship income can have complex tax treatment. Scholarships and fellowships from your institution are generally tax-free up to the amount of your tuition and mandatory fees — the excess is reported as income. TA and RA employment income is fully taxable. The T2202 tuition credit still applies. Graduate students should use tax software that explicitly handles fellowship and scholarship income, or consult a tax professional in their first year.

Financial Planning for a Long PhD

PhD programs in Canada typically take 4–6 years. Living on a $22,000–$30,000 stipend in a major city for 5+ years requires genuine financial discipline. Key strategies: negotiate your funding package before accepting admission; apply for every scholarship every year; minimize high-cost living situations; use your TFSA for any savings or investments even on a small scale; and plan the financial transition to post-PhD employment proactively, since the academic job market has long lead times.