Canada is one of the world's top destinations for international students, with over 800,000 studying here each year. But Canada is expensive, and international students face unique financial challenges: higher tuition than domestic students, limited access to government aid, work restrictions, and navigating an unfamiliar banking and tax system. This guide covers the key financial considerations for international students in 2025.
International students pay significantly more than domestic students. Average annual tuition ranges in 2024–25:
No. Government student loans and grants (OSAP, StudentAid BC, Alberta Student Aid, etc.) are only available to Canadian citizens, permanent residents, and protected persons. International students on study permits are not eligible for any Canadian government student loan or grant programs.
Exceptions are very limited: some provinces offer small emergency bursaries accessible to all students regardless of status — check your institution's financial aid office.
Opening a Canadian bank account is one of the first financial steps when arriving. You'll need it to receive money transfers, pay rent, and manage daily expenses.
What you typically need to open a student account:
Most major banks (TD, RBC, Scotiabank, CIBC, BMO) offer newcomer or student banking packages with reduced or no fees for the first year. Digital options like Simplii or Tangerine are fee-free for all users and don't require a SIN.
A SIN is required to work legally in Canada and to file taxes. International students with a valid study permit that includes authorization to work are eligible for a SIN. Apply at a Service Canada centre in person with your passport and study permit. The SIN issued to international students begins with the number 9 and expires when your study permit expires.
Most international students with a full-time study permit can work up to 20 hours per week on campus or off campus during academic sessions, and full-time during scheduled breaks (summer, winter reading week). As of 2023, the 20-hour cap was temporarily lifted but may be reinstated — verify current IRCC rules.
Working rights are attached to your study permit. Make sure your permit explicitly allows off-campus work before starting employment.
If you earn income in Canada (from a part-time job or co-op), you must file a Canadian tax return. International students are considered Canadian tax residents if they establish "residential ties" to Canada (renting an apartment, having a bank account, etc.).
As a tax resident, you have access to:
If you are a non-resident for tax purposes (only here briefly or maintaining ties abroad), different rules apply and you may be subject to withholding tax on Canadian income.
Most international students fund their Canadian studies through family transfers. Wire transfer fees and exchange rates matter — a 2% exchange rate difference on a $30,000 transfer costs $600.
Options for international money transfers:
Health insurance is a major financial consideration. Most provinces do not include international students in provincial health insurance (OHIP, MSP, etc.) — or there is a waiting period. Your university likely requires you to enroll in their international student health plan (typically $600–$900/year). Budget for this mandatory cost and confirm coverage before arriving.
While government student loans are not available, some scholarships are open to international students:
Check with your university's international student office and awards office for a complete list of scholarships open to students with your status.
Student budgets are tight. KOHO offers free banking with no monthly fees and no minimum balance — perfect for students. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — Code 45ET55JSYA