The Hidden Costs of Studying in Canada: What Every Student Should Know

Studying in Canada feels like entering a world filled with dreams, excitement, and adventure. With over 3.2 lakh Indian students making this choice in 2024, Canadian universities have become popular destinations. The education quality, lifestyle, and diverse cultural experiences make the expenses worthwhile. However, before you dive into the journey, there's a hidden truth to uncover: the extra costs of studying in Canada. Beyond the expected fees, some unnoticed expenses might sneak up on you. In this blog, ‘The Hidden Costs of Studying in Canada: What Every Student Should Know’, our experts at Campus World, the top Study In Canada Consultants will discuss exactly that. So, if you're planning to study in Canada, let's shed light on these hidden costs that often catch students off guard.

Basic Costs of Living in Canada

Living in Canada comes with expenses, but it's more affordable than the US, the UK, or Australia. For international students, annual tuition ranges from CAD 21,000 to CAD 31,600 (INR 13 lakhs to INR 20 lakhs). Basic living costs, around CAD 12,000 to CAD 20,000 per year (7.46 lakhs to 12.44 lakhs), add to this. In total, you're looking at CAD 33,000 to CAD 51,600 (20.53 lakhs to 32.11 lakhs) yearly. Multiply these for a 2 or 3-year degree. Expenses differ based on city, course, university, and lifestyle choices. Despite the costs, Canada's inclusive and promising student life makes it worthwhile.

Hidden Costs: Before Departure 

The English Language Proficiency Test 

While considering studying in Canada, it's crucial to factor in hidden costs like English Language Proficiency Tests. These exams, such as IELTS or TOEFL, may have registration fees, study materials, and travel expenses for the test center. Additionally, some educational institutions might require specific scores for admission. Being aware of these hidden costs ensures you budget effectively for a smooth transition into Canadian academic life, promoting a more informed and stress-free study abroad experience. We’ve outlined some of the popular English language tests and their costs.

GIC (Guaranteed Investment Certificate)

Opting for a Guaranteed Investment Certificate (GIC) is a wise financial move when studying in Canada, serving as a crucial aspect of hidden costs. To open a GIC account, students deposit CAD 10,000 (INR 6.22 lakhs) with partnered banks like Nova Scotia Bank, ICICI Canada, SBI Canada Bank, or CIBC. Upon arrival, students immediately receive CAD 2,000 (INR 1.24 lakhs) and subsequently, CAD 8,000 (4.97 lakhs) monthly for 12 months to cover living expenses. 

Keep in mind that banks deduct around CAD 200 (INR 12,500) as administrative fees, and the received amount varies based on the chosen bank for the GIC account. Understanding these details ensures better financial planning during your Canadian education journey. Reach out to our experts at the Overseas Education Consultants In Kochi to know more details.

Application Fee (University and Visa)

When pursuing studies in Canada, it's important to consider hidden costs like application fees for universities and visas. Applying to various universities typically requires filling out forms, each with fees ranging from CAD 50 to CAD 250 (INR 3100 to 15,500). It's essential to note that these fees are non-refundable, regardless of whether you get accepted. Also, obtaining a study visa comes with its own set of fees. Being mindful of these application expenses allows you to plan your finances thoughtfully, ensuring a smoother and more transparent process as you embark on your educational journey in Canada.

Study Permit Application 

When planning to study in Canada, don't forget about the sneaky application fees. To get a study permit, you'll shell out CAD 150 (INR 9335). But wait, there's more! They'll need your fingerprints and fancy photos, adding up to around CAD 90 (INR 5600). These extra costs are like surprise guests at a party you didn't plan for. So, when budgeting for your Canadian dreams, make sure to invite these fees to the planning table. Knowing about them upfront will save you from that last-minute budget scramble and keep your study journey smooth and stress-free.

Medical purposes

As part of the hidden costs of studying in Canada, students may encounter medical expenses. When applying for a visa, the Canadian government mandates choosing a doctor from a designated panel for required medical tests. Beyond the visa fees, students are responsible for covering the doctor's fees, expenses related to specialized tests, and any necessary treatments. These medical costs are often overlooked, and it's essential for prospective students to factor them into their budgeting. Understanding and preparing for these expenses ensures a comprehensive financial plan for a successful and healthy academic journey in Canada.

Flight Tickets

Securing flight tickets is a crucial yet often overlooked component of studying in Canada. It's the final expense before departure, and costs typically range from INR 80,000 to 1.25 lakhs. Factors influencing prices include the time of departure, destination location, and the duration of the flight. Be mindful of these hidden costs to avoid financial surprises. Planning and booking in advance can help you manage this expense more efficiently, ensuring a smoother transition to your Canadian educational journey. Understanding the dynamics of flight costs is key to a well-prepared and stress-free start to your study abroad adventure.

In conclusion, beginning a journey to study in Canada requires careful consideration of hidden costs. From English Language Proficiency Tests to flight tickets, being aware of these expenses ensures a well-prepared and stress-free transition. Plan ahead, budget wisely, and factor in these aspects to avoid financial surprises. Understanding the full scope of costs contributes to a more informed and enjoyable study abroad experience. Remember, preparedness is key, and with thorough planning, you can navigate these hidden expenses with confidence, allowing you to focus on your academic pursuits and make the most of your time in Canada.