Understanding the cost of studying in Canada is essential for both financial planning and your study permit application. IRCC requires proof you can cover tuition and living expenses — and the Guaranteed Investment Certificate (GIC) requirement sets the minimum bar. This guide walks through the GIC amount, typical tuition ranges by program type, estimated rent by major city, and other living costs international students should budget for.
GIC Requirement — $20,635 CAD
A Guaranteed Investment Certificate (GIC) is one of the accepted forms of proof of funds for a Canadian study permit. IRCC updated the GIC minimum amount effective January 1, 2024, to $20,635 CAD — an increase from the previous $10,000 minimum. This amount is intended to cover living expenses for one year (excluding tuition).
GIC key facts
- ✓ Minimum amount: $20,635 CAD (as of January 1, 2024)
- ✓ Must be purchased from a participating Canadian financial institution
- ✓ Released in two portions: lump sum upon arrival + monthly instalments
- ✓ GIC covers living costs only — you must also show proof of tuition payment or funds to cover tuition
- ✓ Alternatively, you can show bank statements instead of a GIC (must demonstrate stable funds over time)
Source: IRCC — “Prove you have enough money to study in Canada.” Always verify the current GIC minimum on the official canada.gc.ca website, as this amount may be updated.
Tuition Ranges by Program Type
Tuition for international students in Canada varies significantly by institution type, program, and province. The following are approximate annual ranges based on publicly available university and college fee schedules:
| Program Type | Approximate Annual Tuition (CAD) |
|---|---|
| Undergraduate (arts/humanities) | $20,000 – $35,000 |
| Undergraduate (science/engineering) | $25,000 – $45,000 |
| Undergraduate (business/commerce) | $25,000 – $50,000 |
| College diploma (2-year) | $12,000 – $25,000 |
| Master's degree (coursework) | $18,000 – $40,000 |
| PhD (funded programs) | $7,000 – $15,000 (often partially funded) |
These are approximate ranges based on publicly available data from Canadian universities. Always check the specific institution's fee schedule for your exact program. MBA and professional programs (law, medicine, dentistry) can be significantly higher.
Rent by City — 2026 Estimates
Housing is typically the largest non-tuition expense for international students. Monthly rent estimates below are for one-bedroom apartments or student shared housing. Costs vary significantly by neighbourhood and availability.
| City | 1-Bedroom Apt (approx.) | Shared Room (approx.) |
|---|---|---|
| Toronto, ON | $2,300 – $2,900/mo | $900 – $1,400/mo |
| Vancouver, BC | $2,200 – $2,800/mo | $900 – $1,300/mo |
| Montreal, QC | $1,400 – $2,000/mo | $600 – $900/mo |
| Calgary, AB | $1,700 – $2,300/mo | $700 – $1,100/mo |
| Ottawa, ON | $1,800 – $2,400/mo | $700 – $1,100/mo |
| Halifax, NS | $1,500 – $2,000/mo | $600 – $900/mo |
These estimates are based on publicly available rental market data and should be treated as general guidance. On-campus residence is often cheaper but limited — apply early if available at your institution.
Other Monthly Living Costs
Beyond rent and tuition, plan for the following monthly expenses:
| Expense Category | Approximate Monthly Cost (CAD) |
|---|---|
| Groceries / food | $400 – $700 |
| Public transit (monthly pass) | $100 – $160 |
| Phone plan | $35 – $80 |
| Health insurance (provincial or school plan) | $30 – $100 |
| Internet (if not included in rent) | $50 – $80 |
| Books and supplies | $50 – $150 (average) |
| Personal / miscellaneous | $100 – $200 |
Total monthly living costs (excluding tuition and rent) typically range from $750 – $1,400 per month depending on city and lifestyle. This is why the GIC minimum of $20,635 was set to cover approximately one year of living expenses.
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Open Fee CalculatorFrequently Asked Questions
How much money do I need to prove for a Canadian study permit?+
You need to prove you can cover tuition for your first year plus living expenses. IRCC's GIC minimum (effective January 1, 2024) is $20,635 CAD for living expenses. You also need to show you can pay tuition — either proof of payment or funds to cover it.
Can I use my parents' money to meet the proof of funds requirement?+
Yes. If a family member is financially supporting you, they can provide their bank statements and a signed letter of financial support. IRCC considers third-party financial support as long as the funds are clearly available and committed to your studies.
Is it cheaper to study outside Toronto or Vancouver?+
Yes. Cities like Halifax, Montreal, Winnipeg, and smaller university towns have significantly lower rent and overall living costs. Montreal in particular offers excellent universities at lower tuition than Ontario, and significantly lower rent. The trade-off is that Quebec has specific language requirements and immigration pathways for francophone students.
Does the GIC count as my total proof of funds?+
No. The GIC covers living expenses only. You must also demonstrate funds to pay your tuition separately — through proof of paid tuition, scholarship, or additional bank statements showing enough for tuition on top of the GIC amount.
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