Cost of Living in Canada for International Students

GIC account for living expenses in Canada

For studying in Canada, students have to purchase the guaranteed investment certificate (GIC) that is also called as the short-term liquid investment for an year. This Guaranteed investment certificate is offered and provided by the Canadian banks along with a return rate that is guaranteed.

GIC is needed to

• For showing the Canadian government that you have sufficient funds to live and study in Canada until the completion of your program.
• It helps in the application and processing of Canadian study visa.
• A guaranteed investment certificate having the value of 10000 CAD obtained from an approved Canadian bank acts as the full-proof evidence of funds.

Steps to apply for the GIC?

1. The first step is to sign up for a secure email service provided by an authorised bank. In order to register with a legitimate Canadian bank online, you must provide your personal data. You must then sign up for the institution's secure email service. Once you have registered, you will be given a password to access your email account.
2. After registering, you will receive a link to the GIC Application Form on your email account. It may be submitted either online or offline. To submit online, you should submit the form through your secure email account, which will require you to fill it out in its entirety and upload a scanned copy of your passport and admission letter. To submit offline, you may download the form from your email account and then print, fill out, and deliver it in person to a bank.
3. After submitting your Student GIC Program Application, you will be provided with your Investment Account Number and funding details on your email account. Fund your account with 10,000 CAD + 150 CAD (processing fee) from any Indian bank account. Once you have funded your Canada Student GIC Program account, you will be notified of its investment balance.
4. To get a Canadian study permit, visit the Canadian visa office in India and submit a copy of your Investment Balance Confirmation.
5. Upon arrival in Canada, you should submit the following documents to any bank branch.
   • Investment balance confirmation
   • A valid passport
   • Study permit

Cost of living in Canada – province wise

Cost of education in Canada (Course – wise)

Accommodation for international students in Canada

You can easily locate on-site dormitories at Canadian universities if you are an international student. First-year students typically choose to reside on-campus. However, you must determine whether this is a good fit for you, as students are usually required to share their spaces with a dining hall, a laundry room, and recreational facilities.

The most critical issue to think about before choosing on-campus housing is the amount of money you will need to spend on it. Generally, living in Canada for on-campus housing costs between 8,000 CAD and 10,000 CAD annually. Other than that, living off-campus may be expensive, but living on a shared basis will be cheaper. You'll need at least 400 CAD per month to live in Canada, in all.

Food expenses in Canada

All kinds of cuisines can be found in every town in Canada, whether Indian, American, Continental, Italian, or Chinese. However, the cost of food must be taken into account when calculating expenses while visiting Canada. The meal at a restaurant in Canada may cost between $10 and $15 per person for breakfast, lunch, or dinner. Moreover, the monthly expenses may cost between 200 CAD and 600 CAD for food and other things.

Cost of transportation in Canada

In Canada, the cities are well connected by airplnes, trains, buses, taxis, and subways. Metro services or public buses can also be used to traverse the streets. Other than that, students can also receive discounted passes by showing their college ID. In Canada, transportation costs between 80 CAD and 120 CAD per month. A monthly pass is also available for trains and buses.