Cost of Living in Canada: Your Essential Guide

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For international students dreaming of studying abroad for a better future, Canada could be the perfect place to seek higher education. Now the question arises Why? Well, nothing can go wrong since Canada houses the world’s top-notch universities, and degrees that are respected worldwide and also give incredible opportunities to know more about the dynamic culture of the city. Canada stands out as the most sought study abroad destination for students all around the world. Not denying the fact that the city helps out students by offering countless opportunities that can help them grow personally and professionally.

Do you know Canada has a lower cost of living when compared to other popular study-abroad destinations like the UK, Australia and the US? So, if you have finally decided to take a step forward to choose Canada as your study abroad destination, you need to simultaneously figure out the expenses involved in moving and settling down. Not to fret, we are here with all the breakdowns for the highest cost of living in canada in this guide.

what is the cost of living in Canada

When talking about the cost of living in canada toronto we have numerous dependable factors. These costs can vary depending on your chosen city, neighbourhood and most importantly your lifestyle. We can draw a rough idea that Canada is a bit expensive when compared to other countries. While the cost of living in Canada calculator we will be taking into consideration the accommodation costs, transportation costs, food expenses, health insurance and other miscellaneous costs.

Accommodation

Student accommodations in Canada can be often described as on-campus and off-campus accommodations. If you are a first-year student studying in Canada your preferred choice of housing option will be on-campus student accommodation. These housing facilities include residential halls and dormitories with common facilities, including but not limited to dining areas, laundry rooms, and recreational amenities. The cost of on-campus lodging can range from CAD 8,000 to CAD 10,000 per annum.

On the contrary, opting for off-campus student accommodation in Canada can range from monthly expenses of $1200 to $2000 for students. If greater independence is your preference, these off-campus accommodations could be a better choice for you. These alternatives consist of shared rooms, studio rooms, and ensuite rooms, and have the added advantage of excellent amenities like a gym, swimming pool, and study spaces.

Transportation

Canada is an advanced nation that boasts a highly efficient public transportation system comprising a diverse array of commuting choices such as trains, buses, and taxis. Other alternatives include walking or cycling which can be considered as a cost-effective option and the best alternative for a healthy lifestyle.

Standard options for public transportation in Canada comprise buses, subways and light-rail trains which can cost around $150 to $250 per month. Students can also take advantage of student I-Card which can help them avail of various student discounts and not strain their pockets.

Food Costs

Owning to Canada’s demanding climate and constrained agricultural land, the food costs can be a bit on the higher side when compared to numerous other nations. The most pragmatic way to reduce these costs is stocking up on groceries and opting for discounts in supermarkets like Walmart. Groceries shopping can cost you around $100 to $300 per month.

For those in search of dining options, consequently dining out can be a more costly affair. If we calculate the expenses for dining out in a country like Canada, you will have to shell out around $200 to $500 per month. An individual can expect to spend approximately $10 to $15 for any of the meals: breakfast, lunch, or dinner.

Health Insurance

Canada presents this valuable opportunity to avail medical services to all its residents at no cost. One of the most positive aspects of health insurance is that Canadian universities and colleges have implemented a compulsory requirement for every student to possess it. The health insurance policies can differ according to the city and the preferred insurer but will cost around $600 to $900 annually for international students.

Miscellaneous Expenses

Miscellaneous expenses are a crucial component of the cost of living. It usually accounts for all the additional expenses that you cover in your daily living. These expenses include various day-to-day expenses that you should be aware of. Miscellaneous costs include your stationery costs, laundry staples, toiletries and other stuff and can cost you around $300 to $500 per month in Canada. For those eyeing the student permit, please take note that it is very important to show the Canadian government that you have enough money to cover all your expenses.

So when calculating all the above components on the high cost of living in canada per month, we can say that international students will have to fork out around $2000 to $2500 per month in total to survive in Canada. For students to manage these expenses, the exchange rate becomes a significant obstacle to bear these costs. It is crucial to determine the value of your home currency in Canadian dollars and its purchasing power, as well as be mindful of the fees associated with currency conversion. No need to be concerned about this matter anymore as WSFx Global Pay has made it easy to send money to Canada incredibly straightforward and convenient.

When evaluating and analyzing your expenses it is important to pragmatically draw a budget that aligns with your financial situation, resources and capabilities. But how to evaluate the expenses? You can utilize our Student Cost of Living Calculator which is an effective and user-friendly tool for effortlessly estimating and organizing your expenses. This tool is designed for the students to segregate their expenses based on their budget and preferences. Just select the desired university of study and the calculator will generate a customized estimate of your expenses according to your preferences. Do sure to check out this helpful too before taking a leap on your study abroad journey.

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