Study costs & money in Canada
Tuition, living-cost context, banking, taxes and practical money guidance for students planning to study in Canada.
Read the complete Canada study abroad guide.
Bank Accounts
Open an account in your first week. The large banks all run student accounts with no monthly fee and most will open one on your passport and study permit alone.
You need a Social Insurance Number, a SIN, to be paid. It is free, issued by Service Canada, and you can apply as soon as you are eligible to work. Never pay anyone to obtain one for you.
Canada runs on credit history, and you arrive without one. A student credit card, paid in full every month, begins to build it. This matters later for renting and for a phone contract more than it does for borrowing.
Interac e-Transfer is how Canadians send money to each other. Cheques still exist, mainly for rent.
Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/work.html
Taxes
You will generally be a tax resident if you establish significant residential ties in Canada, which most full time students do. Residency for tax is decided separately from your immigration status.
File a return every year, even with no income. It is how you claim the GST/HST credit, provincial credits, and your tuition credits. Tuition credits carry forward and can be applied against future Canadian income, which for a graduate intending to work here is real money.
Your university issues a T2202 certificate showing eligible tuition. Employers issue a T4. The tax year is the calendar year and returns are due 30 April.
Free tax clinics run on most campuses in March. They are staffed by volunteers, they are competent, and they are aimed at exactly your situation.
Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada.html
Common questions
What should international students know about banking in Canada?
A Social Insurance Number is free and required to work. Start building credit history immediately.
What should international students know about taxes in Canada?
File a return even with no income. Tuition credits carry forward and are worth real money later.