Cost of studying MS in Canada

Multicultural society, world-class higher education institutes, and immigration-friendly policies make Canada one of the most preferred countries for international students. Studying master's in Canada can be a distant dream for many, but due to the rising cost and financial hindrances, many students don't get to live this dream. In this article, we will inform you everything about MS in Canada's cost. Studying abroad can be a costly affair, however, Canada is one country where you can get quality higher education at affordable rates. The cost of studying MS in Canada can be less than in other popular developed countries.

A master's degree in Canada can be of one to two years and may include research other than the course work. MS courses include MBA (Masters of Business Administration), Masters of Engineering, Master of Arts or Master of Fine Arts, Masters in Management, MPharma (Master of Pharmacy), and Masters of Engineering.  Studying in Canada also gives a huge advantage to international students, as they get a post-study work visa after completing their MS in Canada. As you can see below image the average cost of studying MS in Canada is Rs 16.43 Lakh per year and the average living cost is Rs 5.46 Lakh annually.

Note: Average first-year tuition fees are based on 573 MS courses in Canada, Source: studyabroad.shiksha.com

Note: Average living expense is based on 108 colleges in Canada, Source: studyabroad.shiksha.com

Also Read

• Cost of Studying in Canada
• Cost of Education in Canada

Advantages of pursuing MS in Canada

More than 10 universities of Canada feature in the top 300 of the QS World University Rankings 2023. Apart from this, Canada is not only an immigrant friendly-nation but also offers world-class living standards. International students can work up to 20 hours per week while pursuing higher studies. Also, there are a lot of job opportunities for graduates after completing their education. After completing a bachelor's or master's, international students can stay up to 3 years in Canada and gain international work experience.

MS Cost in Canada inclusions

Some of the important components that make up for the overall cost of studying in Canada are mentioned below.

• IELTS/TOEFL fee – US $250 (approx.)
• GRE/GMAT fee – You need to submit either GRE or GMAT scores for getting admission to an MS program in Canada. In India, GRE costs US $228 and GMAT costs US $275.
• Application fee – Application fee, you pay at the time of the application process. This is a one-time fee that you pay while staying in your home country. On average, it can vary from CAD75-CAD100 for every university depending on the number of universities you apply to.
• Tuition fee – It may vary from university to university, as explained above (in the infographic) the average tuition fee is approximately Rs 10.76 L annually.
• GIC – Guaranteed Investment Certificate or GIC is a short-term liquid investment for a period of one year that offers a guaranteed rate of return. International students need to purchase a GIC of CAD 10,000 before moving to Canada.
• Student Visa application – A study permit for Canada costs CAD 150
• Biometric fee – Biometric fee costs CAD 85
• Flight tickets – One-way flight tickets may cost CAD 1,000 – CAD 1,500 approx
• Living expenses – Living expenses depend on the area you stay in. If you stay in a large city like Toronto or Ottawa then living costs will be higher, whereas if you stay in less popular cities then living costs tend to be less. As shown in the infographic above the average living cost for Canada is CAD 10K/annually.
• Health insurance – CAD 750/annum, medical expenses, personal accident, dental treatment, study interruption (if it happens)

Tuition fees vary from university to university and can vary based on different programs. Courses related to medicine costs more in comparison to other MS programs. The cost of tuition fee may depend on different factors like the programme type (MS/MBA/Ph.D.), course (CS, Engineering, etc.), university and location of the university (Vancouver, Toronto, Montreal, etc.) and so on. If you find tuition fees huge then you can go for an education loan for studying in Canada or you may apply for a scholarship to study MS in Canada. Candidates looking for less expensive universities can also look for affordable universities in Canada.

Cost of living in Canada

The cost of living in Canada for international students includes accommodation and all expenses related to your day-to-day activities. Apart from this, it includes food, clothing, transportation, medical insurance, etc. Students need to show that he/she has adequate funds to spend in a year which equals CAD 10,000 for the cost of living. On average, a candidate needs to show around Rs 5,46,000 as proof of funds required to study MS in Canada for Indian students.