There are a number of financial matters that you should consider in preparation for living in Toronto.  The information below will help you to start thinking about this.  Click on any of the following links to find the information you are looking for:

Budget
Tuition Fees
Incidental Fees
Living and Studying Costs
Taxes and Tipping
Income Tax
Paying Your Student Fees
Accessing Money in Canada
Scholarships, Loans and Bursaries

 

Budget
 

One of the most common questions international students ask is, "How Much Money Do I Need?" There are three costs which you will need to consider when planning your studies at U of T:

• tuition fees
• incidental fees
• living and studying costs (including books) 

Tuition Fees

Please see the tuition fee schedule as posted by the Office of the Vice-President and Provost.  These fees are for a full academic year (i.e., two terms) and full course load.

Tuition fees vary by program of study, year of entry and registration status. Please make sure to look at the fees for international students (vs. domestic) and for your specific program and year of entry.


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Incidental Fees

Incidental fees are compulsory non-academic fees which pay for the many facilities, activities and services which are open to you at the University. Since many facilities, etc. are provided at the faculty, college or school level, these fees vary depending on your enrolment. International students pay the same incidental fees as domestic students. These fees are set every summer and are charged through your ROSI account. It is not possible to say how they will change from year to year.


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Living and Studying Costs

The table below provides an estimated cost of living and studying at U of T for one year (i.e., twelve months). These figures are in Canadian dollars and reflect the cost of living as of 2009-2010. The type of accommodation you choose will be a major factor in determining your cost of living. Please see the Housing page of this website for more information on the types of accommodation which are available to you.
 

Taxes and Tipping

Whether you are dining out, paying for a haircut or buying a new shirt, there are often additional costs involved.  Many goods and services are taxed in Canada.  In Ontario, the tax is called Harmonized Sales Tax (HST) and is a combination of a federal goods and services tax (GST) and Ontario Sales Tax.  This tax is a value added tax, that is, its an amount added to the cost of an item.  The original 'ticket price' is often what is advertised on the item or service but you should expect an additional tax — 13% in Ontario — added to your final bill.  

In addition, most Canadians tip on a number of services.  Generally speaking, people will tip 10-15% to persons providing a service such as taxis, hair dressing, tour guides.  People will generally tip a little higher (15-20% on the total before taxes) for excellent table service at restaurant.  For food services at counters, it's not uncommon to see a "tip jar" where you can place a small tip in appreciation for services. 
 

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Income Tax

If you are planning to work while you are in Canada, then you will have to account for income tax on your earnings. Any money you earn in Canada is subject to Canadian income tax—this includes income from University employment such as Graduate Assistantships or Teaching Assistantships.

Working in Canada also means filing an income-tax return.  This must be done before April 30^th each year. For income tax purposes you will most likely be considered a “resident”, as you live, study, work and use many public services in Canada. Please be aware that your residency status for tax purposes is not the same as your residency status for immigration.

• If you are an international student enrolled in a full degree program, you will use a Canadian resident’s tax form and will be eligible for Canadian residents' tax deductions and benefits.
• If you are attending U of T for only one term (4 months), you may want to find out what your residency status is according to Revenue Canada. In this case, complete a Determination of Residency form and send it in to Revenue Canada. Revenue Canada will then reply with a letter specifying your status. This should be done well before the tax deadline of April 30^th, as this information will determine both which tax form you must use and which deductions or benefits you are eligible for.

It is not possible to determine in advance how much tax you will have to pay on your earnings, as your taxation level is determined by a variety of factors (i.e., total income, residency status, federal and provincial tax rates, federal and provincial tax credits, and federal and provincial tax deductions).
 

Where to Find Information and Get Help with Taxes

You can find information specifically for international students in Canada, as well as general tax information, on the Canada Revenue Agency website. The Working in Canada page of this website also has information to help you.

Please note that the Centre for International Experience offers General Income Tax Information and Help Sessions every March.
 

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Paying Your Student Fees

Most of your student fees will appear on ROSI, your student account.  It's important that you are attentive to all fees deadlines in order to avoid late penalties and to maintain your registration status at the University.  Many students open up a Canadian bank account to pay for fees, but if you need to make your payment from a bank account outside of Canada, you can find information about how to do so on the Student Accounts website.

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Accessing Money in Canada

Planning ahead and investigating banking options can help make accessing money easy and affordable.  Talk to your bank in your home country and find out whether they have a branch or partnership branch in Canada.  Find out what kind of banking fees are applicable to using ATMs overseas, transferring funds to international accounts and other services that may be useful.  It is also a good idea to alert your credit card company that you will be living abroad for a period of time.

Many students will decide to open up a bank account while in Toronto.  It is advisable that you visit a number of banks to compare products and services.  To set up an account, the bank will require you to show 2 pieces of identification (e.g., passport, study permit, driver's licence), one of which must be photo identification.

The following is an alphabetical list of Canadian Banks you may wish to research: 
 

• Bank of Montreal (BMO)
• Canadian Imperial Bank of Commerce (CIBC)
• HSBC Bank of Canada
• National Bank of Canada
• President’s Choice Financial Services
• Royal Bank of Canada (RBC)
• Scotiabank (Representatives from Scotiabank will be at CIE during orientation.)
• TD Canada Trust

Scholarships, Loans and Bursaries

Students attending the University of Toronto are encouraged to research awards and scholarships available to them.  Awards and Admissions has a web page dedicated to financial
assistance.   In addition, international students may want to consider external awards that support students to study in Canada, including International Scholarships, a site maintained by the Canadian Government.