Financial Tips for International Students
Every year, students from all over the world choose to come to Canada to attend post-secondary institutions. It’s a chance to expand the educational experience beyond the classroom by learning valuable and interesting lessons about our country, cultures, and people.
To help make the student experience as rewarding and enjoyable as possible, international learners can benefit from understanding and utilizing various aspects of banking and finance in their temporary home.
If you’re currently studying in Canada or hope to come here one day to attend courses, these basic financial tips can help you feel more comfortable and confident about money matters during your time in this country.
Get a credit card, but use it wisely
Whether or not you’ve had a credit card before, this is a good time to get one and start building some credit history in Canada. Plus, it’s very convenient when it comes to paying for school supplies, food, and entertainment. It’s also handy in case you’re suddenly hit with some kind of financial emergency.
A rewards card can help turn spending into something tangible, so look for a no-fee or low-fee card that also offers rewards. However, always be careful not to let your spending get out of control. Credit card debt comes with high interest charges that can pile up quickly, so remember to be responsible – you’re trying to build your credit history, not sink it. Pay your balance in full each month and resist the urge to spend more than you can afford.
Investigate and understand options for student loans and other aid
While international students typically aren’t eligible for government-backed loan programs, individual institutions offer scholarships, bursaries, and awards to all students, with some designated for international learners. Check the awards and scholarships available at your chosen college or university and, if you need further support, consider a loan from a private financial institution such as a bank or credit union.
Get a job and get Canadian work experience
International students come to Canada to learn, but sometimes they need to earn, too. Getting a part-time job during your student years doesn’t just help pay the bills, it also offers the valuable opportunity to get Canadian work experience.
Still, it’s important to make sure you don’t accept work you’re not eligible for, as it could impact your status here. Full-time students can accept on-campus jobs without a work permit once they begin studying in Canada, and those who meet all of the federal government’s eligibility requirements can accept off-campus work.
Recent changes have increased the weekly cap on student working hours while attending classes to 24 per week, starting in September 2024. There’s no cap on hours worked during academic breaks.
Before you get a job, you’ll also have to get a Canadian Social Insurance Number. Sort that part out before you start hunting for employment.
Make sure you have health insurance
Depending on which province or territory you are studying in, different rules will apply around your eligibility for health insurance, and who provides coverage. Some regions offer provincial coverage plans for international students, while in other cases insurance coverage is provided through individual institutions.
Given the potential for exceptionally high costs if a medical emergency strikes during your time in Canada, it’s vitally important to understand the insurance situation in your area and ensure you have the health coverage you need throughout the duration of your time here.
