The international student's financial guide

Set up a Canadian bank account Opens in a new window. before you arrive in Canada, so it’s one less thing for you to worry about. Before you agree to anything, research and compare your best options. Find out which banks offer no account fees and free e-transfers. Some bank accounts include reward programs that can be highly beneficial for students.

A credit score Opens in a new window. is a calculation that determines your ability to pay off debt. Banks, phone providers, landlords, etc., use your credit score among other factors to gauge your ability to make regular payments.

Having a bad credit score (or none at all) can negatively impact your ability to rent property or even get a phone plan. Therefore, it’s best to begin building your credit right away to ensure you’ll be able to secure the things you need, like a phone plan and accommodation. An ideal place to start is by obtaining and using, and making regular and timely payments on a credit card Opens in a new window..

Groceries need to be purchased and rent and bills have to be paid, and on top of that, you’ll need to pay off your student loans at some point. There are many ways to live on a budget and  stretch your dollars further than you thought possible.

Try to limit your spending to what you need instead of what you want. Consider shopping at thrift stores and finding items on Facebook Marketplace instead of buying new.

Avoid take-out options in favour of meal planning Opens in a new window. when you can. For more budgeting tips, check out Learn more about budgeting tips for beginners Opens in a new window..

If you’re working part-time to pay for your education, you’re not alone. Many students do this to help pay off their student loans faster or to afford rent. It’s essential to remember you're in Canada to study. So make sure that the job you take on allows you time to focus on school  — balance is key.

Some schools have flexible part-time positions on campus. Additionally, there are paid research positions and opportunities to work with professors. They also provide experience, and knowing the demands of your courses, are flexible with your schedule. To seek out these opportunities, check in with your professors and your program department.

Some international students are required to file a tax return. This will depend on your residency status in Canada. International students may be categorized as one of the following:

• Resident
• Non-Resident
• Deemed Resident
• Deemed Non-Resident

To find out if you need to file a tax return here, visit the Government of Canada website Opens in a new window..