University can cost anywhere from $50,000 to $70,000, and it’s easy to feel overwhelmed when trying to figure out how much to save – and how to make it happen.
This guide breaks down real Canadian costs for 2024–2025 and offers practical tips to help you keep more money in your pocket, both before and during school.
How much do you need to save for university?
Most students in Canada can expect to pay between $50,000 and $80,000 for a four-year degree, depending on the program, location, and lifestyle.
For example, a first-year student attending the University of Calgary for their Bachelor of Arts program, living on campus, and using a seven-day meal plan is looking at paying $19,626.12 per year.
Average cost of tuition for 2025
We took a look at the current tuition costs of six top Canadian universities.
Notes:
- Tuition fees often depend on your department of study as well as your degree (i.e., Bachelor's vs. Master's).
- Tuition can change from year to year.
- To be consistent, we used the base cost of tuition for a full-time Canadian student pursuing a Bachelor of Arts.
- These numbers are for tuition only. No other fees are included.
| University | Cost of tuition (domestic, two terms, 2025) | Estimated total tuition cost (four-year degree) | More info |
|---|---|---|---|
| University of Toronto | $6,100 | $24,400 | More info |
| McGill University | $3,026.70 (Quebec residents) | $12,106.80 | More info |
| University of British Columbia | $6,079 | $24,316.80 | More info |
| University of Alberta | $7,000 | $28,000 | More info |
| University of Calgary | $7,242 | $28,968 | More info |
| McMaster University | $6,042.60 | $24,170.40 | More info |
| Average: | $5,915.05 | $23,660.33 |
Mandatory supplementary fees
One of the most important costs that aren't mentioned above are the supplementary fees that you'll be charged every year. These include things like:
- Insurance plans (although you may be able to opt out of these)
- Student services fees
- Registration fees
Not all universities clearly list these fees on their websites, so you'll have to keep them in mind when weighing the costs of individual universities.
You can expect these fees to add up to at least an extra $1,000 per year.
Meal plan and residence fees
If you plan to live on campus, remember to factor in the meal plan and residence fees. These costs depend on the type of room and meal plan you choose.
Using the University of Calgary as an example, a first-year student with a single-sized residence room residence and unlimited seven-day meal plan pays $14,094 per year.
Textbook prices
Book prices will depend on your area of study. Unfortunately, students in science faculties often have higher book costs because they'll mostly be buying huge (and expensive) textbooks. They're usually required to have the latest edition of the book too, so buying used often isn't an option.
Arts-degree students can sometimes save money on books. Literature students, for example, may be able to find used copies and different editions of novels. You'll just have to deal with not having the same page numbers as the rest of your class.
The University of Calgary has a handy textbook cost estimator, which adds an extra $1,000 per year to the cost of a Bachelor of Arts program with a full course load.
Other fees to consider
And there are a myriad of other fees to consider, depending on your situation, but especially if you're not living on campus with a meal plan. These are things like:
- Extra software required for classes
- Rent and tenant insurance
- Food and other necessities
- Commuting costs
5 ways to save money for university
Saving early and making smart financial choices can lower the amount of student debt you take on. Here are a few ideas to help boost your savings and cut costs before and during university:
1. Get a part-time or summer job
During your post-secondary school year(s), working part-time during the school year and/or full-time in the summer builds your savings and gives you valuable work experience. Even 10 to 15 hours per week can make a difference.
Set aside a fixed percentage of each paycheque, such as 30%, in a high-interest savings account just for school expenses.
If you’ve graduated high school and entered the workforce already, but are thinking about going back to school, you have the opportunity to grow your savings before committing to full-time education. Give yourself time to save an amount that you’re comfortable with before hitting the books again.
2. Sell used items online
Make extra cash by selling things you no longer use – video games, clothes, electronics – on platforms like Facebook Marketplace, Kijiji, eBay, Craigslist, etc.
Some students take it further by flipping thrift store finds for profit. It’s a flexible, low-risk way to generate income without committing to a job schedule.
Whatever your talents and skills, there are a multitude of ways to make money from home that don't involve committing to a part-time job.
3. Apply for scholarships and grants
Many scholarships go unclaimed each year, so take the time to apply broadly. Focus on awards from your province, high school, local businesses, and national organizations.
Even smaller scholarships ($500–$1,000) can help cover textbooks or fees. Don’t skip our own moneyGenius scholarship that offers $2,000 for Canadian students. It’s easy to apply and doesn’t need to be paid back.
4. Ask for money as a gift
When birthdays, holidays, or graduation come around, let friends and family know you’re saving for school. Instead of tech devices or clothes, ask for contributions to your tuition or supplies. Gift cards can be helpful too, allowing you to buy groceries and school supplies.
It might feel awkward asking for money, but most people are happy to support your education, and every bit helps.
5. Spend less on everyday purchases
Good saving habits matter as much as earning. Save more by:
- Buying used textbooks, clothes, furniture, etc.
- Collect loyalty/rewards points for freebies and discounts on everyday purchases
- Checking free or low-cost listings online before buying anything new
- Using student discounts offered by restaurants, transit, software providers, and more
The goal is to keep your expenses low so more of your income stays in your account and goes toward your education.
3 Money-saving tips for when you're a student
Once you're in school, making simple changes to how you spend can help stretch your budget further.
1. Get a student credit card
Student credit cards can help you earn rewards and build credit, as long as you pay off the balance in full each month to avoid interest charges.
Let's look at three of the top student cards in Canada:
| Credit card | Annual fee | Welcome bonus | Features and benefits |
|---|---|---|---|
| CIBC Aventura Visa Card for Students | $0 | Up to 10,000 bonus points | * 1 point per $1 spent on travel purchases * Free SPC membership * Gas savings with Journie Rewards |
| BMO CashBack Mastercard for students | $0 | 5% cash back on all purchases for 3 months, up to $2,500 spent | * 3% cash back on groceries * 1% cash back on recurring bills * 0.5% cash back on everything else |
| Scotiabank Scene+ Visa Card for Students | $0 | 5,000 bonus points | * Earn up to 2 points per $1 spent * 4 valuable redemption options * AVIS Rent A Car discounts |
2. Take advantage of student discounts
Hundreds of retailers offer student deals, you simply have to show your student ID or sign up for a student discount card.
You can save on clothing, food, streaming, and more. Always ask if a student discount is available, even if it’s not advertised.
3. Cut out the little things
Small purchases add up fast. Cut costs with these quick fixes:
- Bring lunch instead of buying meals
- Skip movie theatre snacks or stream at home
- Share streaming accounts with roommates or family
- Buy used video games and trade them in after
- Opt for house parties over bars and clubs
Controlling your daily spending helps you keep more money for essentials like rent, tuition, and savings.
FAQ
What is a good amount of money to save for university?
This is really a personal decision. However, saving between $10,000 and $20,000 before starting school can at least cover your first year of tuition and books. Start saving as early as you can, preferably using an RESP.
How much does a 4-year university degree cost in Canada?
After looking at six of the top universities in Canada, we've determined that a four-year undergraduate degree typically costs approximately $40,000. This includes tuition, books, on-campus housing and meals, and a few other expenses.
Do Canadian student loans affect your credit score?
Yes. Student loans are loans and, after the typical six-month(ish) grace period, payments are reported to credit bureaus. As with other types of loans and credit, making timely payments in full helps your credit, while missed payments are detrimental.
Which university is the cheapest in Canada?
Some of the cheapest Canadian universities for undergraduates include Brandon University in Manitoba, Capilano University in British Columbia, and Memorial University in Newfoundland and Labrador. However, Quebec residents have significantly lower tuition at McGill University than other Canadians.
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