Toronto shows up on almost every shortlist for studying in Canada, and for good reason — it's got the universities, the internship pipeline, and the post-graduation job market to match. It's also consistently one of the most expensive cities in the country to actually live in, and the gap between what students budget for and what they end up spending is bigger here than in most other Canadian cities.
Rent is the number that moves the most
Accommodation is where Toronto estimates go wrong most often. A shared room in a student house or purpose-built student accommodation sits at one price point; a private studio downtown is an entirely different budget category. The practical reality: students who live further from downtown (Scarborough, North York, Mississauga commuter areas) pay noticeably less in rent but spend more time and money on transit — it's rarely a free trade-off.
What Canada's proof-of-funds requirement actually tells you
Canada's current study permit financial requirement sits at roughly CAD $23,448 for a year of living costs (as of September 2026), plus your first year's tuition. That figure is a government-set minimum for visa purposes — it's a reasonable baseline, not a comfortable Toronto budget. Students who plan around exactly that number, with no buffer, tend to feel the squeeze by mid-year.
Where the "hidden" costs actually show up
- Winter clothing: a proper winter coat, boots and layers is a one-time cost many students don't budget for at all, and it's not small
- Transit passes: a monthly TTC pass adds up over eight months of the academic year — factor it in as a fixed cost, not an occasional expense
- Health insurance gaps: international student health coverage varies by province and institution — confirm exactly what's covered before assuming you're fully insured
- Phone and data plans: Canadian mobile plans are genuinely more expensive than what most Indian students are used to
Work income as part of the real budget
Most study permit holders can work up to 24 hours per week off-campus during academic sessions. At Ontario's minimum wage, consistent part-time work meaningfully offsets living costs — but it's income to plan around, not income to count on from week one. New students typically need a few weeks to actually secure a job once they arrive.
Roommates change the math significantly
Splitting a 2-3 bedroom apartment with other students is the single biggest lever students have over their own budget in Toronto — far more impactful than cutting food or entertainment spending. If affordability is a real concern, prioritise finding reliable roommates early over finding the "perfect" solo apartment.