Author Archive | Leila Amirfeiz

Image by Tax Credits, Flickr

Image by Tax Credits, Flickr

Your post secondary education might be the biggest bill you will have to pay for the next 10 years. At the same time as (if not before) filling in your university application, you need to think of how you will pay the ever increasing tuition fees. There are a variety of sources that can assist you in doing this, from your own savings, to grants, loans and scholarships offered through the government or private institutions.

The Financial Consumer Agency of Canada is a great resource and we’ve found a few pages that will help you out.

First, check out their recommendations on where to get money to pay for school.

The Government of Canada provides a number of programs that can help you pay a portion of your tuition fees through grants, bursaries or scholarships. Whether offered through governments, schools or private organizations, the money doesn’t necessarily have to be paid back like a student loan. Grants and bursaries are generally offered based on need, whereas scholarships are mostly offered based on merit (athletic, academic or other unique abilities).

Here are some ways to find grants, bursaries, and scholarships.

When looking for scholarships, be sure not to limit yourself. Another option is to browse scholarshipscanada.com, a database with scholarships, bursaries, grants and student awards. You do need to sign up for this service, but it is a great tool to not only determine which scholarship you would qualify for, but also to search for advice on how to submit a strong application.

Lastly, remember that saving money comes in more ways than just putting your paycheques into your bank account. Students are eligible for government tax credits which can save you a significant amount every year.

Check out these other relevant articles:

Image by Tax Credits, Flickr

Image by Tax Credits, Flickr

Courtesy of the Canadian Bankers Association (CBA), the following provides a quick overview of student banking in Canada. Whether you are an international student or you have had an account for quite some time, it gives you information on how your bank can be a good partner during your post secondary school life: Download the Banking for Students PDF.

Choosing a bank can be an overwhelming experience – almost as stressful as choosing which car to purchase or which school to attend. All banks offer similar features, but when it comes to students, you’ll see different perks and benefits. The following table outlines the big Canadian Financial Institutions and their fee structures and benefits to students. A few of the banks offer Advice Centres for students, which can be helpful when it comes to budgeting and ultimately paying for school. Other banks offer perks such as points for Scene cards, Student Price Cards (SPC) and Air Miles.

We hope the following table allows you to narrow down your selection on the bank that will best meets your current and future needs!

NameMonthly Fee/Min Balance to Avoid Fees# Transactions per MonthATM NetworkExtrasAssociated Credit CardOtherAdvice Centre
Bank of Montreal Student BankingNone30Bank of Montreal2 free Interac email money transfers per month, earn AIR MILES reward miles on debit purchasesNo-fee BMO SPC MasterCard with built-in SPC Card benefitsBMO Student Budget Calculator; BMO MoneyLogic
CIBC Everyday Chequing Account (Advantage for Students)NoneUnlimitedCIBCNoneCIBC Classic Visa CardCIBC Professional Edge Student Program – borrow up to $270,000 towards studiesCIBC Advice Centre
Royal Bank Student BankingNone25RBCNoneSignature RBC Rewards, RBC Visa Cash Back, WestJest RBC MasterCard; save up to $39 a year off annual feeAccess to myFinanceTracker, online financial management tool
Scotiabank Student Banking Advantage PlanNoneUnlimitedScotiabankFree usage of Scotiabank’s Global ATM AllianceLEARN VISA card, SCENE VISA cardSCENE movie rewards earned when using debit card; Special Grad Auto Loan programs available
TD Canada Trust Every Day Chequing Account with Student DiscountNone25TD Canada TrustNoneTD Classic Travel VISA Card (annual fee waived for year 1)Eligible customers get free access to concert discounts, exclusive contestsTD Student Life
HSBC Performance Chequing – Student$3.97 / $2,00040HSBC, The Exchange, BMONoneNo student specific card
Laurentian Bank Student AdvantageNone15Laurentian BankNoneVISA Black Card, VISA Black Reward Me Card
PC Financial No Fee Bank Account (not student specific)NoneUnlimitedCIBCEarn PC points towards free groceriesNo student specific card