Money Matters Page 1 of 5 | Money Matters There are a number of financial matters that you should consider in preparation for living in Toronto. The information below will help you to start thinking about this. Click on any of the following links to find the information you are looking for Budget One of the most common questions international students ask is, “How Much Money Do | Need?" There are three costs which you will need to consider when planning your studies atU of T: + tuition fees incidental fees {ving and studving costs (including books) ‘The office of Admissions and Awards has a budgst ool that you may find useful Back to Top Tuition Fees Please see the lultion fee schedule as posted by the Office of the Vice-President and Provost. These fees are for a full academic year (ie. two terms) and full course load Tuition fees vary by program of study, year of entry and registration status. Please make sure to look at the fees for international students (vs. domestic) and for your specific rogram and year of entry. In some very specific cases, an international student may realize that his or her status in bttp://www.cie.utoronto.ca/Coming/Living-Here/Cost-of-Living. htm 8/5/2014Money Matters Page 2 of 5 Canada has changed and due to this change in status he or she willbe eligible to apply for an exemption from international student fees. This is not the case for everybody, but i is important for you to be aware of these polices if applicable, The mules and conditions ‘governing these exemptions are outlined on the Student Accounts website. jack to Top Incidental Fees Incidental fees are compulsory non-academic fees which pay for the many facilities, activities and services which are open to you at the University. Since many facilities, etc. are provided at the faculty, college or school level, these fees vary depending on your enrolment. Intemational students pay the same incidental fees as domestic students. ‘These fees are set every summer and are charged through your ROSI account It is not possible to say how they will change from year to year. Top Living and Studying Costs ‘The table below provides an estimated cost of living and studying at U of T for one year (.e., twelve months). These figures are in Canadian dollars and reflect the cost of living as, 0f 2013-2014, The type of accommodation you choose will be a major factor in determining your cost of living, Please see the Housing page of this website for more information on the types of accommodation which are avaliable to you + [Accommodation $7300 - $14 000 + | Food Min, of $3600] [Clothing $1200 - $2000 Local Transportation $1272 ($106 per| month) | Miscellaneous $1200 - $2400] § |Books, Supplies and $1000 linsiruments © | University Health $684 (a8 of Sept Insurance Plan 2013) | TOTAL $16 656 - $26 856 http:/www.cie.utoronto.ca/Coming/Living-Here/Cost-of Living htm 8/5/2014Money Matters Page 3 of 5 + This figure assumes you are staying in a university residence, renting @ room or a 4-bedroom apartment off campus and preparing your own meals. For alternate housing solutions, please refer to the U of T Student Housing Service website. * This figure represents a food budget of $300 per month, although many students will ‘spend more than that. This will vary depending on where you shop for food, whether you have a meal pian in a residence, and how often you choose to eat out. *" The estimated cost of clothing includes large one-time purchases, such as a winter coat and boots. » Miscellaneous items include postage, stationery, dry cleaning, laundry, pharmacy supplies, entertainment and recreation, etc §This cost is highly variable depending on your program, courses, year of study, etc ©The University Health Insurance Plan (UHIP) fee is usvally added to your tution and tees invoice. # This amount of money will permit an adequate but far from luxurious standard of living ‘While itis possible to live very simply and economically, many students may wish to take advantage of opportunities outside U of T to see more of the city and the country, and to actively participate in the life of the community. This will involve additional costs Taxes and Tipping Whether you are dining out, paying for @ haircut or buying a new shirt, there are often additional costs involved. Many goods and services are taxed in Canada, In Ontario, the tax is called Harmonized Sales Tax (HST) and is @ combination of a federal goods and services tax (GST) and Ontario Sales Tax. This taxis a value added tax, thatis, its an amount added to the cost of an item. The original ticket price’ is often what is advertised ‘on the item or service but you should expect an additional tax — 12% in Ontario —~ added to your final bil Canada Revenue Services has a comprehensive list of items detaliing what is. what is tax exemot In addition, most Canadians tip on a number of services. Generally speaking, people will tip 10-18% to persons providing @ service such as taxis, hair dressing, tour guides. People will generally tip a litle higher (15-20% on the total before taxes) for excellent table service at restaurant. For food services at counters, its not uncommon to see atip jar” where you can place a small tip in appreciation for services. Income Tax Ifyou are planning to work while you are in Canada, then you will have to account for income tax on your eamings. Any money you eam in Canada is subject to Canadian Income tax—this includes income from University employment such as Graduate http://www cie.utoronto.ca/Coming/Living-Here/Cost-of Living. htm 8/5/2014UNIVERSITY OF TORONTO - STUDENT ACCOUNTS Doctoral & Doctoral Stream Se George Camps INTERNATIONAL FEES A, Wise, MSc, Sch ast (use El ‘Table 1Ar Program Fee ~ Degree Students 313,620.00 | $1,310.96 $548.00 $20,578.96 [reeriamoa tr envimen in spac as1000 | sse0s8 $618.00 s10,6ae.ae [afenetance. creck your vee F550 00 yee0o weeanos |rewctae i‘ 42,7030 Fer5.00 we73a9 * Fas Non 648,00 sia. 368.00 $6,508.98 Fab, hid, ID, Ws a ig Ge ut fratc-wanter ‘Roa mhry | orcs rn CU) Frame re | ss5.cz000 | $1,567.52 3648.00 $20,835.32 Femaimesra¥ | gssooo | se0n.co sean.00 | s10,70e.66 _|ssznanees check your mo om arime Fai TT gss.co | ou700 e180 yeani0 eee rime Fat 52,703. 1900.55 $018.00 2,800.5 able TOT Coures Fee = Now Depron Specie) dens Taio couse | course | nenmrsanoney | usar Porfamn os #270200 | ¢sa70 $506.00 sex2810 10 #552600 | ssor0 0.00 gsoan0 [Meurer aymegenenmnent