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Cost of Living in Nova Scotia 

When moving from your home country to a new country, it is important to consider the cost of living in your new home and to prepare accordingly. “Cost of living” refers to the amount of money you need to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time. 

Canada ranks 25th in the world for cost of living, meaning, that Canada has a relatively high cost of living compared to most other countries. 

Tools to calculate the cost of living:  

NSCC Cost of Living CalculatorDalhousie University Cost of Living Calculator

Financial Assistance  

When moving to Nova Scotia for education, students should only plan on relying on a part-time minimum wage job to pay for housing, food, and transportation on top of paying for their education. Students should secure adequate funding before moving to the province, whether personal savings, taking out a loan, applying for scholarships and bursaries, or looking into other available resources.  

Student Loans and Lines of Credit 

  • A student loan is one way to help finance your education. These loans are provided by a lending agency (your home government, a financial institution, or a third-party lender). They will need to be repaid to the organization upon completion of your studies. 
  • A line of credit is another form of financial assistance offered by many banking institutions to provide you with a loan up to a pre-set amount. You are not required to use the funds for a specific purpose, and you can utilize as little or as much of the funds as you need. With lines of credit, you can pay back the money you owe at any time, and you only have to pay interest for the amount you borrow.  
  • If you are looking to obtain a student loan or line of credit, it is recommended that you check with your home government for opportunities as soon as possible, as the majority of institutions in Canada provide loans and lines of credit only to Canadian citizens or permanent residents. Scotiabank allows international students enrolled in a Canadian Graduate program to apply for a line of credit with a co-borrower who is a Canadian citizen/permanent Canadian resident.  

Scholarships and Bursaries  

  • Scholarships and bursaries are an excellent way to help finance your post-secondary education. However, it would be best if you did not rely on any awards as your primary funding source. Scholarships and bursaries should be used as a supplement to other funding.  [link to relevant awards for international students] 
  • Nova Scotia institutions also offer many awards to domestic and international students. Students should review the conditions of any scholarships and/or bursaries before applying.  

Other Financial Assistance  

  • If you are moving to Nova Scotia as an international student with your family, there are several subsidies and supports available to you once you are settled in the province. For all of these programs, conditions for eligibility should be verified on the official websites.  

Nova Scotia’s Childcare Subsidy Program 

  • This program helps eligible families with children 12 years and under, pay for a portion of childcare fees at licensed childcare facilities and regulated family home daycare agencies. There is no wait time to apply for this subsidy upon arriving in Nova Scotia. To be eligible for the program, you may have at most $50,000 in savings or liquid assets. 

Canada Child Benefit 

  • This monthly payment is for eligible families with children under 18 years of age. To be eligible, you can be a temporary resident who has lived in Canada for the previous 18 months.  

Jumpstart Program 

  • This program helps kids overcome financial and accessibility barriers to sport and recreation. To be eligible, applications must include proof of financial need. A clear, legible, and current copy of pages 1 and 2 of your Canada Child Benefit (Statement) will be required as proof of need. You can receive the Canada Child Benefit if you are a temporary resident who has lived in Canada for the previous 18 months. Under exceptional circumstances (e.g., recent immigrants to Canada), alternative confirmation of eligibility will be accepted on a case-by-case basis.  

KidSport Nova Scotia 

  • This program provides grants of up to $500 (per eligible child/per year) to kids (18 years or younger) of families with financial barriers so they can participate in registered sports programs. To be eligible, you must provide a CRA Notice of Assessment, a Social Income Assistance Statement, and an endorsement from Indigenous Social Development.  

NSCC Cost of Living CalculatorDalhousie University Cost of Living Calculator

Banks in Nova Scotia 

As you plan to complete your studies in Nova Scotia, you will also need to begin thinking about how you will manage your funds while living and studying here. In Nova Scotia, most goods and services can be paid for using a debit card, a credit card, or cash. As it is generally unsafe to carry large amounts of cash on your person, opening a bank account with a Canadian banking institution is wise. 

All of Canada's “Big 5” banks offer student banking promotions, and some offer promotions specifically for international students.  

Guaranteed Investment Certificates (GICs) 

To come to Nova Scotia to complete post-secondary studies, students will need to apply for a study permit. Among the requirements for obtaining a study permit is providing proof of finances (tuition and a minimum of CAD$20,635 for living expenses for one person). 

If you are eligible to apply for your permit under the Government of Canada’s Student Direct Stream Program, to expedite your study permit application process, you will need to purchase a Guaranteed Investment Certificate (GIC) from a Canadian banking institution. 

Students not eligible for the Student Direct Stream Program are not required to purchase a GIC. 

Refer to the Apply for Your Study Permit page for more information on what is required when applying for your study permit. 

Canada’s “Big 5” banks offer GIC programs to eligible international students: 

Other Banks

Opening a Bank Account

Once you have chosen the right banking institution for you, you will need to set up a new account. This can sometimes be done online before you arrive in Nova Scotia, but you may have to visit a bank branch in person in some instances to set up an account and collect your card once you have arrived in the province.  Below are the first steps in creating a bank account with several different organizations:

  • Bank of Montreal (BMO)
    1. Click the “Open Account” button to open a student bank account (or your preferred account) 
    2. You will be prompted to have your Social Insurance Number and a Canadian address to speed up the process.  
    3. If you do not already have a debit card with BMO, click the “Apply Now” button at the bottom of the page to be directed to a form where you can input some of your information. 
    4. Fill in your information and click the “Next” button when directed. 
    5. Review your information at the end of the process and confirm you agree with the terms and conditions. 
    6. Click the “Confirm & Apply” button to submit the form to BMO and finish opening up your account. 
    7. Depending on the information entered, BMO may have to follow up with you to create your account. 

    Visit Bank of Montreal (BMO)

  • Canadian Imperial Bank of Commerce (CIBC)
    1. Click the appropriate “Apply Now” button to open a student bank account for students under or over 25 years of age (or choose to open your preferred type of bank account). 
    2. Click the “Let’s go” button appearing on the next page. 
    3. If you do not already have a bank account with CIBC, click the “No, continue application” button on the page to be directed to a form where you can input some of your information.  
    4. Fill in your information. Note: You must have a Canadian address to complete this application. 
    5. Review your information at the end of the process and confirm you agree with the terms and conditions and necessary credit check.  
    6. Click the “Submit” button to submit the form to CIBC and finish opening your account. 
    7. Depending on the information entered, CIBC may have to follow up with you in order to create your account. 

    Visit Canadian Imperial Bank of Commerce (CIBC)

  • Royal Bank of Canada (RBC)
    1. Click the “Open Bank Account Online” button to open a student bank account (or your preferred account) 
    2. Click the “Get Started” button appearing on the next page. 
    3. If you do not already have a bank account with RBC, click the “No” button on the page to be directed to the next question, where it asks whether you currently live in Canada. 
    4. If you do not live in Canada right now, click “No.” 
    5. If you already live in Canada, click “Yes.” 

    Visit Royal Bank of Canada (RBC)

    If you’re currently outside of Canada: 

    1. After clicking “No,” a message will appear indicating you should click “Continue” to open your account online. 
    2. After clicking “Continue” you will be directed to a form where you can fill in your information. 
    3. Click “Continue” again to submit the form. 
    4. An RBC Advisor will follow up with you in order to create your account. 

    If you’re currently in Canada: 

    1. After clicking “Yes,” you will be directed to the start of a form asking for your name and email address. 
    2. Click “Continue” once you have entered the information and you will then be asked to verify your identity. Select one of the available options to proceed. 
    3. Complete the rest of the setup process as indicated, clicking “Continue” to proceed to each new page. Note: you are required to have a Canadian address to complete this application. 
    4. Review your information at the end of the process and confirm you agree with the terms and conditions and necessary credit check. 
    5. Click the “Agree & Apply” button to submit the form to RBC and finish opening up your account. 
    6. Depending on the information entered, RBC may have to follow up with you in order to create your account.  
  • Scotiabank
    1. Click the “Book an appointment to apply” button to open a student bank account for students (or your preferred account). 
    2. On this page, you have the option of connecting with a Scotiabank representative via live chat, by phone, or in person. 

    Visit Scotiabank

  • Toronto Dominion Bank (TD)
    1. Click the “Book an appointment” button to open a student bank account (or your preferred account). Note: if you are not currently in Canada, use the phone number at the bottom of this page to contact a TD representative.  
    2. On this page, choose the “Personal” option, and then select “Banking” from the next set of options. 
    3. Next, choose whether you wish to open a chequing or a savings account, and then indicate whether you are already a TD customer. 
    4. In the next set of options, enter your Canadian address. 
    5. Click “Continue” to be directed where you can choose which branch you wish to book your appointment. 
    6. Click “Book and appointment” on your chosen branch and choose your preferred timeslot from the calendar.  
    7. Click “Continue” again to be directed to a form where you can enter your contact information. 
    8. Click “Book your appointment” to complete the process. 

    Visit Toronto Dominion Bank (TD)

  • Simplii Financial
    1. Click the “Apply Now” button to open a newcomer bank account (or your preferred account). 
    2. You will be directed to a form where you can input your information. 
    3. Once you have finished entering your information, click “Next.” 
    4. A message will appear informing you that your data will be saved once you proceed to the next page and that the email and password you provided will allow you to log back in, in case you need to exit the application for any reason. Click “OK.” 
    5. Now you will need to upload some documentation to verify your identity. Choose which method you would like to use to provide your verification and complete the application process.  

    Visit Simplii Financial

  • Tangerine Bank
    1. Click the “Become a client” button to open a student bank account (or your preferred account). 
    2. Choose to complete the signup process through the Tangerine app or by using the website. Choose your preferred option. 
    3. Next, you will be brought to a form to enter your personal information. Click “Next” as applicable. Note: you will need a Social Insurance Number and a Canadian address to proceed. 
    4. At the end of the process, review your information and agree to the terms and conditions. 
    5. Click “Submit” to finish creating your account.  

    Visit Tangerine Bank