Make studying your master's in Canada possible with Prodigy Finance

Why study in Canada?

Top-ranked universities, at a more manageable cost.

Canada's top universities consistently rank among the world's best. McGill is the country's highest-ranked institution in the QS World University Rankings 2027, inside the world's top 30, with the University of Toronto and the University of British Columbia both inside the top 50.

It's also one of the more affordable options among major English-speaking study destinations. International postgraduate tuition in Canada averages CAD $24,028 a year, well below what similar programmes typically cost in the UK or US.

For many aspiring master's students, it's not your potential that's in question. It's finding the funds, wherever the number lands. With Prodigy Finance, you can apply for an international student loan with no co-signer* or collateral required, so the cost doesn't have to hold you back.

How much money do you need to study in Canada in 2026?

Two figures matter before you accept an offer: what your programme costs, and what Immigration, Refugees and Citizenship Canada (IRCC) needs to see in your proof of funds for your study permit, commonly called a Canada student visa. Both changed for anyone applying from September 2026 onward. This page walks through the current numbers, what a Prodigy Finance loan covers, and how the whole process works from application to your first day of work after graduation.

Canada's international student rules have moved more than almost any other study destination since 2024. If you're planning ahead, the changes that matter most are these.

IRCC has updated the proof-of-funds threshold every year since the Student Direct Stream was retired at the end of 2024. For study permit applications submitted on or after 1 September 2026, a single applicant needs to show CAD $23,448 a year in available funds, on top of tuition and return transportation. Bringing a spouse or child adds CAD $6,318 a year for each additional family member. This threshold is reviewed annually, so always check the current figure on IRCC's own site before you apply.

There's also good news buried in the policy changes. Since February 2024, a master's programme of at least 8 months qualifies for a full 3-year Post-Graduation Work Permit, even though the programme itself is shorter than 2 years. That's a meaningful advantage over a lot of other study destinations, where your post-study work permit length is tied directly to how long your course ran.

On the intake side, IRCC has capped new international student permits at 155,000 a year under its 2026 to 2028 Immigration Levels Plan, on top of roughly 253,000 permits for returning and continuing students. Provinces and territories are allocated a share of that cap and issue attestation letters accordingly, so build extra time into your application timeline, particularly if you're applying to a popular province.

Along with your acceptance letter, IRCC wants to see that you can cover your first year without relying on unauthorised work. The most common way to do that is a combination of your own savings, a Guaranteed Investment Certificate, and, where the funds are a loan rather than money you already hold, a letter from your lender confirming the amount and terms.

The current threshold outside Quebec is CAD $23,448 for a single applicant, plus CAD $6,318 for each additional family member accompanying you, plus your tuition for the year and the cost of a return flight. Quebec has its own, separate financial requirements set by the province.

A Prodigy Finance loan is sized to cover tuition and living costs, which means the loan itself, once approved, can form part of what you show as proof of funds. Your loan letter sets out the amount and terms, and IRCC accepts it alongside the rest of your application.

International graduate tuition in Canada averaged around CAD $24,000 a year in the 2025 to 2026 academic year, across all fields and programme types nationally. Business master's programmes and MBAs typically sit well above that average. A few confirmed examples from leading Canadian business schools:

These are indicative figures to show the range you're choosing between, not a list of which schools Prodigy Finance funds, that's covered separately below. Always confirm the current year's fees directly with your school before budgeting.

Living costs vary significantly by city. Toronto, Vancouver, and Montreal run higher than smaller university towns, and rent is typically the largest single cost. As a working estimate for Toronto specifically, the University of Toronto publishes its own monthly cost ranges for housing, food, transport, and other essentials, which work out to roughly CAD $26,000 to $48,000 a year depending largely on your housing choice, well above the IRCC baseline. Use IRCC's own proof-of-funds figure (CAD $23,448 a year for a single student outside Quebec) as your minimum, and budget more if you're settling in Toronto or another higher-cost city, or bringing family with you.

A Prodigy Finance loan is built around what an international postgraduate student actually needs to get to Canada and through their programme: no collateral, no co-signer*, and no requirement for a Canadian credit history or a guarantor already living in Canada.

Tuition is paid directly to your school. Living costs are paid directly to you, in instalments, through our payment partner Plaid, which also handles Canadian bank details, so you'll be asked for your institution number and transit number rather than details used in other countries. Where your loan is disbursed in a different currency to the Canadian dollar, currency conversion applies at the time of each payment, so the exact CAD amount you receive can vary with exchange rates.

Top Canadian Schools Supported by Prodigy Finance

We have funded thousands of students pursuing their higher education in Canada via customised education loans for some of the best schools at top universities in Canada.

Faculty of Management, McGill Desautels

The Desautels Faculty of Management is part of McGill University in Montreal and is recognised as one of Canada's leading business schools. It is known for its global outlook, strong academic foundations and close ties to industry across North America and beyond.

Students join a diverse, international cohort and study in a city known for its innovation, culture and entrepreneurial energy. The faculty takes an integrated management approach, combining strategy, finance, marketing and operations to prepare graduates for complex, real world business challenges.

Sauder School of Business, University of British Columbia

Sauder is UBC's business school, based in Vancouver on Canada's Pacific coast. It's consistently ranked among Canada's leading business programmes, with particular strength in entrepreneurship, sustainability, and Asia-Pacific business given Vancouver's position as a gateway to the region.

Rotman School of Management, University of Toronto

This business school is a part of the University of Toronto and is considered one of the top business schools in Canada. It is known for its strong international reputation. The school has a diverse student body, with about one-third international students. It has over 35 student clubs and associations. Rotman offers a wide range of graduate programs, including:

• Full-time MBA

• Executive MBA

• Master of Finance

• Master of Financial Risk Management

• Master of Management Analytics

• Master of Forensic Accounting

Schulich School of Business, York University

The Schulich School of Business is the business school of York University, located in Toronto, Canada. It is consistently ranked among the top business schools in Canada and globally. The school has a diverse student body of undergraduate and postgraduate students, with the majority of international students. Schulich has an impressive employment rate for its MBA graduates.

• MBA

• Master in Business Analytics

• Master of Management

• Master of Management in Artificial Intelligence

• Master of Real Estate and Infrastructure

• Master of Marketing

• International Master of Business Administration

• Master of Finance

• Master of Supply Chain Management

• Master of Accounting

• Master of Health Industry Administration

• Tech MBA

Department of Computer Science, University of Toronto

The department is home to cutting-edge research across a wide range of computer science topics, from artificial intelligence and machine learning to software engineering and the theory of computation. Over the years, many of its internationally recognised faculty members have been awarded a wide variety of honours and awards.

• MS in Applied Computing

• MSc in Computer Science

DeGroote School of Business, McMaster University

This prestigious business school is part of McMaster University, located in Hamilton, Ontario, Canada. Over the years, the school has recognised several distinguished alumni through its Wayne C. Fox Distinguished Alumni Award. It is an AACSB-accredited business school that offers a range of undergraduate, graduate, and doctoral programs in business administration.

• Full-Time Accelerated MBA

• Full-Time MBA

• MBA - with Co-op

• Executive-MBA

Prodigy Finance also has strategic partnerships with the following Canadian universities for select courses and schools:

• Brock University

• Carleton University

• École de Technologie Supérieure

• Lakehead University

• Laurentian University

• McGill University

• McMaster University

• Ontario Tech University

• Simon Fraser University

• Toronto Metropolitan University

• Trent University

• University of British Columbia

• University of Calgary

• University of Guelph

• University of Lethbridge

• University of Montreal

• University of Sherbrooke

• University of Toronto

• University of Victoria

• University of Waterloo

• University of Windsor

• Western University

• York University

Most Canadian master's programmes admit students through three intakes: September (Fall), the main intake with the widest choice of programmes; January (Winter); and May (Summer), offered by a smaller number of schools. Deadlines fall well ahead of each intake, so check your target programme's own dates rather than assuming they match the general timeline below.

Requirements vary by school and programme, but most postgraduate applications in Canada ask for:

• A completed undergraduate degree, with transcripts

• A statement of purpose or personal statement

• Two or three academic or professional references

• A current resume or CV

• English or French language proficiency, unless your prior education was taught in that language

• GMAT or GRE scores, for many business and some other programmes

• An application fee, which varies by school

A typical application timeline for the following academic year

Most international students on a study permit can work up to 24 hours a week off campus during academic sessions, and full time during scheduled breaks like summer and winter holidays, without needing a separate work permit. Your study permit must explicitly state that you're allowed to work off campus, so check the conditions listed on your own permit.

This is one of Canada's strongest advantages for international postgraduate students. If your master's programme is at least 8 months long, you can apply for a Post-Graduation Work Permit valid for up to 3 years, even if the programme itself ran for less than 2 years. To be eligible, you need to have completed your programme at a designated learning institution and applied within the required window after finishing your studies.

If your work in Canada doesn't lead to permanent residence directly, PGWP holders often go on to apply through federal or provincial economic immigration programmes, which frequently favour applicants with Canadian work experience and a Canadian credential.

Our students have been raving about us and the role timely education loans had in achieving their dreams. Join more than 47,000 master's students who have relied on Prodigy Finance for international study loans.

"Studying in Canada has not only provided me with a top-notch education but also immersed me in a vibrant and diverse cultural milieu. I've had the privilege of learning from world-class faculty and collaborating with talented peers from around the globe, enriching my understanding of different perspectives and approaches"

Xiaoxian Fan (Cara Fan), Western University, Canada

Have more questions regarding Prodigy Finance loans for studying in Canada? Check out our FAQs, which answer some of the most common student queries.

Money and funding

Visa and studying in Canada

Choosing Canada

*Loan and promotion offers are subject to our eligibility, funding, and credit assessment criteria.

*Loan amounts are subject to the cost of attendance limits set by schools.

*The purpose of this guide is to provide prospective students with a general overview of the international student visa process and should not be regarded as legal or immigration advice, or as a substitute for official guidance from government authorities, embassies, or consular offices. While we've taken care to compile accurate and up-to-date information, Prodigy Finance Limited does not accept liability for any inaccuracies, omissions, or outdated details. We strongly encourage all prospective students and readers to consult the official government websites and immigration authorities relevant to their study destination for the most accurate and current information. Prodigy Finance Limited is not authorised to provide immigration services and cannot offer personalised visa advice or assistance.