Managing your finances in Québec
Studying abroad is naturally quite expensive, and it is critical to be familiar with the banking system, financial institutions, and cost of living in the country where you will be staying.
Cost of living
The cost of living in Québec and Canada is very high. In addition to your annual expenses (tuition, housing, phone, electricity, etc.), you will need to budget for one-time expenses like winter clothes, moving costs, furniture and housewares, and immigration fees, which can add up quickly.
Make sure you have enough money to cover all these expenses. Scholarships or income from part-time jobs are generally not enough.
To help you estimate the average cost of everyday goods and services, use the Numbeo cost-of-living calculator to compare the cost of living in your city to that of Québec City.
Debit and credit cards
Debit cards allow you to make purchases at most retailers. When you buy something, the amount is withdrawn directly from your bank account. Debit cards also allow you to access your account anytime through an ATM or your financial institution’s website or app so you can manage other regular transactions (deposits and withdrawals, transfers, bill payments, etc.).
Credit cards (like Visa and MasterCard) allow you to make purchases both online and offline. At the end of each month, you receive a statement with a detailed list of your purchases. You then have approximately 21 days to pay it off, after which you will be charged interest—often over 20%.
Prepaid cards are a convenient way to access your money for online and offline purchases. They provide the same flexibility and security as a credit card; the only difference is that you have to put money on the card before you can use it.
You can apply for debit, credit, and prepaid cards at your financial institution. Make sure you understand their terms and conditions before you submit your application, as there are often fees for using them.
Bank account
If you plan to work in Canada or transfer money during your stay, you should open a Canadian bank account.
Research the services offered by banks and credit unions (better known as “caisses” in Québec) to determine which one offers the best account for your needs, provides the best return, and charges the lowest account fees.
Opening a bank account
All financial institutions offer services like debit cards, money transfers, foreign currency exchange, and safety deposit box rentals.
To open a bank account, make an appointment at the branch of your choice and bring two pieces of ID. Banks in Québec do not usually require a minimum deposit to open an account, although Desjardins credit unions require you to purchase a $5 qualifying share. Desjardins has a branch on campus.
Opening an express bank account
At the start of the fall semester, Desjardins and the Student Life Office are teaming up to offer you a quick, two-step process for opening a bank account.
- Before you arrive: Pre-open your account online
- Once you arrive in Québec: Schedule a short appointment to finish setting up your account.
Main financial institutions
Transferring money
While banks allow you to transfer money, you can also use services like Western Union, MoneyGram, and PayPal. Fees apply.
Income tax
Regardless of whether you are a temporary resident (i.e., on a study or work permit) or a permanent resident, if you are living in Québec on December 31 of a given year, you may have to file tax returns with the governments of Québec and Canada.
Tuition fees
You must pay your tuition each semester in order to register for the next semester. Learn about paying your tuition: payment options, electronic billing, and deadlines.
Funding your studies
Visit the Student awards and financial aid section to learn about the cost of studies and available funding.
Budgeting
Visit the personal finance section (French only) for tips, tools, and resources for managing your finances and planning your budget.