Education savings for Canadian households

How to save on school costs in Canada: the overview

1. Compare routes by total cost

A year of college tuition usually costs far less than a year of university. For 2026/2027, Mohawk College charges $2,762.24 for two semesters in most programs, while Statistics Canada’s preliminary average undergraduate tuition is $9,306 in Ontario and $8,021 across Canada (college vs university). Ontario schools may raise domestic tuition by up to 2% a year for three years from fall 2026 (Ontario tuition increase). No RESP? Start with paying without an RESP.

2. Grants before loans

The full-time Canada Student Grant is paid in full to a family of four at or below $76,952 in income and phases out to nothing at about $129,769 (grant thresholds). Provincial aid is applied on top, and the mix changed in Ontario: from 1 August 2026, no more than 25% of the provincial part of an OSAP package can be a grant (OSAP 2026-27). Alberta, B.C. and Quebec have their own rules, linked below.

3. Cut the living-cost side

Housing and food can cost more than tuition. A residence meal plan at Western costs $8,300 for 2026-27, but only $4,100 of that is food credit (meal plan costs). Opt out of inclusive-access textbooks before the deadline when the library or a used copy will do (textbook costs), and compare residence, home and a shared rental on one sheet (student housing costs).

4. Repay on a plan

Repayment starts six months after you leave full-time studies. The federal Canada Student Loan charges no interest, but Ontario’s portion charges prime plus 1%, including during the grace period (student loan repayment). If income is low, the Repayment Assistance Plan can reduce the payment, possibly to $0.

5. Claim the tax credits

Unused tuition credits can be transferred to a parent on Schedule 11 (transfer the tuition credit). Adults aged 26 to 65 build $250 a year of Canada training credit room, up to $5,000 over a lifetime, and can claim half of eligible fees against it (Canada training credit).

Student aid and school costs for 2026-27, as cited in our guides

Figures are copied from each guide and carry that guide’s date. Grant amounts and thresholds are set each school year. Your aid package depends on assessed need, so confirm on your provincial student aid site. How figures are checked: How we create content.

Start with these 15 guides

The guides below are the core of this hub, grouped by the decision they help with. Every other education and student guide is listed further down the page.

Paying for school

• College vs university costTuition, fees and years.
• University without an RESPGrants, loans, TFSA and cash flow.
• Ontario tuition increaseThe 2% cap, ancillary fees and a four-year tuition budget.

Grants and student aid

• Canada Student Grant 2026-27Amounts, income thresholds and what ends in July 2027.
• OSAP 2026-27 changesThe 25% grant cap, what stays federal and how to plan the loan.
• Alberta Student Aid 2026-27Grants, loan limits and repayment.
• StudentAid BC 2026-27Access Grant, loans and cut-offs.
• Quebec AFE loans and bursariesLoan first, then bursary.

Student living costs

• Residence, home or rentingFull eight-month costs compared, with 2026-27 residence fees.
• University meal plans2026-27 costs and what you get.
• Textbook costsInclusive access, open and used books.
• Canadian student grocery discountsFood Basics Tuesdays, Metro 10% days, ID rules, and how to stack Moi without overpaying the shelf.

Repayment and tax credits

• Grace period and RAPInterest, the Repayment Assistance Plan and the tax credit.
• Transfer to a parentUp to $5,000 of the federal amount via Schedule 11.
• Canada training creditClaim up to half your course fees.