Why Canada Is a Top Destination for International Students
Canada is the fourth best country for education in the world according to U.S. News, with a globally respected education system, multicultural cities, and career-focused graduate programs.
Canadian business schools rank among the top 50 schools worldwide, with excellent academic standards, leading faculty, and ties to global employers. What’s more, Canada is the second Most Desirable Country in the World with stunning scenery and a famously friendly population.
In this article, we’re going to focus on what it’s like to study in Canada. We’ll cover the best business schools in Canada, as well as student visas, tuition fees, and work opportunities.
Why Study in Canada?
Choosing to study for a master’s in Canada offers more than a degree. It’s a gateway to world-class education, diverse experiences, and promising career paths. Here are some of the key highlights.
High-Quality Education and Global Recognition
Canada’s higher education system includes both public and private institutions that generally fall into the U15 and Universities Canada categories.
The U15 is a collective of 15 leading Canadian research universities, known for their academic rigor and global impact. Members include many of the country’s most prestigious institutions, such as McGill University, the University of Alberta, and McMaster University. These universities play a key role in shaping Canadian higher education and support their master’s programs grounded in cutting-edge research.
Study-to-Immigration Opportunities
One major draw is the potential for permanent residency. Canada’s study-to-immigration pathways, such as the Post-Graduation Work Permit (PGWP) and Express Entry system, make it easier for international students in Canada to remain in the country and build a long-term career.
However, it’s important to stay informed about recent policy changes. In 2024, Canada introduced new visa restrictions that have reduced the number of student visas available, increasing competition for places.
Research and Industry Connections
Through co-op programs, internships, and strong ties to industry, business students gain practical experience and access to thriving job markets. Schools like UBC Sauder and Rotman boast especially close links to global employers and innovation hubs.
Maclean’s magazine ranks Canadian universities every year, weighing each decision by student support, faculty research, resources, and reputation. This gives prospective business students a deeper look into each aspect of Canada’s most respected programs.
Multicultural, Safe, and Student-Friendly
Ranked among the safest countries in the world, Canada is also deeply multicultural. Cities like Toronto, Vancouver, and Montreal have vibrant student communities, inclusive environments, and rich cultural offerings. This makes it easy for international students to transition to life in Canada.
The Best Business Schools in Canada for International Students
1. University of Toronto – Rotman School of Management
Ranked first nationally and #21 worldwide, the University of Toronto tops our list of the best business schools in Canada. The Rotman School of Management offers three master’s programs in Finance, Financial Risk Management, and Management Analytics that combine model-based problem-solving with hands-on practice.
Located in Canada’s largest city, the school sits in the heart of the country’s multicultural commercial capital. Students often live within walking distance of Toronto’s financial center, Bay Street. As a result, Rotman manages to attract stellar speakers from the worlds of business and politics.
2. McGill University – Desautels Faculty of Management
McGill University in Montreal offers a truly global business education through the Desautels Faculty of Management. From the capital of the French-speaking region of Québec, Desautels delivers courses in English, making it attractive to international students. However, students still have the option of writing term papers, examinations, and their theses in French.
Desautels Faculty of Management offers master’s programs in Analytics, Finance, and Retailing. Each pathway features experiential learning, including international study trips, consulting modules, and work experience at Desautels Capital Management, Inc. This opens up career outcomes in areas like artificial intelligence, fintech, entrepreneurship, and corporate finance.
3. University of British Columbia (UBC) – Sauder School of Business
Vancouver’s UBC is a Canadian hub for innovation and sustainability. The Sauder School of Business is particularly strong in entrepreneurship and global business strategy. Its West Coast location provides access to tech and trade industries, and Vancouver’s quality of life is a major bonus.
Across its Vancouver and more scenic Okanagan campuses, UBC delivers a Master’s in Management and a Master’s in Business Analytics, as well as a Master of Science (MSc) in Business Administration. Global exchanges, internships, live case competitions, and case studies add a practical element to the learning experience.
4. University of Alberta – Alberta School of Business
Alberta School of Business offers master’s programs in Management Analytics and Accounting; the latter culminating in the Chartered Professional Accountant (CPA) designation. Located in the walkable city of Edmonton, prices are lower and the pace of life slower than in Toronto.
The school has a thriving social side, with many clubs and a tight-knit community. There are more than 25 groups for business-related activities alone.
5. University of Waterloo – School of Accounting and Finance
Renowned for its co-op programs and tech partnerships, the University of Waterloo offers hands-on business education. Its School of Accounting and Finance connects students with real-world experience through internships and research.
Students can take a master’s in Quantitative Finance, Taxation, or Accounting. The accounting program is a pathway to the CPA designation, and it combines with degrees in Math or Biotech.
Tuition Fees and Cost of Living in Canada
Most of the best business schools in Canada are public institutions. This means the overall cost of a master’s degree is relatively affordable when compared to countries like the United States or the United Kingdom.
Tuition Fees for International Students
According to official data from 2024/2025, international students pursuing Business, Management, and Public Administration programs in Canada can expect to pay an average of CAD $25,804 per year. Regions such as Ontario and British Columbia raise the average, with Québec sitting below the average at CAD $19,312.
Cost of Living
The Government of Canada provides an in-depth cost breakdown of life for international students, including housing, transportation, food, and more. Monthly expenses typically range from CAD $1,200 to $2,000, depending on the city and your lifestyle.
Here’s a rough estimate of monthly living costs:
- Housing: CAD $500 to $2,000
- Groceries: CAD $240 to $480
- Utilities and Internet: CAD $150 to $200+
- Phone plan: CAD $60+
- Health insurance: CAD $75 to $120
- Transportation: CAD $80 to $156
- Entertainment and extras: CAD $120+
Additionally, students should account for Canadian sales taxes, which can range from 5% to 15%, depending on the province. You can also use the Big Mac Index to compare the cost of living between countries.
Scholarships and Financial Aid for International Students
Government and university scholarships and funding opportunities are available to help international students aiming for a master’s degree in Canada.
Government-Funded Scholarships
Two of the most prestigious national scholarships are:
University-Specific Awards
Each of the top five business schools in Canada offers its own merit-based and need-based scholarships. For example:
Application Process & Admission Requirements
To apply for a master’s in Canada, you’ll typically need a bachelor’s degree, academic transcripts, a statement of purpose, letters of recommendation, and a résumé. Some programs may also ask for GMAT or GRE scores, depending on the field. Non-native English speakers must submit IELTS (6.5 to 7.0) or TOEFL (90+) scores.
Master’s applications are submitted online, and deadlines vary by school. Most programs start in September (Fall intake), with some offering January (Winter) or May (Spring) intakes. Apply at least 8 to 12 months in advance to secure your spot, organize finances, and allow time for visa processing.
Student Visa and Work Opportunities in Canada
To study in Canada, most international master’s students will need a Study Permit, which serves as the primary student visa. Processing times vary by country, so it’s important to apply early, ideally four to six months before your program begins. Some students may also need to provide biometrics or attend a visa interview.
International students at the best business schools in Canada can also work up to 24 hours a week off campus. After graduation, eligible students can apply for the Post-Graduation Work Permit (PGWP), which allows them to work in Canada for up to three years. The PGWP is an important stepping stone toward permanent residency for many graduates.
Student Life in Canada
Canada combines bustling metropolises with unbeatable nature. Outside of the classroom, students can surf on the West Coast, hike in pristine mountains, or soak up Montreal’s famous nightlife.
Universities actively support international students through orientation weeks, peer programs, and mental health services. Having people to lean on can transform a good experience into a great one. Canada’s inclusive culture makes it easy to find your people, if you’re willing to seek them out.
Ready to Start Your Master’s Journey in Canada?
International students in Canada can enjoy an excellent education with practical career pathways and an unforgettable student experience. With innovative business schools, supportive visa options, and a vibrant multicultural environment, it’s an ideal place to take your next academic step.
Learn more about studying in Canada by speaking to current and past students.
