Scholarships for International Students in Canada 2026 : UToronto Waterloo UBC

Want to study in Canada? Here are the current financial requirements and the scholarships you can consider while applying.

With advanced curriculum, state-of-the-art laboratories, distinguished professors, affordable tuition fees, and ample scholarship opportunities, ‘Canadian’ dream has gradually taken over the ‘American’ Dream among Indian students. Canada right now houses more than 100 globally-recognized universities; however, the first thing you need to do is contemplate, discuss, and answer – how much amount you (or your parents) are ready to spend on your undergraduate study?

Studying in a foreign country, whether it is UK, US, or Canada can be expensive unless you have received some scholarships, assistantship, or financial aid. We would highly recommend taking advantage of the time available between your college application and admission decision to work on finance opportunities for your studies. Students with exceptional academics, outstanding leadership experience, and significant extracurricular and community involvement stand a good chance of receiving  monetary rewards and fellowships.

Navigating the 2026 Study Permit Caps

For 2026, the IRCC has set a national target of 408,000 study permits, representing a significant 10% reduction from 2024 levels. While this creates a more competitive environment for undergraduates, a strategic shift has emerged: Master’s and PhD students at public institutions are now exempt from the cap and no longer require a Provincial Attestation Letter (PAL). Undergraduates must plan at least 8–12 months in advance to secure their PAL from high-demand provinces like Ontario or British Columbia, where allocations are tightly managed. Understanding these tiered quotas is essential to ensure your application isn't sidelined by provincial seat limits.

The New Financial Benchmark: $22,895 GIC

Financial planning has become more rigorous as of late 2025. Applicants must now demonstrate $22,895 CAD in available funds (excluding first-year tuition and travel) to meet the IRCC’s updated cost-of-living threshold. This is typically managed through a Guaranteed Investment Certificate (GIC), which ensures funds are disbursed monthly once you arrive. In high-cost hubs like Toronto or Vancouver, even this official minimum may be tight; we recommend budgeting an additional $5,000–$7,000 for personal reserves. For students targeting Quebec, separate provincial financial requirements apply, currently set at approximately $24,617 for a single applicant.

Provided below are some scholarships, offered by Canadian Universities, which you you should consider to mitigate the tuition and the living expenses..

Scholarship Name	Description	Eligibility	Scholarship Award	Deadline
Lester B. Pearson International Scholarship Program by  University of Toronto	Awarded to approximately 35 to 40 undergraduate applicants to recognize their extraordinary academic and leadership talent	International students in high school are eligible to become a Pearson Scholar. Student must be nominated by their School	Scholarship amount covers tuition, books, incidental fees, and full residence support for a period of four years	School nomination: 30th Nov. Student Admission: 14th Dec. Application: 15th Jan
Karen McKellin International Leader of Tomorrow Award (ILOT) by  University of British Columbia (UBC)	Awarded to students with exceptional academics, extracurricular activities, and leadership qualities. Students with financial need should also apply	High School students who wish to pursue their undergraduate study from UBC can apply.	Scholarship amount is proportional to the financial need of the student. Covers tuitions, books, residence support based on the financial contribution made by the student and his/her family	1st Dec
Carleton University  Entrance Scholarships for International Students	Partial scholarship is awarded every year to high school students with Admission Average (AA) of 80% and above.	Applicants with AA in the range 95% & above, 90-94.9%, 85-89.9% and 80-84.9% are awarded $4000, $3000, $2000 and $1000 each year, respectively, for four years.Annually renewable if the student maintains an annual GPA of 10.0	1st April every year
Global Leader of Tomorrow Scholarships and International Entrance Scholarships by  York University	Offered to international students seeking admission in Arts, Media, Performance & Design; Environmental Studies; Education; Health; Lassonde School of Engineering; Liberal Arts & Professional Studies; Science; or the Schulich School of Business	The applicant must have an excellent academic record with a minimum “A” average or equivalent and demonstrated leadership through community service or excellence in the arts, sports, or other areas of individual achievement. Student must be nominated by their high school	Global Leader of Tomorrow Award: $20,000 International Entrance Scholarships: $35,000. Renewable for 3 years, provided high academic standing is maintained in each academic year	1st February
University of Waterloo  International Student Entrance Scholarship	Awarded every year to 20 outstanding international students admitted to Year One of an undergraduate degree program.	International students with admission average of 90% or above. Selection based on academic achievement combined with Faculty-specific entrance scholarship criteria.	Annual Scholarship of $10,000 each. Application is not required	March End every year
Queen’s University Principal’s International Scholarship	5 entrance scholarships are awarded annually to outstanding students from India admitted to Year One of an undergraduate degree program	International students who meet the admission criteria will be automatically considered for this award	Annual Scholarship of $10,000 each. Renewable for 1 subsequent year provided a minimum 3.50 GPA is maintained in year 1	Same as application
Ryerson’s  International Secondary School Merit Scholarship	Awarded annually to 7 international students entering Canada on study permit.	International students who meet the admission criteria will be automatically considered for this award	Annual Scholarship of $10,000. A separate application is not required.	Same as application

List of scholarships you can consider while applying to Canadian Universities

Strategic Scholarship Stacking in a Competitive Era

With permit caps limiting volume, universities are increasingly using scholarships as a tool to attract high-yield talent. Beyond the prestigious Lester B. Pearson or UBC International Scholar awards, focus on "automatic entrance" scholarships that reward consistent academic performance. For 2026, several institutions have adjusted their merit tiers; for example, maintaining an 85%+ average can often trigger renewable awards of $2,000–$5,000 annually. To maximize your ROI, prioritize schools in provinces with lower tuition baselines, like Alberta or Newfoundland, where scholarship dollars stretch significantly further against the total cost of attendance.

Plan well in advance, explore all the possible funding options, and don’t let your ‘Canadian’ dream get curtailed due to monetary restrictions.

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