Even if you work while attending classes, paying for your education in full will still be a struggle. There are plenty of options in place to help students out in these circumstances including student lines of credit. So, what is a student line of credit? And what else is out there in the form of student aid? Read on to find out.

What is a student line of credit?

So what is a student line of credit and how does it work? A student line of credit is a line of credit meant for student use. A line of credit is a loan that allows you to borrow money and pay it back repeatedly, up to a set limit. So, for example, if you have a line of credit with a spending limit of $10,000 and use $3,000 of that value, you only have to pay back the $3,000 (plus applicable interest). If you haven’t yet paid back the $3,000 used, you still have $7,000 in credit. But once you pay back the $3,000 you will once again have $10,000 credit.

Student lines of credit are meant to be used for any expenses that relate to your post-secondary education. This includes things like tuition and books as well as daily expenses including food and transportation. Student lines of credit do charge interest, but the rate you’re charged is typically lower than a standard line of credit.

Who can get a student line of credit?

Student lines of credit are meant for students, but there are several criteria that need to be met in order to qualify. These will differ from lender to lender, but common eligibility requirements include:

• Proof that you are a full or part-time student in a post-secondary educational institution.
• That post-secondary institution needs to be recognized by Canada as an eligible institution.
• You must be a citizen, resident, or landed immigrant in Canada

Some lenders will also have rules regarding the length of the program you are in. Again, the requirements for getting student lines of credit vary depending on lenders so if you don’t qualify for one, make sure to check out another.

How to apply for a student line of credit

Once you have found a lender you would like to apply for a line of credit with you can start the application process. This can usually be done either in person, over the phone, or online. You may need a parent or guardian to co-sign for you. Note that this person will be responsible for your student line of credit if you do not pay it back.

The lender will set out the maximum amount of money you are allowed to borrow. This could be a pre-set number or personalized based on your situation. If the loan amount is personalized, they will consider all applicable student expenses such as tuition, housing, and expenses as well as any credit history and your ability to repay the loan.

To apply for a student line of credit you will need:

• Proof of enrollment
• Government-issues ID
• Possibly a co-signer
• You may also be asked to provide bills and expenses related to rent & tuition

Note that you can apply for a student line of credit at any time as long as you meet the qualifications.

Who offers student lines of credit?

Student lines of credit are commonly offered by Canada’s big banks. Here are five of the most popular options for student lines of credit and some details about what they offer.

RBC Student Line of Credit

RBC offers student lines of credit starting at $5,000 but the total amount will vary based on your individual needs. You will need a co-signer for an RBC student line of credit along with estimates of your education costs and a list of your financial resources. RBC will allow students up to 2 years after graduation to start paying back the principal of their loan.

TD Student Line of Credit

TD bank offers student lines of credit of up to $20,000 per year (up to 4 years) for both full and part-time undergraduate students. They also have student lines of credit for graduate and professional student programs. On top of the main documents, you will also need to bring a list of expenses with you as well as any sources of income or other financial assistance. TD Student loans also allow a 24 month grace period after graduation before borrowers need to start paying back the principal.

CIBC Student Line of Credit

CIBC student lines of credit are offered for a maximum of $60,000 through both full or part time programs ($15,000/year for full time or $7,500 per year for part-time). There is no annual limit for graduate students but the same $60,000 maximum applies. Those who have student lines of credit with CIBC have up to 12 months after graduation to start paying back the principal.

BMO Student Line of Credit

Student lines of credit with BMO allow approved individuals to borrow up to $15,000 in the first year and then $10,000 in each remaining year up to a maximum loan of $45,000 spread over the course of 4 years. You must start repayment of the principal 2 years after graduation. A BMO student line of credit is available to both full time and part-time students so long as the program is at least 12 weeks long and hours per week and you will need a co-signer.

Scotiabank Student Line of Credit

The value of student lines of credit with Scotiabank vary depending on your studies. Undergraduates can get up to $80,000 maximum while graduate students can get up to $160,000. There are also options for individuals who are partaking in a certificate of apprenticeship program and those pursuing a professional degree. Once you have graduated, you have a one-year grace period before you need to start paying back the principal amount on your Scotiabank student line of credit.

How to use and pay back a student line of credit

Once you have been approved you can access your student line of credit through the usual methods; visit a branch of the bank you borrowed from, withdraw money via an ATM, or use online banking. Make sure to follow the terms and conditions set out in your agreement and only borrow what you need.

As for paying back student lines of credit, you need to pay at least the interest while you are studying (although you can pay back more if you can). Once you have graduated, the majority of institutions will allow you a grace period of 6-24 months where you can continue the interest-only payments. However, after this point, you’ll need to start paying back the actual principal as well as the interest until the student loan is completely paid off.

Student aid & other options

Student lines of credit can be very helpful for Canadians getting an education, but they shouldn’t be your first resort. If your parents set up a Registered Education Savings Plan, you should use that first since it’s money already saved.

However, if you’re not fortunate enough to have funds from your parents, look to student aid instead. Student aid in Canada can come in the form of grants, scholarships, and government loans. Grants and scholarships do not need to be repaid. Government loans do, however, most only need to start being paid after you complete your education. The Government of Canada offers plenty of options for grants, scholarships, and loans so it’s worth doing your research and applying. You can learn more about student aid here.

Air Canada’s bereavement policy for passengers who need to travel

If you need to book a last-minute flight due to an immediate family member’s death or imminent death, you may be eligible for Air Canada bereavement fares.

Immediate family for the purpose of this policy is defined as:

• Spouse (including common law, same-sex partners and ex-spouse)
• Child (includes step/grand/great grand/in-law/common law in-law)
• Parents (includes step/grand/great grand/in-law/common law in-law)
• Siblings (includes step/grand/great grand/in-law/common law in-law)
• Legal guardian and spouse of legal guardian (with proof of judgment)

*All above include in-laws of a same-sex partner

The Bereavement policy will apply to any flight marketed and operated by Air Canada, Air Canada Rouge, or Air Canada Express. This includes Economy Standard, Flex, Comfort, and Latitude Fares and tickets. Note that Economy Basic fares are only included in the policy when travelling outside of North America. Bereavement travel must also occur within 10 days of the booking and cannot exceed 60 days.

You must request bereavement travel before the travel has been completed.

Air Canada bereavement application

If you meet the above eligibility requirements, then your first step is to call Air Canada at 1.888.247.2262 if you are in North America. If you are abroad, you can search for the appropriate international number here.

You will need to provide:

• The name of the dying/deceased and your relationship to them
• The name of the hospital or residence (including address and phone number) as well as the name of the attending physician OR
• The name, address, and phone number of the memorial/funeral home and the date of the service

Within seven days of returning from your bereavement travel, you need to email bereavement@AirCanada.Ca with your booking reference and include one of the following documents:

• A copy of the death certificate
• The funeral director’s statement
• The coroner’s statement
• The registration of death
• A letter from the treating physician which clearly defines the situation as one of the imminent death of the immediate family member (must be on official letterhead or a prescription pad)

Note that failure to send in the appropriate documentation may result if having to pay the regular fare price difference. 

Air Canada bereavement policy for passengers who need to extend their travel

In cases where the passenger is already travelling, for example, visiting home when the death or situation of imminent death occurs, it is also possible to extend the flight or request a deferred refund for the ticket.

If the passenger knows when he/she wants to change the flight date, then this has to be done over the phone. In North America, the number to call is 1.888.247.2262. If you are abroad you can search for the appropriate international number here.

For passengers who are no longer travelling due to death/imminent death situations, you can request a deferred refund for your ticket. The form to do that can be filled out online here. You will need to fill out personal information as well as include one of the following official documents.

• A copy of the death certificate
• The funeral director’s statement
• The coroner’s statement
• The registration of death
• A letter from the treating physician which clearly defines the situation as one of the imminent death of the immediate family member (must be on official letterhead or a prescription pad)

This form should be filled out as soon as possible and must be filled out before the date of the pre-existing flight.

How much can you save with Air Canada bereavement fares?

The Air Canada bereavement policy is designed to offer maximum flexibility. That means it won’t be cheaper than the price of a regular last-minute flight. That said, since the focus is on flexibility, you get free itinerary change fees, free seat selection, and two free checked bags. That could save you a few hundred dollars.

When searching for airfare, you may be able to find lower fares online with a different airline. However, these fares typically offer less flexibility and could be subject to restrictions and/or additional fees. Think of Air Canada bereavement fares as a different fare class instead of a discounted ticket.

Use your travel insurance

The Air Canada bereavement policy can be incredibly handy in difficult times, but the steps must be followed correctly, or you may not qualify. If you are unable to qualify for Air Canada’s bereavement fares then check with your travel insurance. Many credit cards have travel insurance policies that can help in these situations. Check this post for a list of the best credit cards with travel insurance.

With credit card travel insurance, you won’t get access to cheaper or more flexible if you have yet to travel. However, if you have a flight booked or you’re already travelling, and someone in your family suddenly passes away, you can claim your trip cancellation or trip interruption insurance.

Like bereavement fares, only eligible deaths would trigger your insurance policy. In addition, trip interruption and trip cancellation insurance typically have a price cap. That means you may not get the entire cost of your trip covered. In addition, you usually need to charge the whole cost of your airfare, hotels, and car rental to your credit card with travel insurance for your claim to be eligible.

What is a TFSA?

The Tax Free Savings Account (TFSA) program was created by the Government of Canada in 2009 as a way for adult Canadians (age 18 and above) who hold a valid social insurance number (SIN) to save money, tax-free, throughout the course of their life. Unlike a registered retirement savings plan (RRSP), a TFSA is not considered a taxable income, even when you withdraw it. 

Thanks to its flexibility and the fact that it is tax-free, a TFSA can be used for all kinds of savings goals. Some will use it to save for the down payment on a house, while others will keep it as an emergency fund. You can also use it to save for smaller goals like a vacation or a car purchase or long-term goals like retirement. There are tons of possibilities for this account. 

Every year, the government sets annual TFSA contribution limits, which are the maximum contributions of money that an individual can put into their TFSA account. Your TFSA contribution room starts the year in which you turn 18 and will accumulate every year after that. So, if you can’t deposit the full amount in previous years, then your unused TFSA contribution room is carried over to the following year(s). However, you cannot over-contribute, or you will have to pay a penalty tax.

You can read the in-depth guide to TFSAs here.

TFSA withdrawal rules

One of the best features of TFSA accounts is that the withdrawal rules are incredibly flexible. You can generally withdraw at any time without having to pay any taxes. You also don’t have to worry about them impacting any benefit programs like old age security (OAS), employment insurance (EI), or guaranteed income supplement (GIS). Plus, you don’t lose your contribution room. 

For example, say you started your TFSA when you turned 18. When you turn 25, you pull out $3,000 of your money to put towards buying a car. You haven’t lost the room for that $3,000. You can recontribute that money, but you need to do so correctly. 

TFSA recontribution rules

Recontributing money to a TFSA can be tricky and is one of the most common mistakes Canadians make with their TFSAs. While you can withdraw from your TFSA as needed and replace it, you will have to wait until the following year to replace those funds. Otherwise, it will be considered as going over your annual TFSA dollar limit. 

So to stick to our car example,

Say in January of 2023 you contributed the maximum amount you could for the calendar year and all previous years. In this case, $6500. Then, in April, you need extra cash to buy a car, so you withdraw $3000. But come December, you have saved another $3,000. You can’t re-deposit that $3,000 within this calendar year. You’ve already maxed out your contribution room and doing so will register as over-contribution and result in a fee.

You will have to wait until the next calendar year (in this case, 2024) when your contribution room resets. At this point, you can recontribute that $3,000 plus the new maximum amount for the calendar year.

There is one exception to this rule. Let’s say you didn’t max out your TFSA in one of your previous years and you still have $5,000 in contribution space. You could contribute the $3,000 you saved up by December into your TFSA as it would just be considered a regular contribution. Come 2024, you’d get your new contribution room, the $3,000 back which you withdrew in 2023, plus any room you haven’t used yet.

TFSA transfers

Other rules to be aware of are those surrounding TFSA transfers. Throughout your life, you may want to change how you invest your TFSA or even parts of your TFSA. For example, for short-term goals, you may want to put your money into a high interest savings account or guaranteed investment certificates where it is relatively safe. But for long-term goals, you are willing to take more risks and invest in exchange-traded funds.

This might mean you need to shuffle your money around and transfer your TFSA to another financial institution. But, remember, if you withdraw the money, you have to wait until the next calendar year to replace it. 

So, what happens?

You ask the financial institution to do it. Get in touch with a financial advisor, and they can complete the transfer for you without triggering any official withdrawals. There may be a fee associated with this, but the financial institution will often cover that as well. Here’s a detailed guide on how to transfer your TFSA to another financial institution.

TFSA Contribution limit

Since TFSAs first came about in 2009, the current maximum contribution room is $88,000 ($95,000 come 2024). Remember, you can only contribute once you start to turn 18, which means you would need to be 18 or older in 2009 to have access to a maximum of $88,000. 

The contribution maximum has fluctuated over the years. These are the current contribution limits.

• 2009-2012: $5,000
• 2013 and 2014: $5,500
• 2015: $10,000
• 2016-2018: $5,500 
• 2019-2022: $6,000
• 2023: $6,500
• 2024: $7,000

Where to check TFSA contribution room

If you log into your MyCRA account, you will be able to find details about your TFSA contribution room. However, it’s not always accurate. Beside the unused contribution room number, you will notice a highlighted yellow box that says ‘important information.’ This basically indicates that the number listed may not be current, is only reported based on the year before, and does not include any transactions from the current annual year.

For this reason, it’s best to keep track of your contributions yourself so you can maximize your deposits without having to worry about over-contributing and facing any penalties.

Mortgage pre-approval and mortgage pre-qualification are options that are offered by most lenders. They can help you better prepare and estimate just how much it will cost to be a home buyer. Here’s what you need to know about mortgage pre-approval in the homebuying process. 

What is a mortgage pre-approval?

A mortgage pre-approval is when a lender approves you for a mortgage for a short time before purchasing a home. A pre-approval is temporary but has the advantage of allowing you to know exactly how much you can afford while shopping for a home, what your interest rate will be, and an estimate of how much your mortgage payments will be. 

These rates are locked in for a predetermined amount of time which allows you to shop around and keep an eye on the market. If interest rates increase during your locked-in period, you are safe. But, if they decrease, you can negotiate a better rate when it comes time to close.

Keep in mind that some lenders will only offer fixed rates for mortgage pre-approvals. Variable rate mortgages cannot always be guaranteed because they are determined by the Bank of Canada’s policy rate.

Finally, a mortgage pre-approval is not a final guarantee. When it comes time to close, the lender will do a final check on your finances to ensure that nothing has changed in the time since the pre-approval was made. If there have been significant changes, such as changes to your income or down payment, they do have the right to turn you down.  

What is a mortgage pre-qualification? 

Sometimes the term pre-qualification gets tied in with pre-approval, but these are not the same things. Pre-qualification is a quick calculation that allows you to know how much you can qualify for. It will give you an idea of how much you can afford, but nothing is locked in. Think of those online mortgage calculators as a mortgage prequalification since they’re just a quick reference.

A pre-approval is a much more in-depth process where the lender will do a credit check with the two credit bureaus: Equifax or TransUnion (this counts as a hard inquiry). Lenders will also look into your financial information before you are approved as part of the underwriting process. Again, the pre-approval is just a promise of a home loan based on your financial situation at the time of seeking pre-approval, and your finances will be double-checked when it comes time to close.  

How long do mortgage pre-approvals last? 

How long mortgage pre-approvals last will depend on the lender. Typically, they are between 90 to 120 days. However, some can be as short as 60 days or as long as 160 days.  

Mortgage pre-approvals are set to allow you some time to shop around and find a home or property that you wish to buy. While they are a fairly generous time frame, they do not last forever. This is why it’s essential to only get pre-approved for your mortgage when you are seriously ready to shop and buy. 

Another thing to note is that if you are getting a home appraisal, it could affect your mortgage pre-approval. Even if you’ve been pre-approved for a mortgage of $800,000, but the home you’ve purchased is appraised at a lower value, your lender will likely reduce the amount they’re willing to extend you. That would require you to make up the difference.

Where to get a mortgage pre-approval 

Mortgage pre-approvals are offered by mortgage lenders or mortgage brokers. 

A mortgage lender is a business that lends money directly to you. Examples of mortgage lenders include:

• Banks
• Credit unions
• Caisses populaires
• Trust companies
• Insurance companies
• Mortgage companies
• Loan companies

Remember that different lenders will have other conditions and likely different interest rates, even for similar products. It’s best to shop around and compare to ensure you get the best deal. 

Since shopping around can be time-consuming, you may be interested in hiring a mortgage broker. Mortgage brokers don’t lend the money directly to you but instead work on your behalf to find the best mortgage product for your needs. Brokers have access to several lenders which means they can compare various products. However, not all brokers have access to the same lenders.  

How to get pre-approved for a mortgage? 

If you want to get pre-approved for a mortgage, you will need to provide your personal and financial information to either the lender or the mortgage broker who is working with you.  

You will need to provide the following:

• Identification (official documents such as driver’s license, passport, etc.)
• Proof of employment (pay stubs including salary/hourly rate, position and length of time you’re your employer, or 2 years of notices of assessment for tax returns from the CRA if you are self-employed)
• Proof of any additional gross monthly income (side hustles, part-time jobs)
• Information about any assets (car, cottage, boat, etc.)
• Information about any debts or financial obligations (credit card debt, car loans, spousal support, any other monthly debts)
• Proof that you can afford the down payment and closing costs (you may be asked to provide bank statements) 

Before starting up this process, you want to ensure that you are in as good of financial standing as possible. They will check your credit report, so the better the credit history and credit score, the more likely you are to be easily approved. 

What to consider during the pre-approval process 

Being pre-approved for a mortgage loan can be incredibly helpful in knowing how much you can afford to spend. But remember that pre-approval is not a guarantee, and it is the maximum amount you will be approved for. This means you may want to look for a home with a lower purchase price so you don’t stretch your budget. After all, there are still several other costs related to buying a home, such as closing costs, moving costs, any home upgrades you want or need to do, other savings goals, and just the general ongoing maintenance costs that come with being a homeowner. 

What to do if a lender denies your mortgage application 

The unfortunate truth is that not everyone gets pre-approved for a mortgage. If this does happen to you, there are a few steps that you can take before you try again. 

• Consider lowering your expectations – You might have reached too high for your financial situation, and if you shop for something in a lower price range, you will have a higher chance of being approved. 
• Take some time to save up for a more significant down payment – Having more money for that means you don’t need to borrow as much from a lender. 
• Work on improving your credit score – Having a poor credit score could be part of the reason you were denied a mortgage.
• Pay off as much existing debt as possible – By lowering your debt, your income ratio to debt decreases. This is good for the preapproval process.
• Check other lenders – Remember, every lender is different, and just because one doesn’t approve you doesn’t necessarily mean that they all will.  
• Get a co-signer – If your income and credit score on your own isn’t enough, you can ask someone like a parent to co-sign. Keep in mind that the co-signer is responsible for your mortgage payments should you be unable to make them, so this is a huge ask and should be taken very seriously.
• Stick with your job –  Job and income stability is something that lenders look at when considering your application.  

Questions to ask your lender or broker when getting pre-approved 

If you are ready to seek pre-approval for a mortgage, here are a few questions you should ask your lender or broker.  

• How long is the pre-approval rate guaranteed for?
• If interest rates decrease during your pre-approval period, will you automatically then be given the lower rate?
• Can the pre-approval period be extended? (You might have more luck with this in a competitive housing market)

Additionally, this is the time to ask about anything you are unsure about or don’t understand. Buying a home and taking out a mortgage is a huge deal. As the borrower, you want to ensure that you fully understand the process before you commit. The lender, mortgage broker, and real estate agent are all there to help you through the process and answer your questions and concerns. 

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What is the Tims Rewards program?

Tims Rewards is the Tim Hortons loyalty program, and it’s free to join. It’s often referred to as a coffee program to better compare it to other similar chain rewards programs. However, points can be earned and redeemed for all menu items.

Points are earned at a rate of 10 points per $1 spent and are redeemed at different reward levels starting at 300 points for classic donuts, specialty donuts, cookies, and hashbrowns. The highest level is 1,800 points for loaded bowls and wraps.

Tims Rewards points value

The value of a Tims Rewards point will vary depending on what you are redeeming it for and where you redeem it. While my research shows that most Tim Hortons have the same prices for their products across the country, there are reports that prices may vary by store, even though they are all under the same name. With that in mind, Tims Rewards have a cost per point (CPP) between .34 cents and .66 cents each.

Surprisingly, the best value for your points is not coffee. Baked goods and breakfast items come out on top when it comes to Tims Rewards. If you want to get really specific, hashbrowns are the best value. Regularly priced at $1.99, you can get a hashbrown for 300 points which gives you a CPP of .66. In comparison, the average price of a cup of brewed coffee is $1.80, but you need to redeem 400 points giving you a CPP of .45. 

How to earn Tims Rewards

In February of 2023, Tim Rewards changed its rewards earning schedule. It used to be 10 points per purchase, no matter how much you spent. The program is now 10 points per dollar spent. Eligible transactions will be rounded up to the nearest $0.10. So, let’s say you spend $5.30 at Tim Hortons. You would then receive 53 Tims points. Note that points are calculated before tax.

When you make your purchase at Tim Hortons, you should be asked for your Tims card. This can be either a physical card or, more likely, a bar code in the Tims app. Show your card to be scanned upon purchase, and you will earn points.

Another way to earn more Tims Rewards is to use the Tims credit card. 

Tims credit card

Tim Hortons is just one of the latest Canadian companies with a co-branded credit card. It’s a no-annual-fee credit card, and Tims credit card holders will earn Tims rewards at an accelerated rate of 15 points (instead of 10) per $1 spent at Tim Hortons. You will also earn 5 points per $1 spent on groceries, transit, and EG charging and 1 point per $1 spent on everything else. This gives you a real value of 7.5 per cent, 2.5 per cent and 0.25 per cent, respectively.

While the extra Tims points are a perk, overall, the Tims credit card is pretty disappointing and there are much better options on the market that will allow you to earn other types of points that will be more lucrative. My top suggestion: the American Express Cobalt Card.

American Express Cobalt Card

• $15.99 Monthly fee ($191.88 yearly)
• 1,250 monthly points when charging $750 each month for a year (15,000 points total)
• Earn 5 points per $1 spent on eats and drinks
• Earn 3 points per $1 spent on streaming services
• Earn 1 point per $1 spent on all other purchases
• MESSAGE ME FOR A REFERRAL LINK

A much smarter choice for restaurant purchases in Canada is the American Express Cobalt card which will earn you 5x the points on all eats and drinks purchases. Not only will you earn points much faster, but your points will be much better value and can be redeemed for things like travel or gift cards. While this card does come with a monthly fee of $12.99 ($155.88/year), if you are someone who eats out a lot, you’ll get very good value out of this card.

How to redeem your Tim Hortons Rewards

Redeeming your Tim Hortons rewards is easy. When you sign up for the app, you will be asked what category you want to redeem your items for. So, let’s say you choose the baked goods option, which allows you to start redeeming at 300 points.

If you choose a specific option, your points will be automatically redeemed for you when you reach the point requirement and order something that falls within that category. So, if you have 450 points stored up and you go to Tim Hortons and order a coffee and a donut, your points will automatically be redeemed towards your donut since you have more than the 300 points required to get one.

If you prefer, you can slide the points redeemer button to ‘off.’ This will allow you to continue to save your points until you are ready to redeem them. It is important to note that your Tims Rewards expire after 12 months, so keep track if you like to save up points. The app does alert you when points are near their expiration date. 

How does Tims Rewards compare?

So, how does the Tims Rewards program compare to other ‘coffee’ programs such as McDonalds?

Like the Tims program, the Mcdonalds’ rewards program also allows users to earn points for every dollar spent and redeem those points at varying levels. Of course, the value of the rewards will vary depending on what items you redeem for. However, MyMcDonald’s Rewards sees better value for its menu items. To compare, one brewed coffee at Tims’s gives a CPP of .45, while a brewed coffee from Mcdonald’s has a CPP of .845. You can read the full Mcdonald’s rewards program review here.

That said, it all comes down to your preferences and where you are most likely to go. Do you prefer Mcdonald’s? Or Tim Hortons? Or even both? After all, each of these rewards programs is free, and you can quickly join and benefit from both.

FAQ

How many Tim Hortons points do I need for a free coffee?

Brewed coffee requires 400 points. If you want a fancy coffee it will be 600 to 800 points depending on the drink.

How do I get a Tims Rewards Card?

You can pick up a physical Tims rewards card at a participating Tim Hortons restaurant, but the easiest thing to do is to sign up for the app. Then you have a digital card that’s always on your phone.

Do Tims Rewards Expire?

Yes, after 12 months.

People visit Israel for its history (both ancient and modern), its religious significance for Christians, Jews, and Muslims, and even the beaches. For the purpose of this article, I have recommended a 7-day, 6-night itinerary to showcase the highlights of Israel. The focus is on the main religious and historical sites that are so important to the country since that is what most people come to Israel for.

That said, you may want to add a couple of days or even a week at the end to spend in one of the Red Sea resorts of Eilat, where you will need to increase the provided budget estimate. Also note that some people will add time to their holiday and visit Jordan, which is within driving distance of Israel. These estimates are made on a per person basis, so if you are travelling as a couple, be sure to double them (except for hotels).

The above estimate is in American Dollars, so please use xe.com to find out the average costs in your home country.

If you’re Canadian, you may want to consider applying for one of the best travel credit cards in Canada to help offset your costs by collecting points. For example, the American Express Platinum Card gives you a generous welcome bonus that’s often worth more than $900 (potentially more if you transfer your points to Aeroplan or Marriott Bonvoy). There’s also the Scotiabank Passport Visa Infinite card that has no foreign transaction fees, and it comes with airport lounge access.   

Airfare

Most international flights will fly into Ben Gurion Airport, which is listed as in Tel Aviv but is actually a pretty equal distance between Tel Aviv and Jerusalem. Unfortunately, the cost of airfare to Israel for Canadians has increased quite a bit as El Al airline removed all flights from Canada, so Air Canada has the Monopoly. Americans will be able to find cheaper fares and Canadians can consider transiting through the USA or even through Istanbul to cut down on the costs. However, if you want a direct flight from Canada, you’re going to have to pay. 

Insider tip: Entering Israel is pretty easy, but security measures when leaving Israel can be pretty intense. Make sure to allow yourself the full recommended three hours at the airport and expect to be questioned and have your luggage searched.

Accommodations

There is a wide variety of accommodation options throughout Israel; hotels, hostels, guest houses and even some resorts. Prices differ across the spectrum. For the purpose of this article, I have used the average price of a mid-range hotel as my estimate, which comes to about $175 per night.

As I will mention later on in this article, many of Israel’s cities (most notably Jerusalem and Tel Aviv) are quite large so I do recommend choosing a more central location to stay. The nightly cost may be a little higher however, that will balance out as it will save on travel time and public transit costs.

For suggestions in Jerusalem and Tel Aviv, I recommend the following:

Jerusalem

Hostel: Abraham Hostel Jerusalem or The Post Hostel
Mid-range: Ben Hillel Boutique Hotel or Dem Hotel
Luxury: The David Story Boutique or Bezalel Hotel- an Atlas Boutique Hotel

Tel Aviv

Hostel: Abraham Hostel Tel Aviv
Mid-range: Embassy Hotel Tel Aviv or Florentin House
Luxury: Crowne Plaza Tel Aviv City Center or the Margosa Hotel Tel Aviv Jaffa

Insider tip: Not all of Israel’s hostels are geared towards gap year students and backpackers. Abraham hostels are open for guests of all ages and have a great selection of private rooms as well making it a smart choice for budget-conscious travellers of all ages.

If you have the right credit card, you can save a fair amount of money on hotels. Americans should strongly consider the Marriott Bonvoy Brilliant American Express Card since you can earn up to 95,000 Marriott Bonvoy points and $300 back at U.S. restaurants as a welcome bonus.

Canadians should consider the Marriott Bonvoy American Express, which gives you up to 75,000 Marriott Bonvoy points. That’s enough points for a few free nights at some hotels, which could easily have a value of over $500.

Local transportation

Regarding local transportation, Israel (and Palestine) can be a bit tricky for tourists.

Main cities, such as Jerusalem, Tel Aviv, and Bethlehem, are relatively easy to get to by public transit, but overall Israel is not the easiest country to get around. Public transit is definitely lacking between smaller cities and major attractions such as the Dead Sea, Ein Gedi, and Caesarea, meaning that most visitors rely either on tours for day trips or rental cars. That being said, driving in Israel is not for the faint of heart. Israelis can be very aggressive drivers.

As for the cities themselves, you’ll find yourself relying on buses and trams in both Jerusalem and Tel Aviv. Both cities are quite large and while you can explore areas on foot, I don’t think you can walk around the entire time. Bus rides cost about $1.56 USD per ride, and taxis can be flagged down in the streets.

Another thing to note while travelling around the area is that you may come across two different kinds of buses to go to certain places. One bus will be for Israelis, while the other will be for Palestinians. As tourists, you can use either and both are safe and welcoming to tourists. however, if you are looking to save money, the Palestinian buses are a bit cheaper.

Attractions

Israel has plenty to see and do, especially for those who are interested in history. From Jaffa just outside of Tel Aviv to the Old City and Western Wall in Jerusalem, the Baha’i Shrine and Gardens in Haifa, and the biblical city of Bethlehem in Palestine, you’ll have no problem keeping busy during your visit.

Due to the nature of the highlights (historical, biblical, and even regarding the conflict) I highly recommend you take guided tours. Not only does this take care of transportation, which can be tricky, but it also gives you a better, closer, and more in-depth experience. There is so much to see and learn that, on your own, you will likely miss most of it.

When it comes to tours, you’ll find plenty. Guided tours are very common in all the cities, and you’ll find ones that cover general walking, religion, food, architecture, street art and more.

Something you will need to keep in mind is that this area is divided into Israel and Palestine, and there are rules about who can visit, which often applies to guides as well. This is another reason why it is best to pre-arrange your tours ahead of time to ensure you are going with a trusted company.

Food and drink

One of the best parts of visiting Israel is getting to try the food and drink, which most people end up really enjoying. Hummus and fresh pita, shawarmas, fresh pomegranate juices, falafel, and baklava are all popular. However, while some of these may be considered cheap street foods in other countries, food and drink in Israel (like everything else) are probably more expensive than you might think. That being said, these types of street food dishes are still more affordable than what you can expect to pay in restaurants

With that in mind, here’s a rough guide on what you can expect to pay for daily meals (including drinks).

• Breakfast – $10
• Lunch – $15
• Dinner – $25

Which comes to $50 per day.

When it comes to drinking and going out, Israel has a pretty good nightlife scene, especially in Jerusalem and Tel Aviv. Tel Aviv is known for its cool clubs and bars, while one of the highlights of Jerusalem is the small breweries in the Mahane Yehuda Market. You can expect to pay around $8 for a beer at a bar and double for cocktails.

One of the best ways to save on food and drink in Israel is to take advantage of Happy Hour. These are incredibly common in Tel Aviv and can save you anywhere from 10-30% off food and drink. It’s a great way to experience some amazing food for better prices.

Random spending

When it comes to random spending, you’re probably just looking at snacks, drinks, and a couple of small souvenirs. Israel has some great markets worth browsing (especially in Old Town Jerusalem) but isn’t necessarily a shopping mecca. If you are buying at a market, make sure to barter with the vendors if no prices are indicated on the items you are interested in.

Israel trip cost

So how much does it cost to go to Israel? Well, for 7 days and 6 nights I estimate your costs to be around $3,375 USD. Israel isn’t necessarily a budget-friendly destination but with so much to see and discover, it is absolutely worth a visit. Keep in mind as well that this guide is tailored to mid-range travel so there is definitely space to save and reduce costs using some of the tips and advice above.  If you want some more inspiration, check out my other how much guides to Hawaii, Southeast Asia, Jordan, Dubai and Egypt.

FAQ

Is it expensive to visit Israel?

The cost of Israel tends to surprise a lot of people. Since Israel is in the Middle East it’s easy to assume that costs would be on par with Egypt or Jordan, but that is not the case at all. Prices in Israel are more like what you would find in big North American cities like New York or Toronto. This includes all aspects; dining, accommodation, transportation, and activities.

What is the cheapest time to go to Israel?

The winter months tend to be the cheapest time to go to Israel. However, keep in mind that winter in Israel is often warmer than what many North Americans experience, so this may not be a bad thing. Sure, you won’t end up on the beaches in Tel Aviv, but you also won’t melt while exploring Old Town Jerusalem like you would if you visited in July or August.

It’s also worth paying attention to the Jewish holidays when you travel. Primarily the High Holidays in the Fall and Passover in the Spring. These times of year are considered high season for the Jewish community and tend to be more expensive for travel.

How much does a trip to Jerusalem cost?

Jerusalem is the most popular place to visit in Israel so the costs I have listed above reflect what you can expect to pay in Jerusalem. If you are interested in the history of the city and looking to take guided or private tours then you can expect to pay a little more.

How do you get around in Israel?

Israel has a decent public transit network of trains and buses. Some places are a little trickier to get to by public transit but there are group tours you can take . This includes visiting sites like Masada or the River Jordan. You can also take milt-day tours to explore further away areas like the Sea of Galilee. Overall, as a tourist you don’t have to rent a car. If you are planning on using public transit in Israel, I suggest getting a Rav-Kav card which will work for buses and trains. You can buy one at the airport and load it when you arrive. Should you need to reload it again, you can do so at the bus and train stations.

One thing to be aware of as a tourist is that public transportation does not run during shabbat which starts sundown on Friday until sundown on Saturday. Try not to arrange travel during these times or you will have to pay hefty taxi fees or rely on shuttles called sheruts that can be slow.

What are the main types of attractions in Israel?

Tourism in Israel typically falls under historical and religious travel. Israel has ties to Christianity, Judaism, and Islam and its history dates back thousands of years. That being said, Israel also has a great food scene and Tel Aviv is considered to be one of the trendiest cities in the world so many young people like to come to experience that as well.

What can you see in Israel in 3 days?

Three days in Israel is enough to let you explore some of Jerusalem and Tel Aviv. The two cities are an hour away from each other by train and the airport is located between them so it’s an easy route to follow for a short amount of time. Make sure to explore The Old City and Shuk in Jerusalem. In Tel Aviv, you might like Carmel Market, the beaches, and Jaffa (the Old Town).

In my experience, ten nights in Thailand will cost you about $2,850 USD (including flights) which works out to about $285 USD per night which is pretty good. Some people think that’s a bit high, but flights will take up a third of your budget. Throughout this article, I’ll share some tips on how to save. Note that if you plan to travel to Thailand as part of a Southeast Asia trip, your costs can go down quite a bit depending on how long you stay.

	Estimated cost
Airfare	$1,100
Accommodations	$800 ($80 per day)
Local Transportation	$300
Attractions	$100
Food and drink	$350 ($35 per day)
Random Spending	$200
Total	$2,850 USD

The above estimate is in American dollars, so please use xe.com to find out the average costs in your home currency.

Keep in mind that this is just an estimate.  Things can cost you much less (or more), but I wanted to give you a rough idea of costs as you prepare for your trip. For some people travelling for as cheap as possible is the goal, but I think you’re better off stretching your travel dollars.

If you’re Canadian, you may want to consider applying for one of the best travel credit cards in Canada to help offset your costs by collecting points. For example, the American Express Platinum Card gives you a generous welcome bonus that’s often worth more than $900 (potentially more if you transfer your points to Aeroplan or Marriott Bonvoy). There’s also the Scotiabank Passport Visa Infinite card that has no foreign transaction fees, and it comes with airport lounge access.   

Airfare

Airfare to Thailand, like flight to anywhere in the world, has increased quite a bit over the last couple of years. Right now, the average cost of a return flight from a major North American City to Bangkok is $1100. You may be able to find some seat sales and get lower pricing but keep in mind these rates can be even higher depending on the time of year.

Although Bangkok is a major destination, there are limited direct flights to Canada. You can now fly direct via Vancouver but you also may find yourself routed through Hong Kong.

If you’re flying from Europe, the cheapest flight will depend on where you’re departing. Obviously, if you’re flying to Thailand from within Asia, flights will be much cheaper. As always, book in advance to get better deals.

Local Transportation

Most people who visit Thailand will likely visit more than one city so you need to budget for your local transportation. The $300 I’ve recommended is a bit on the high side, but you’ll get a better idea of how much it’ll cost you once you start planning out your route. The good thing is that Thailand has pretty good transportation to get you around.

Long distance trains

Regional travel within Thailand is crazy cheap, but it takes longer to reach your destination. A third-class ticket from Bangkok to Ayutthaya can cost as little as $1 USD for the two-hour journey. An overnight train from Bangkok to Chiang Mai can cost as little as $ 8 USD and go up to around $65 USD depending on which class you choose. While long distance trains are one of the cheapest ways to get around the country, it’s very time consuming and isn’t always very comfortable.

Domestic flights

You can fly from Bangkok to Chiang Mai or Phuket for as low as $30 USD on various budget airlines, including Vietjet Air, Thai Lion Air, Thai Airways AirAsia, Bangkok Airways, Thai Smile, and Nok Air. Some routes will cost more. For example,  Bangkok to Koh Samui typically costs about $150 USD.

Buses/subway

Local public buses cost around 10 THB  (about $0.30 USD), while taking the Metro or Skytrain in Bangkok starts at 16 THB (about $0.46 USD) per station. If you plan on using the Metro a lot, a day pass might be your best option. Tuk tuks are unmetered and typically cost tourists double what locals should pay. This means your fare will likely start around 65 THB, but negotiate before you get in.

Metered taxis are usually your best bet since a five km journey averages 60 THB and 10 kms for 90 THB. Any surcharges are added to your meter at the end of the ride. Local transportation is limited on some of the islands, so you may need to rent a scooter. Legally, you are required by Thai Law to hold an international driver’s license to rent a scooter. Some shops may rent you one without it, but you risk being fined by the police (which is getting more common) if caught.

Note that not many people in Thailand speak English. If you’re using a taxi or tuk-tuk, you’ll want to get the address of where you’re going in Thai. They may not understand the English names in your guidebooks. If they refuse to use the meter, get out and wave down a different taxi.

Thailand accommodations

When people ask how much does it cost to go to Thailand? They understand that where you stay and what type of accommodations you choose make a difference. But, it’s always a shock to find out how cheap some of your options are.

I’ve seen hostels for around $12 per night and budget hotels in the $50-$60 range per night. I personally find that budgeting $80 a night for a mid-range hotel is a good idea. Keep in mind that the high season will obviously cost you more than the low season. Below I’ve highlighted the different options available

Hostels

If you’re travelling solo and want this trip to be cheap, then hostels are the way to go. A cheap dorm room will about $12-$15 USD per night If you want to “splurge,” you should be able to find a dorm room with air conditioning for $20-$30 per night.

Recommendations: Good One Hostel & Cafe Bar (Bangkok), Hostel One Art and Gallery (Chiang Mai)

Hotels

Although hotels greatly range in price, it won’t be hard to find double rooms starting at $50 USD per night. Resorts on islands as well as beach bungalows that accommodate up to three people, can be found for about $100 USD per night. Even name brand hotels are reasonably priced by North American standards starting around $100 USD per night.

Recommendations: Aloft Bangkok – Sukhumvit 11 (Bangkok), Rainforest Boutique Hotel (Chiang Mai)

Luxury hotels

Even though there are plenty of budget options in Thailand, the country also has a lot of luxury hotels available where you feel like a king or queen. The best thing about luxury hotels in Thailand is that they’re reasonably priced compared to other parts of the world.

Recommendations: Shangri-La Hotel (Bangkok), Maladee Rendezvous Hotel (Chiang Mai)

If you have the right credit card, you can save a fair amount of money on hotels. Americans should strongly consider the Marriott Bonvoy Brilliant American Express Card since you can earn up to 95,000 Marriott Bonvoy points and $300 back at U.S. restaurants as a welcome bonus.

Canadians should consider the Marriott Bonvoy American Express, which gives you up to 75,000 Marriott Bonvoy points. That’s enough points for a few free nights at some hotels, which could easily have a value of over $500.

Food and drink

Food is ridiculously cheap in Thailand. From fried rice to pad Thai and even fresh fruit, there are lots of great meals at very low costs. Most typical Thai dishes will start at 60 Thai Baht which is less than $2 USD. 

Don’t like Thai food in general? Western food, Chinese, and Indian food are found everywhere and will only run you 150 – 350 THB a meal. Oh, beer is pretty cheap, too and should cost you about $2 for a domestic beer. Cocktails will vary depending on location but can be as cheap as $3 USD and go up to $15 USD. Remember, buy bottled water in Thailand because tap water is not safe to drink. A bottle should only cost you about $0.25 USD from a grocery store.

Generally speaking, street food is where you get the best deals, but you can even get decent food at convenience stores for less than $4 USD. There are malls everywhere in Thailand, and most of them have a food court where you can get food for cheap as well, around $5 will get you a meal at an inexpensive restaurant.

Budgeting $35 a day should be more than enough to feed you and keep you well stocked with drinking water (you’ll need it!). That said, Bangkok also has some Michelin-starred restaurants that are more affordable than other high-end restaurants around the world, so it could be worth splurging for a meal or two.

Attractions

Most museums, temples, and park entrance fees cost around 50-100 THB to get in. However, The Grand Palace in Bangkok will cost you 500 THB (About $15 USD). It’s the day tours such as going to Ayutthaya and adventures that will cost you the most money. Buying your tickets in advance from Klook can sometimes save you money and allow you to skip lines. They have tickets available for Bangkok, Chiang Mai, Phuket and other destinations in Thailand.

Hiking, diving, and jungle trekking can cost you anywhere from $15-$100 USD per person. You can negotiate lower prices if you’re going in a group. How much you spend is up to you, but I don’t recommend you cheap out on experiences. Note that some attractions charge more for non-Thais. This is standard practice and often posted. Your Thailand costs for attractions shouldn’t be too much, but you’ll need to budget for the expenses.

Random spending

With so many markets and malls, it’s not a far stretch to say that shopping is one of Thailand’s biggest tourist attractions. I certainly enjoyed shopping during my time there, but I found the quality to be quite low on almost everything I bought. Haggling in markets is expected, so sometimes it’s worth watching others do it first before you make your first offer.

Now if you want to spend money on Thai massages, I get that. They’ll cost you less than $10 USD each and can be quite relaxing.

Thailand trip cost

How much does it cost to go to Thailand? I estimate a ten-night trip will run you about $2,850 USD. That being said, if you’re willing to spend just a little more, you can have one heck of a trip! Now check out my guides on how much does it cost to go to Southeast Asia, Laos, the Maldives, Dubai, Singapore, Malaysia and Vietnam for more inspiration.

FAQ

Is Thailand cheap to visit?

If you are looking for an affordable travel destination, then Thailand is definitely a good pick. There are some great affordable luxury options across the country. However, if you are worried about the cost of Thailand, then rest assured you can travel to Thailand on the cheap too as a budget backpacker. The key thing is to find the right balance. Don’t travel to Thailand with the intention of spending as little as possible, as you won’t enjoy yourself as much.

What are the best Thai islands?

This depends on what you want to do. Do you want to learn how to scuba dive? Koh Tao is a good choice. Looking for Thailand’s famous full moon parties? Koh Phangan and Koh Phi Phi are where you want to go. Interested in quieter islands? Take a look at Koh Samui or Koh Lipe. Some of the lesser-known islands may be harder to get to, but they could be that island paradise with few tourists that you’ve been searching for your entire life.

One important thing to keep in mind while in Thailand is that the rainy monsoon seasons vary depending on which side of the country you are on. So be aware of that while planning.

How much money do I need a day in Thailand?

I would say about $70 per day is a very reasonable number if you are looking for simple travel. If you are on a backpacker budget and staying in hostel dorms, you can absolutely reduce that rate. Similarly, if you want a more luxurious experience you will have to increase that amount. But $70 a day will get you a nice guesthouse and good food with room for basic activities.

What should I do in Thailand?

Obviously, you should stick to the things you love but I firmly believe there are a few must do’s while in Thailand. The obvious include visiting temples in Chiang Mai and Bangkok and Island hopping down south. Some more favourites include going to a Lady Boy show (note these are NOT like Ping Ping shows), visiting night markets, learning to scuba dive (if you haven’t yet), and getting a massage (or several).

What should I avoid in Thailand?

Thailand has its fair share of scams, especially in Bangkok, that you must be mindful of. The biggest one is tuk-tuk drivers telling you that some sites (i.e., the palace) are closed on that day. Or the shop or hotel you want to go to is too expensive and they know a better one. These are all scams. The driver has an agreement with someone elsewhere and will get paid when they drop you off. Insist on having the driver take you to your chosen destination or get out and find a new driver.

For a full cost breakdown on Greece, check out this how much does it cost to go to Greece guide.

Is Santorini expensive?

The easy answer? Yes. Compared to several islands, Santorini is expensive. However, I would argue that it’s not the most expensive island (in my experience, that’s Mykonos). I would also argue that while Santorini can be expensive, it is possible to visit the island without spending a fortune. I spent a week here in 2019 and am going back for another few days in 2023 and am happy to share a few tips on the best ways to keep your Santorini costs down. 

How to get from Athens to Santorini

Santorini is one of the Cyclades islands, but it’s quite far south. It’s actually much closer to Crete than it is to mainland Greece and Athens. 

There are two ways to get to Santorini from Athens. The first is to fly, which is usually your best option. It’s the quickest way, and if you book your flights early, you can get a pretty good deal. Alternatively, you can take a ferry from Athens to Santorini. These ferries are quite long, and some are overnight, in which case you will probably want to upgrade and get a room. Since Greek ferries aren’t cheap to start with, I think it’s definitely worth your while to fly. 

Santorini public transportation

The best way to experience any of the Greek islands is by renting a car, and this holds true for Santorini as well. However, renting a car can be expensive, and the roads in Santorini are very narrow and heavy with traffic in some spots, which can be daunting to drivers. In this case, you can use Santorini’s public transportation.

Santorini uses a bus system around the island. The main station is in Fira, and from here, buses connect the different towns and areas of interest. The schedule is posted outside the main station, but the busiest routes run hourly during the daytime hours. You can find the schedule here, which also includes the bus to the ferry port and airport. Tickets can be purchased on board, and costs depend on the route you take. When this article was written, tickets range from 1.80-3.00 euros each. 

Note that taxis are also available in Santorini, but there are only a few, and they are quite expensive. 

How long to stay in Santorini?

How long to stay in Santorini depends on your interests and what type of traveller you are. Santorini is beautiful and a large enough island that there is enough to keep you busy for at least three days to see the main sights or five days if you want to explore more. If you prefer to travel slowly, you could easily spend a week in Santorini and still have something new to see and do every day.  

The best area to stay in Santorini

When it comes to where to stay in Santorini, you have several options. 

If you are a first-time visitor to Santorini and looking to explore by public transportation or local tours, I highly recommend staying in Fira. This is the main town and, as said above, where the main bus station is so, it’s easiest to get around the island from Fira. Fira also tends to have more varied accommodation options. There are a couple of hostels in the area as well as mid-range hotels and some beautiful high-end properties. The same goes for dining. You can find some cheap gyros or nicer dining options. You can check accommodation options in Fira here. 

If you want a romantic Santorini experience, you can stay in Oia. This is the famous sunset town, and while it is beautiful, it gets wildly crowded during the day, especially if there is a cruise ship in town. It’s also considerably more expensive. You can check accommodation options in Oia here.  

You can also consider some of the other spots on the island, like Imerovigli or Akrotiri. They are a little cheaper but also not as well connected, so that’s worth keeping in mind. 

Santorini things to see

So, what is there to see in Santorini? Quite a bit. While it’s not known for the best beaches in Greece, there are still a couple you can visit. There are also some wineries, hiking trails, and of course, the towns themselves. Here are some of my top suggestions for Santorini things to see and do:

• Sunset in Oia
• The Red Beach 
• The black sand beaches of Kamari or Perissa
• The Old Port (please don’t ride the donkeys!)
• Skaros Rock 
• Sunset Cruise
• Explore the Volcano
• Ancient Ruins in Akrotiri 
• Go to a movie at the outdoor theatre 

You can also kayak, scuba dive, or take a local cooking class. 

Best things to do in Oia 

Oia is known as THE sunset spot in Santorini, but there are a few other highlights in this famous town as well. So, when visiting, make sure to add these to your list of things to do in Oia.

• Look for the views with the famous blue domes
• Wander the winding streets & check out the local shops
• Browse through Atlantis Books, one of the most famous bookshops in the world.
• Visit Amoudi Bay (again please do not ride the Donkeys!)

Santorini food and drink

Food and drink in Santorini are the same as you will find on the other islands. You can expect typical Greek fares such as gyros and souvlaki. You will also find plenty of different seafood dishes and wine. Prices are a bit steeper on the island in general because it is Santorini. However, there will be smaller, hole-in-the-wall type spots for gyros etc., where you can eat on a budget. Additionally, once you get out of Fira and Oia and more into the smaller towns, the tavernas are a little less expensive as well. 

Santorini trip cost: how to save 

So, is Santorini expensive? Again, yes. If you are on an extremely tight budget, it might not be the best island to visit. Instead, you should consider nearby Naxos or Paros. That being said, you can still visit Santorini without spending a fortune.  

A lot of the costs here come with the luxury allure of a cave hotel with a pool, fancy bars and restaurants with sunset views. While you can absolutely find these things here and splurge if you like, you don’t have to. You can stick with the cheaper tavernas, go for a smaller hotel, and stick with exploring on your own rather than joining day trips or sailing cruises. 

Another tip for saving money in Santorini is to plan your visit around less busy times. This means visiting during the weekday rather than weekends and, if you can, avoiding visiting during the high season (June-September). Instead, try shoulder seasons like April or October. If you aren’t a hot weather person, you could even come in the winter months for a cheaper experience with fewer tourists.

The idea of paying an annual fee to a store may seem silly to some people, but once you understand the Costco membership benefits in Canada you get, you may quickly decide that it’s worth it to sign up.

What is Costco?

Costco is a member-only warehouse club that sells just about everything such as, grocery items, clothing, household appliances, electronics, gift cards, and vacation packages. They carry their own brand (Kirkland Signature) as well as high-end brand name items, often for much cheaper than you would find elsewhere since you buy in bulk. In order to shop at Costco, you will need to pay an annual fee for a membership.   

Types of Costco membership

There are two different types of Costco memberships: personal and business. There are also two different card options for each, which will be discussed in more detail below. 

While each card has different perks and benefits, all four types of Costco membership have the following features in common:

• Membership is valid in all locations around the world
• Membership is valid online
• Membership includes an extra household card that another individual in your household (spouse or adult family member) can use.  

Costco membership fees in Canada

How much is a Costco membership in Canada? Well, that depends on the type of membership. Here’s a breakdown of the different Costco membership costs for the various Costco membership types.

Personal Costco membership fees 

• Costco Gold Star Membership: $60 + tax per year
• Costco Executive Membership: $120 + tax per year 

Business Costco membership fees

• Business member: $60 + tax per year
• Executive member: $120 + tax per year 

Costco membership benefits in Canada

The main draw for many Costco members is the ability to buy groceries and brand-name products in bulk and at a discounted price. However, there are more Costco membership benefits to be aware of, including the premium services such as Costco gas station, Costco travel for cruises and vacation packages, Shutterfly discounts for photos, the Costco pharmacy (available to people without a membership), where you can fill any prescription drugs, the tire centre, as well as the Costco optical centre and Costco hearing aid centre. All of these services are available to Costco members, and fees are cheaper than you will find at other similar businesses in your community. 

On top of the benefits listed above, you will have additional benefits depending on your membership type. 

Costco Gold Star membership benefits 

• Ability to shop at all Costco locations and online
• Two membership cards (one for you and one for someone else in your household)

Costco Executive membership benefits 

• All benefits of the Gold Star membership 
• Costco connection magazine & Costco.ca insert by mail to your home address
• Individual executive Costco members will also earn 2% cash back on most Costco purchases (up to a maximum of $1,000). This cash back reward is given annually, however, you have to remain an executive member to get the cash back offer and it has to be redeemed at a Costco location within Canada.

Costco Business membership nenefits

• Ability to shop at Costco Business Centre, Costcobusinesscentre.ca, plus all Costco locations worldwide and online
• Two membership cards (one for you, one for someone else in your household)
• Ability to add up to 6 additional membership cards (for a $60 fee each)
• Ability to purchase for resale
• Costco Connection magazine plus the Costco.ca insert mailed to your home address

Business Executive membership benefits 

• All benefits of the Business membership
• Business executive Costco members will also earn 2% cash back on most Costco purchases (up to a maximum of $1,000). This cash back reward is given annually, however, you have to remain an executive member to get the cash back offer and it has to be redeemed at a Costco location within Canada.

Pros and cons of Costco membership

Pros

• Good quality food and items
• One-stop-shop for many items and services
• Costco return policy is very generous 
• Cheaper pricing than elsewhere
• Good benefits for members

Cons

• Costco only accepts cash, debit, or Mastercard brand credit cards
• Costco prices aren’t always the best deal out there. Some sales at other stores may be cheaper
• Costco sells in bulk, so if you can’t get through any food items fast enough its waste

Are Costco benefits worth it?

So, the big question is: are Costco membership benefits in Canada worth it? 

Well, it depends.  

If you are shopping for a family, then chances are yes. Costco sells lots of grocery products in bulk for much cheaper than you would find at Loblaws or other grocery stores. However, the deal is because these items are sold in bulk. So, when it comes to fresh groceries such as fruit and vegetables, you need to ensure you can use them up before they go bad. A family likely can, but an individual may not be able to. 

Premium Costco services such as the pharmacy and Costco gasoline are both good for saving money. Both are cheaper than what you will find elsewhere in your community. However, these services are only beneficial if you use them. If you don’t have a car or you don’t have any prescription medication, then there is no added value.  

As for which type of membership to choose, well, that depends on your spending habits. You can learn more about Costco executive membership to see if it’s worth the additional annual membership fee here.

How to Sign up for Costco Membership 

You can sign up for a Costco membership in person at a Costco location or online at Costco.ca.  

Once you become a member, you can also get a digital membership for free. This is handy because it means you can have a copy of your membership on your phone rather than always making sure you have the physical card on you. You can get a digital membership by downloading the Costco App and signing up with your membership account. You will then need to visit your local Costco to be verified, or you can call Costco at 1-800-463-3783, and they will help you register. 

Keep in mind that membership does need to be renewed annually. You will be reminded when it’s time to renew and can do so in person or online. 

FAQ

Is there a free Costco Membership?

No, there is no free membership option. However, if you have the Executive membership you may earn enough in cash back rewards to offset the fee for the following year. 

Can I shop with someone who has a Costco card?

A Costco member can bring a guest; however, the member has to be the one who pays for any purchases.

Does Costco.ca have different products?

Costco.ca does have different and more products available than the Costco warehouses. Your membership allows you to purchase online and have the products shipped to your home. You can also shop via the Costco app which sometimes offers different deals and discounts. 

Does Costco Price Match?

No, they do not.

Does Costco have a credit card?

Yes, the CIBC Costco Mastercard is the official Costco credit card. In addition, you can read my list of the best Costco credit cards in Canada. 

For the purpose of this article, I’m going to suggest a two-week itinerary in Spain. This will give you plenty of time to explore the country at a reasonable pace. Please note that this guide is based on the costs for a single person, so if you are going as a couple, you will need to double this estimate (except for accommodation).

Keep in mind this guide is for mainland Spain and not the Canary Islands.

The above estimate is in American dollars, so please use xe.com to find out the average costs in your home currency. Note that I’m just giving you an average estimate to work with. You could easily spend less if you want to see Spain on a budget. However, you could also spend much more if you’re a luxury traveller.

If you’re Canadian, you may want to consider applying for one of the best travel credit cards in Canada to help offset your costs by collecting points. For example, the American Express Platinum Card gives you a generous welcome bonus that’s often worth more than $900 (potentially more if you transfer your points to Aeroplan or Marriott Bonvoy). There’s also the Scotiabank Passport Visa Infinite card that has no foreign transaction fees, and it comes with airport lounge access.   

Airfare

Spain has a couple of major international airports that you can fly into: Barcelona and Madrid. There’s no real advantage or disadvantage to choosing one over the other, so I recommend choosing based on your chosen itinerary and costs. Some people choose to fly into one major city and out of another, e.g. Barcelona and Madrid, since it’ll save them a little bit of money on backtracking.

Spain is technically a year-round destination, though most people will choose to visit from Spring to fall as winter can be dreary. Unsurprisingly, summer and holidays (such as Christmas and Easter) see the highest prices in airfare, so if you can, try to book around these peak times to save on cost.

The average cost of a roundtrip flight from North America to Spain will be around $600.

Accommodations

As a popular holiday destination, Spain has plenty of accommodation options for all budgets. There are many great hostels for solo travellers looking to meet people or backpackers and high-end five-star luxury properties. That being said, prices will also vary depending on where you are visiting in Spain. For example, accommodation in Barcelona will be more expensive than in comparison to accommodation in smaller towns in the countryside.

I’m using the estimate of $150 per night in this article based on pricing for mid-range hotels in Spain’s larger, more popular cities. That said, you can easily increase or decrease this part of the budget, depending on where you’re staying.

Looking for some recommendations? Consider the following:

Barcelona accommodations

Hostels

• Casa Gracia
• Mediterranean Hostel Barcelona
• St. Christopher’s Inn Barcelona

Mid-range hotels

• Ciutat de Barcelona
• Atlantis by Atbcn
• BCN Urban Hotels Gran Ronda

Luxury hotels

• Hotel Casa Fuster G.L Monumento
• Ocean Drive Barcelona
• Iberostar Paseo de Gracia

Madrid accommodations

Hostels

• Bastardo Hostel
• Way Hostel Madrid
• Safestay Madrid

Mid-range hotels

• Soho Boutique Opera
• Hotel Sardinero Madrid
• Il Castillas Madrid

Luxury hotels

• Melia Madrid Princesa
• Gran Hotel Ingles
• Relais & Châteaux Heritage Hotel

If you have the right credit card, you can save a fair amount of money on hotels. Americans should strongly consider the Marriott Bonvoy Brilliant American Express Card since you can earn up to 95,000 Marriott Bonvoy points and $300 back at U.S. restaurants as a welcome bonus.

Canadians should consider the Marriott Bonvoy American Express, which gives you up to 75,000 Marriott Bonvoy points. That’s enough points for a few free nights at some hotels, which could easily have a value of over $500.

Local transportation

Getting around Spain is pretty easy. Some people rent a car and drive around the country since it’s a great way to explore and allows for a lot of freedom. It’s something to consider if you are comfortable driving abroad.

However, most people choose to rely on trains and public transit, which I’m using in this estimate. Like many other European countries, Spain has a good train and bus network that makes it easy to get to the main destinations. Spain’s national train network is called RENFE, but there is also a high-speed train called AVE (Alta Velocidad), which is better for longer journeys. Booking online in advance is recommended as some trains require seat reservations, and it will save you money by booking early. The Eurail Pass is accepted in Spain.

For those who are really on a tight budget, you can use the bus network. It’s much slower than trains but also cheaper. Buses are also more convenient for reaching smaller, rural destinations if you want to get off the main tourist trail.

Pricing on local transport in Spain will vary depending on how much you plan to move around and the route you plan to take. If you plan on travelling a lot by train, consider getting the RENFE Spain Pass. There are options for 4-10 journeys and a 6-journey pass which is currently 275 euros. Once in the cities, you can use the city buses/metro or your feet to get around.

Attractions

Spain has so much to see and do that it’s easy to spend all your money on attractions. Unfortunately, for most of that, it’s not realistic, so you will want to do some advanced planning to ensure that you hit the highlights and the things you are most interested in. It’s strongly advised that you buy tickets online in advance since you get a discount and you get to skip the lines.

In Barcelona, the top attractions include:

• Sagrada Familia
• Barça Football Club – Camp Nou experience tour
• Park Güell
• Casa Milà

Madrid also has some great attractions you’ll want to check out, including the Royal Palace, but many people use the city as a base to do day trips such as:

• Toledo and Segovia
• Avila and Segovia

If you are big into museums and attractions, I recommend getting City passes where applicable. The upfront cost seems pricey, but when you break it down, you get a great deal.

Another great way to see cities on a budget is to consider taking a walking tour. Many cities offer ‘free’ tours where you leave a tip (around 10 euros) at the end, which is a good way to get your bearings when you first arrive and learn a little about the history as well.

You might also want to consider doing hop-on-hop-off tours in the larger cities. It’s a great way to get around and see the sites. You can often get just a one-day pass or a pass that’s good for a few days, so you can make the most of it.

Food and drink

One of the highlights of a trip to Spain is the food and drink. You’ll want to try everything from fresh seafood to famous Iberico ham, tapas, sangria, and wines. Of course, this can get pretty expensive, but there are a few ways to help cut food costs.

The first and most obvious tip is to avoid eating in busy tourist areas. Try to find smaller spots in more local areas for better prices (and, quite honestly, better food). You can always find recommendations online or ask at your accommodation for local suggestions.

Another idea is to get simple food for breakfast and lunch, then splurge on dinner (or splurge on lunch and go basic for dinner). There are tons of markets, small sandwich shops, and cafes where you can get a bite to eat for under 10 euros.

Tapas (small dishes) are also worth taking advantage of. Portions are pretty generous. In some bars, you get free tapas with your beer and wine.

With that in mind, here’s what you can expect to pay for daily meals in Spain:

• Breakfast – $7
• Lunch – $13
• Dinner – $25

That costs $45 a day, but remember, this is an average price. I don’t expect you actually to go to restaurants every day, so you’ll likely spend less. That said, there will be times when you splurge at a restaurant which is why you want to have a rough number to work with.

Insider tip: Spaniards eat lunch and dinner much later than North Americans, so try to keep to the local schedule so you can have a more authentic Spain experience.

Random spending

Whether you consider yourself a shopaholic or not, having a little extra in your budget for random spending is always a good idea. This could be for souvenirs, taxi rides, or maybe even a glass of sangria on a patio one afternoon.

Although buying Iberico ham may be tempting, don’t forget that your home country may have laws about bringing food back home.

I recommend allocating an extra $100 to your budget for random spending purposes.

Spain trip cost

So, how much does it cost to go to Spain? Based on my estimate, a two-week vacation in Spain will cost you about US $4,440. If you don’t want to travel around the country, you can read my cost guide to Barcelona.

Spain is a great travel destination and, for savvy travellers, can actually be a very affordable place for a vacation in Europe. Plus, you can use my tips and tricks listed throughout this article to help stretch your dollar even further. Other destinations also worth considering include Croatia, Italy, Austria, Germany, Cyprus, Malta and France.

FAQ

Is Spain expensive to visit?

The cost of travel in Spain varies depending on where you are visiting. Many expats lists include Spain as a ‘cheap’ European destination for retirement, which can be true in smaller towns. However, large cities like Barcelona and Madrid are pretty on par cost-wise with other large European cities. If you are worried about Spain trip costs, consider basing yourself in the smaller cities and visiting the more expensive spots as day trips.

Is Spain cheap to visit?

This depends on your travel style. If you want to stay in one of the resorts and party during a busy time of year like New Year’s Eve, then yes, it can be pricey. However, if you are willing to get away from the main areas, visit during the shoulder season, and stay in more budget accommodation, then Spain can be a very affordable destination.

What is the best time to visit Spain?

If you want to avoid the big crowds and have nice but not too hot weather, I recommend visiting April in Spring (April/May) or early autumn (September/October). Be mindful of visiting during Easter if you go during Spring. There are plenty of celebrations around the country for Semana Santa, the Holy Week before Easter, but it also means that many things shut down for tourists, which means it can be very quiet. The same can be said for Christmas and Kings Day. 

June, July, and August can be great for beach weather, but you may find the climate too hot for exploring. This time of year tends to be peak season in Europe, meaning it may be more expensive. The winter months of November, December, January, and February don’t have as much sunshine and are cooler with a winter chill.  

What should I see in Spain?

Barcelona and Madrid tend to be the two most popular cities in Spain. Barcelona has incredible architecture (especially Gaudi’s work) that is worth checking out. One of Spain’s best-known sites is The Alhambra in Granada. Of course, Spain is also a popular beach destination( both mainland and the islands) and soccer (or football if you are European). If you are a big fan of the sport, you may want to try to catch a game during your visit.

How many days should I spend in Spain?

Spain is a large country, especially if you add in the Balearic islands or Canary Islands like Mallorca and Menorca. For most tourists, it’s impossible to see it all, which is why I suggest a two-week itinerary. It will allow you to see the major cities and add in any festivals, parades, or carnivals you may want to experience.

Where are the best beaches in Spain?

Spain has no shortage of beaches. Try the Costa del Sol region for some of the best.

Is Spain dangerous for tourists?

Spain isn’t any more dangerous than most other European destinations but, as always, be careful and keep an eye on your belongings. Barcelona in particular, is notorious for thieves and pickpockets. The area and restaurants around La Rambla are considered one of the worst spots for this, so be extra cautious while exploring here