15 Best Scholarships for Masters Degree in Canada

You and I know that Canada is one of the best countries to study most kinds of education including Masters, however, their tuition fee has another story altogether. As the saying goes, “Nothing good comes cheap,” it applies here too.

Even though the fees of studying Master’s degree are not very expensive when compared with the United States – the average fee for a Master’s degree in Canada is CAD $7,437 according to findamasters.com whereas, the average master’s degree in the US is $20,000 – but not everyone can afford it.

That’s why several organizations and schools provide various best scholarships for masters degree in Canada, in fact, some organizations even provide scholarships for international students to study in this country. There are even scholarships in case you want to further get your PhD in Canada.

Best Scholarships for Masters Degree in Canada

1. Vanier Canada Graduate Scholarships

Vanier CGS program helps Canadian institutions attract highly qualified doctoral students, and they award scholarships worth $50,000 per year for three years during doctoral studies. You don’t need to apply for the Vanier CGS scholarship, if your institution finds you worthy, they will nominate you.

The scholarship is available for Canadian Citizens, Permanent Residents, and International Residents.

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2. FINCAD Women in Finance Scholarship

This scholarship provides much-needed funding to help women succeed in their postgraduate studies in finance and the capital markets. Annually, US$20,000 is awarded to a single woman to help in their graduate-level studies in finance, which also makes it very competitive.

$10,000 will be paid directly to the awardee, whereas the remaining $10,000 will go straight to the educational institution for his/her tuition.

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3. George J. Barker Memorial Scholarship

The George J. Barker Memorial Scholarship is provided to help graduate degree students, including direct student scholarships, in arts and sciences beneficial to the cast metal industry, particularly within the membership areas for the AFS chapters in Wisconsin. The Scholarship is worth up to $5,000, but there are still factors such as the availability of funds, the number of eligible candidates, and others that can affect the sizes of the awards.

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4. McCall MacBain Scholarships

The McCall MacBain Scholarships are Canada’s first comprehensive, leadership-based scholarships for master’s and professional studies. This is one of the best scholarships for masters degree in Canada that focuses to gather exceptional students that are pursuing to bring positive change to our world through their leadership roles.

The Scholarship will cover the awardees’ tuition and fees, it will also cover their Living stipend of $2,000 CAD per month during academic terms. McGill University in Montréal, Canada awards up to 10 full scholarships and 20 finalist awards of $20,000.

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5. Natural Sciences and Engineering Research Council of Canada – Canada Graduate Scholarships

The aim of this scholarship is to help develop research skills and assist in the training of highly qualified personnel by supporting students who demonstrate a high standard of achievement in undergraduate and early graduate studies. The scholarship supports approximately 3,000 exceptional graduate students in all disciplines, annually.

However, this is only meant for Canadian Citizens, or permanent residents of Canada, which means international students can’t apply for this scholarship.

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6. University of Toronto – Ontario Graduate Scholarship

Ontario Graduate Scholarship is worth $5,000 per session. This means awardees may receive $10,000 for two consecutive sessions or $15,000 for three consecutive sessions. In all instances, the awarding graduate unit will contribute to one-third of the cost of the total award received by the students.

This is also one of the scholarships for graduates in Canada that is exclusively for Canadian Citizens, Permanent residents, or Protected Persons under subsection 95(2) of the Immigration and Refugee Protection Act (Canada).

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7. OSAP and Other Government Aid

The Ontario Student Assistance Program (OSAP) is a government financial aid program that offers students grants and also loans. Applying for OSAP automatically makes you eligible for other sources of funding such as UTAPS.

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8. Vector Scholarship In Artificial Intelligence

This is one of the best scholarships for masters degree in Canada provided by Vector Institute for top students pursuing AI-related master’s degrees in Ontario. The scholarship is worth $17,500 for one year of full-time study at an Ontario university, and it’s awarded to exceptional students. Approximately 100 scholarships are awarded annually to the best AI master’s candidates.

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9. Education Future International Scholarship

This is one of the best scholarships for masters degree in Canada that was created by scholarship winners worldwide. The scholarship is provided for excellent Indian students to study at any top University in any country including Canada.

The scholarship covers 50% of the awardees’ fees, and it is open to all subjects of study.

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10. Queen Elizabeth II Graduate Scholarship in Science & Technology

Just like the name, the QEII-GSST is awarded to graduate students in approved research programs in science and technology disciplines at participating schools in Ontario. The award is in two categories, $10,000 for 2 consecutive study terms and $15,000 for 3 consecutive study terms.

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11. Canada Graduate Scholarships – Doctoral program

The Canada Graduate Scholarship is worth $35,000 per year and it runs for a period of 36 months, it is provided by the Canadian Government and awarded through national competitions by the granting agencies. This scholarship is available to all institutions in Canada.

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12. Iranian Student Memorial Scholarship

This is one of the best scholarships for masters degree in Canada that is provided in honor of those who lost their lives in the crash of Ukrainian International Airlines Flight PS752, including eight members of the University of Toronto community.

13. Fairleigh Dickinson University Graduate Scholarships

FDU provides two kinds of master’s scholarships; 

  • The FDU Family Grant: which is offered to families with two or more dependent children simultaneously attending FDU. And, a Maximum of $1,500 will be awarded per person annually.
  • Children of Alumni Grant: For dependent children of FDU alumni, and it’s also worth $1,500

FDU also provides Merit-based scholarships for graduates.

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14. Northeastern University Scholarships

Northeastern University provides varieties of scholarships to their master’s degree students. There is the Toronto Campus Scholarship worth $5000 CDN, the Information Systems Toronto Scholarship which gives a 25% tuition discount, and the Double Husky Scholarship which also provides a tuition discount of up to 25%.

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15. Scholars-at-Risk Fellowship

Established with initial funding from the Donner Canadian Foundation, the School of Graduate Studies and Massey College provide this Fellowship, on an annual basis, as an established mechanism through which the University of Toronto is able to support eligible candidates who meet the criteria listed below.


As you can see, there are lots of best scholarships for masters degrees in Canada, and some of them don’t require you to apply, your application to the respective schools will enroll you if you’re eligible. Whereas, there are ones that require the submission of an application.

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