Your university education is an investment in your future. And as with all investments, you should make sure you know what you’re getting into before you commit. Tuition fees, cost of living, financial aid, and scholarship possibilities are all part of the equation.
Fees for Rotman Commerce students depend on a number of factors, including your year of study, the number of credits or courses you are enrolled in, the college you are registered in, and whether or not you are an international student.
On average*, annual tuition and ancillary fees for Rotman Commerce students taking a regular course load (i.e., 5 full credits per academic year) are as follows:
Year 1 $ 7,708.35
Years 2 – 4 $16,725.79
Year 1 $39,948.35
Years 2 – 4 $43,595.79
* Figures have been calculated by averaging out the normal annual tuition and ancillary fees for each of the University of Toronto’s seven colleges for the 2014-2015 school year. International students pay an additional UHIP amount which varies from year to year.
Rotman Commerce Program Fee Overview
In 1998, the Ontario government deregulated tuition for a number of professional programs in Ontario, including the U of T undergraduate business programs such as Rotman Commerce. Tuition deregulation helps ensure that universities continue to provide the best possible commerce education.
At U of T, that means recruiting the best professors, an excellent student experience with smaller class sizes, improved classroom technology and enhanced student services.
Students pursuing the Bachelor of Commerce (BCom) usually enter the University as students in the Faculty of Arts & Science. Students enrolled in Arts and Science do not officially enter a program of study (“subject POSt”) until their second year (or after they have completed 4.0+ full-course equivalents). Therefore, students planning to study commerce pay the same tuition as other Arts and Science students during their first year.
Second Year Onwards
Starting in their second year, Rotman Commerce students will pay a set full-time program fee. (A full-time course load equals 3.0 to 6.0 full-course equivalents). The fee paid depends upon the session of a student’s admission to the Faculty of Arts and Science. Students pay the higher tuition fees until they complete all courses taken as a degree student in Arts & Science (which may include courses taken after their subject POSt requirements have been completed).
Retroactive fees: Once a student enrols in Rotman Commerce, they will be charged retroactively for all courses completed after the session in which they finished their fourth full-course equivalent, including any transfer credits awarded. This means that if 4.0 credits are taken during the fall/winter session in First Year, any courses taken thereafter (including the summer session) will be included in the retroactive charges once a student enters Rotman Commerce.
All students in a Rotman Commerce subject POSt (program) effective for the fall/winter session will pay a program fee. The fee you pay depends upon the session of your admission to the Faculty of Arts and Science. The program fees for each academic session will be/are available through the Student Fees website. Note: all students should be referring to the Fee & Refund Schedules on the UofT Student Accounts web site when planning or changing their timetables, as refund amounts vary depending on the cancellation date.
A student’s fall/winter session fees are calculated by one of two methods:
- If your course load is 3.0 full-course equivalents (FCE’s) or more, you are classified as a full-time student for purposes of fee determination, and pay a single program fee.
- If your course load is less than 3.0 FCE’s, you are classified as a part-time student for purposes of fee determination. Your fees will be calculated on a per-course basis. The course fee for 1.0 FCE is calculated as 1/5 of the program fee.
Please note that the program fee does not include incidental or ancillary fees. Tuition, incidental and ancillary fees for each academic session will be/are available through the UofT Student Accounts web site.
Summer session course fees are separate from the fall/winter session program fee, and are calculated separately at this rate: each summer full-course equivalent costs 1/5 of the program fee for the upcoming fall/winter session. Students with a course load of 1.5 or more will be classified as full-time students and pay full-time incidental fees. Students with 1.0 FCE or less will be classified as part-time students, and pay part-time incidental fees.
- If you are enrolled in summer session courses and enrol in Rotman Commerce in July or later, your summer fees will be reassessed and be calculated at 1/5 of the upcoming fall/winter program fee per course that you will pay. You should check the Student Web Service (SWS) for your readjusted balance after you have enrolled in the subject POSt.
- If you enrol by the August subject POSt deadline, your balance should be adjusted by the end of that month; if you enrol by the September subject POSt deadline, your balance should be adjusted by the end of that month. You should pay the balance as soon as possible, even if the amount does not agree with the amount on your fees invoice.
Tuition Fee Schedules (Domestic fees | International fees) are determined by the Office of the Vice-President and Provost at the University of Toronto. Fees are managed by the Fees Office which is also referred to as UoftT Student Accounts. They are responsible for tuition and ancillary fees, processing payments, issuing refunds and applying service charges.
All students should be reviewing the information on the UofT Student Accounts website when considering their course selection and making changes to their course load.
The Tuition and Fees section on the Faculty of Arts & Science website provides additional information on the fees process. Furthermore, Rotman Commerce students should review the information posted at Commerce/ CSC/ Bioinformatics / CTEP Fees.
Cost of Living
Another key thing to consider when applying to university is the cost of living – all the expenses that you may incur in addition to tuition and academic fees. These costs vary depending on whether or not you will be living at home, in residence, or off-campus, as well as how much spending money you think you will need. Check out these useful guidelines for calculating how much you should budget for cost of living expenses.
Generally, budgets anywhere from $8,000 to $18,000 a year for living expenses are normal, depending on whether you live in residence or off-campus.
Don’t forget to consider the various forms of financial assistance that might be available to you – university can be expensive, but there are ways for you to offset the cost of your education.
There are many different forms of need-based financial aid that may be available to you. Many Ontario students benefit from the Ontario Student Assistance Program (OSAP), while all domestic students are eligible to apply to the University of Toronto Advance Planning for Students program (UTAPS). In addition, you may qualify for provincial or federal funding.
International students should investigate funding opportunities that may be available from their home countries’ governments or other funding bodies, and are encouraged to review the Financial Aid Information for International Students available on the Enrolment Services website.
Domestic and International students may also be eligible to participate in UofT’s Work-Study program, which entitles you to apply for part-time on-campus jobs that work around your class schedule (to a maximum of 90 hours per academic term). Check out UofT’s Financial Aid resource page for more information on the programs available.
Scholarships and Awards
Rotman Commerce Admission Scholarships
We invite prospective students to explore the list of Admission Scholarships posted on the Enrolment Services website.
In addition, the University of Toronto also offers awards on the basis of financial need, academic merit, demonstrated leadership and other special criteria. Rotman Commerce awards include three Scrymgeour Scholarships in Entrepreneurial Management for residents of Ontario applying from outside of the GTA (with a third forthcoming for students from outside of Ontario), the Building Canadian Leaders Donald S. McKeracher Scholarship in Rotman Commerce, the Peter P. Copses and Judith V. Mueller 1980 Commerce Scholarship, and the Frank William Moore Scholarship in Rotman Commerce. To be considered for awards on the basis of this criteria, applicants must complete the Awards Profile by logging into JOIN UofT and following the Awards Profile link.
Based on your academic record, you may qualify for a number of UofT scholarships. Some of these are need-based, while others are awarded solely upon academic merit. There is no need to apply for the academic scholarships; you are automatically considered with your application.
There are several admission scholarships and awards specifically for students entering Rotman Commerce:
- James Davie Bursary in Commerce and Finance Value: Approximately $1500 (endowed award that may vary based on annual income) Awarded to a full-time or part-time student entering year I Commerce with an ’A ’average. Financial need will be considered.
- Fung Yiu King Memorial Scholarship Value: $13,000 during the first year and $20,000 per annum in the higher years. Awarded to a full-time or part-time student from Hong Kong entering year I Commerce based on financial need. Academic excellence and community leadership will also be considered. Learn more…
- Toronto Hong Kong Lions Club Admission Scholarship in Commerce Value: Approximately $1,000 (endowed award that may vary based on annual income). Awarded to an outstanding student entering year I.
- William Waters Commerce and Finance Award Value: 20 scholarships, of $2,000 each Awarded to undergraduate students entering year I Commerce. Preference will be given to students admitted to Woodsworth College. Scholarships are awarded based on merit and financial need. Note : If you wish to be considered for this award, you must complete the online UTAPS Assessment form. This scholarship is awarded after the first week in September.
It is advised that students also investigate scholarship or award opportunities in their community – some workplaces have scholarships for the children of employees, while many companies and community organizations have application-based awards that might be open to them.
In-Program & In-course Scholarships
In-course scholarships are awarded to students who have excelled in their programs of study. These scholarships may be awarded by the University or by the student’s faculty or college and are based on general proficiency or outstanding achievements in certain areas.
Some scholarships and awards require applications submitted to Rotman Commerce, including the CFA Institute Scholarship for Students writing CFA Exams, the HSBC International Business Award, the HSBC LGBT Student Award, plus several RSM-specific awards which are all exclusively for Rotman Commerce students. The Faculty of Arts & Science offers a variety of department-based scholarships and awards including a number for Rotman Commerce students.
Additionally, each College offers scholarships and awards which may be specific to Rotman Commerce and/or membership at the College itself. Check out the College scholarship opportunities on the following pages: Innis; New; St Michael’s; Trinity; University; Victoria; and Woodsworth.
Enrolment Services maintains a database of other awards available to all University of Toronto students as well as a selection from external sources that are aimed at student programs (including business/commerce) or special student circumstances (i.e. special needs, home location). These are referred to as External Award Competitions and are not governed by the University of Toronto. Further information on awards listed in this section must be obtained from the company or agency advertising the award. In addition to scholarships that recognize outstanding achievement, the University provides many other awards, requiring separate applications, which take into account financial need or other criteria.
Further information regarding the scholarships and awards available to you may be viewed at the Enrolment Services website.
Student Leadership Awards
Several Student Leadership Awards are available to Rotman Commerce students, including the Dean’s Student Leadership Award, the Director’s Awards (Awarded to each year’s Graduating Class), and the Gordon Cressy Student Leadership Awards.
The Director’s Awards (Awarded to each year’s Graduating Class) include:
- The Academic Excellence Award recognizes students graduating in the top 1% of their class.
- The Innovation Award recognizes students who express creativity through the introduction of new ideas and practices that better the Rotman Commerce community.
- The Leadership Award recognizes students who display leadership through extracurricular activities within Rotman Commerce.
- The Spirit Award recognizes students who exemplify overall spirit in their approach to learning and involvement within the community.
Rotman Commerce students may apply for a variety of awards that are made available to them from external sources such as agencies, companies, councils, programs, and societies. Some recent participants include the BMO Capital Markets Lime Connect Equity Through Education Scholarship; the CFA Society Toronto’s Undergraduate Finance & Economics Scholarship Awards; Export Development Canada (EDC) International Business Scholarships; the GE Foundation Scholar-Leaders Program in Canada; and the TD Bank Group Lime Connect Canada Scholarship Program Equity Through Education Scholarship.