Concordia University announced it has created an award commemorating the life on Jun Lin, a Chinese student who was murdered on May 24.
The funds will go directly to helping Chinese students who wish to pursue academic programs at Concordia.
The university also announced it will establish the "Jun Lin Family Fund" to provide direct financial assistant to Lin's family, who arrived in Montreal this week to take Lin's remains home.
Yan Shi, head of Concordia University's Chinese Student Association, was among the delegation of people that greeted Lin's family at the Trudeau airport.
He described their "heartbreaking" arrival as Lin's mother openly struggled with her grief.
"She was not even able to even walk straight, so we had to carry her," Shi said. "When we tried to understand what she was saying, all we could make out was, 'We come here to take you home.'"
The discovery of Jun Lin's remains were part of a high-profile manhunt leading to the arrest of Luka Rocco Magnotta in Berlin on Monday.
In an interview with CBC Montreal, a close friend of Lin described him as an ambitious, hard-working young man who loved his new life in Canada.
"He was a very nice person, very open-minded. He enjoyed making jokes with us," said Matty, 24, who only wanted his first name used.
"I just want people to know he was good to his friends, and he was a good student. I know his marks at Concordia were around A's."
Lin's mother, father, sister and uncle have already met with Montreal police and Concordia officials.
Community members in Montreal are also remembering Lin by dropping off cards at the Pointe-Saint-Charles corner store where Lin used to work. His boss, Kankan Huang, said he has collected dozens of cards so far.
At a press conference in Montreal, police Cmdr. Ian Lafrenière said authorities will stay in contact with Lin's family to provide assistance.