The money will go to provide financial assistance for his family's immediate needs as well as to benefit Chinese students at the Montreal university.
The 33-year-old Lin was killed in late May and his body was dismembered.
His parents are currently in Canada and have said they want to stay until a trial is held for their son's alleged killer, Luka Rocco Magnotta.
Magnotta has pleaded not guilty to various charges, including first-degree murder. His preliminary hearing is scheduled for next March.
A public service to honour Lin is set to take place in Montreal tomorrow morning.
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