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The Canadian Press reported that the incident, between a van and a tractor-trailer, took place on Saturday on Highway 401 in the Quinte West city in Southern Ontario.
Harpreet Singh, Jaspinder Singh, Karanpal Singh, Mohit Chouhan, and Pawan Kumar were pronounced dead at the scene, it said.
The victims were aged between 21 and 24 years. The police said that they were all students in the Greater Toronto and Montreal areas.
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“Heart-breaking tragedy in Canada: 5 Indians students passed away in an auto accident near Toronto on Saturday. Two others in hospital. Deepest condolences to the families of the victims. @IndiainToronto team in touch with friends of the victims for assistance,” he said on Twitter.