As time goes by, Canada exceptionally proves it is a place worth living in. It ranked number one as the Best Country in the world by US News. As a country with high demand for immigrants and successful permanent residents, Canada made so much progress over the years. Progress and economic development go along with further innovation and, sometimes, inflation. Since Canada is a popular destination to work in and for life improvement purposes, you must also consider how much the cost of living in Canada is. Other than that, the country grew socially and culturally from various nations. Being an amiable and welcoming country, Canada welcomes people all over the world. It is why Canada undeniably attracts foreign immigrants. With extensive decisions when immigrating, questions about your budget should be one of your concerns. Allow us to share some information about the cost of living in Canada that can be handy on your big move.
Is Canada an expensive country to live in?
Yes and no. It depends on how you manage your finances. A single person’s average cost of living in Canada for 2021 is about CAD 2,500. Being one of having the strongest economy globally and as a first-world country, Canada is a nation with pretty reasonable rates. Therefore, it is not very cheap if you are thrifty and frugal. But as said, prices are reasonably fair. With outstanding life quality, expect to have high tax rates to fill in the best quality of living. Income Tax starts at 15% and adds over 5% eventually as your income increases which can go as high as 33%. People understand this since the government provides them with free healthcare, education and social protection.
What are the general expenses in Canada?
Excluding monthly accommodation, the estimated cost of living in Canada for a single person is CAD 1250 and CAD 4032 for a family of four. It may seem higher if compared with most countries and when you convert it in your local currency. But average salaries in Canada are market-based and allow residents to live expenses in their jurisdiction. Also, keep in mind your taxes and mortgage (if any) as an annual expense. The table below shows an average of the monthly costs for a single person you can expect when moving to Canada:
|Rent||Within the city – CAD 1,335
Outside city – CAD 1,120
|Food (groceries and average dining-out)||CAD 750|
|Public Transportation||One way – CAD 3.25
Monthly pass – CAD 91
|Gasoline||CAD 1.12 per litre|
|Utilities (Electricity, Water, Heating, Garbage, etc.)||CAD 165|
|Fitness and Leisure||CAD 50|
|For families: Private Pre-school||CAD 995|
|For families: Primary school||CAD 1180|
Where are the economic places to live in Canada?
Typically, people search for accommodation in greater city areas for work accessibility or more job opportunities. When you immigrate or decide to move to Canada, you need to note that suburbs and outskirts of the city are more economical to live in, considering your cost of living in Canada. Nonetheless, if gifted with a good-paying job living in the city can work for you. See the top 5 cheapest cities and top 5 most expensive cities to live in Canada:
|Top 5 Cheapest||Top 5 Most Expensive|
|Sherbrooke, Quebec||Vancouver, British Columbia|
|London, Ontario||Toronto, Ontario|
|Winnipeg, Manitoba||Montreal, Quebec|
|Moncton, New Brunswick||Calgary, Alberta|
|Kitchener, Ontario||Ottawa, Ontario|
How much is considered a good salary to live comfortably in Canada?
To live a relatively decent and worry-free cost life, a good salary in Canada for 2021 is about CAD 78,000 annually if living in big cities. Of course, not all jobs offer this kind of salary. Some others can make more or even less of this average but still lives and survives beautifully. Entry-level professionals won’t get this offer but with gradual experience and training, aiming for these digits is possible. Nevertheless, living in another province varies. Inland and rural jurisdictions will be adequately cheap and can present you with your daily needs.
Our article is a guide to setting your expectations when you plan to immigrate or are already on your way to Canada. The data and information shared on the cost of living in Canada can change from time to time depending on such circumstances. Also, the financial behaviour and lifestyle of each person differ. Your neighbour’s expenses may not be the same as yours, and your expenditures may not be the same as your co-worker’s. Furthermore, with good budgeting and proper planning, you will go a long way and remember, never forget to save!
With the idea to immigrate, let Loft Immigration help you provide further information in applying for a Canadian Permanent Residency status. As a member immigration firm of the Immigration Consultants of Canada Regulatory Council (ICCRC), you can contact us via telephone at +1 (647) 390-2283 or visit our website at www.loftimmigration.com. Follow and like us on Facebook and Instagram – Loft Immigration – Licensed.