Cost of Living in Canada 2023 | CostFinderr Canada

How Much Money Do I Need To Live Comfortably In Canada?

Cost of Living in Canada

Cost of Living in CanadaIn this article, find out the cost of living in Canada, including the average salaries of workers, most expensive cities, cost of housing, healthcare, transportation, and currency valuation.
Famed for its natural beauty, amazing outdoor wonder, beautiful scenery, majestic mountain ranges, world-renowned education system, multicultural society, and stable economy, Canada is no doubt a place anyone would want to live in.
The North American country offers one of the highest living standards in the world today with a fast-growing, industrialized economy. Healthcare in Canada is considered a fundamental human right, and Canadians enjoy free healthcare accessible by anyone, any day, anytime.
If you have found Canada the country you would like to migrate to, you should know what it is like to live in Canada. Understanding the financial implications of living in a place is frequently among the top five (5) things to look out for before moving. As promised, I will be showing you what the cost of living in Canada is like with several other add-ons that may interest you.

[novashare_tweet tweet=”Canada is a lovely country. It is great for families looking to migrate to a new country, couples about to start their lives, students in search of good education systems to study in, businesses in need of a stable economy to invest in” theme=”simple” cta_text=”Click To Tweet” hide_hashtags=”true”]

To begin with, let’s see how other countries level up with Canada. We would be comparing the Canadian currency to top world currencies and cities in Canada with others worldwide. Here goes nothing…

Cost of Living in Canada vs. Other Countries

Since you are moving to Canada from another country, it is quintessential to know the exchange rate between the Canadian currency and that of your home country. The Canadian currency is called the Canadian dollar. It is usually referred to as dollar in Canada or by its slang name, “loonies.” The currency’s sign is denoted with the dollar sign ($) and sometimes written as Can$, CAD, or C$.
Before you move, you will need to know the equivalent of the money from your home country when converted to the Canadian dollar. Together with that, you need to know how much you would pay to alter your money.
This is quintessential, especially if you will keep earning in your home country’s currency while living in Canada. Exchanging currencies will be your lot after every paycheck if you are in this category.
Sadly, banks and money exchange platforms manipulate exchange rates to earn a profit. They manage to keep the conversion rates very low by manipulating exchange rates. It is advisable to check a currency converter when converting your cash for a real-time, mid-market exchange rate.
For a little insight on how the Canadian dollar compares with other currencies, I have provided a sneak peep comparing some of the popular coins in the world.

How the Canadian Dollar fares with other World Currencies

At the time of writing this post, the Canadian dollar compares to other currencies in the world.

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The next table shows the average cost of living in Toronto, Montreal, London, New York, and Sydney. It gives insight into what to expect as part of daily expenses in Canada compared to other cities in the world.

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Five Most Expensive Cities in Canada

  • The five most expensive cities in Canada include:
  • Calgary, Alberta
  • Vancouver, British Columbia
  • Toronto, Ontario
  • Ottawa, Ontario
  • Montreal, Quebec

Cost of Living in Toronto and Montreal in Canada

In this section, I have highlighted the cost of living in Toronto and Montreal. It provides an insight into the general expenses that you would incur by living in any of these cities in Canada. The average cost is with the exclusion of rent.

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Average Salaries for Employees in Canada

You would be thinking about getting a new job while in Canada. Earning decent pay is your passport to matching up with the cost of living in Canada. The table below shows what to expect when working in Canada.

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Cost of Housing and Accommodation in Canada

Housing and accommodation take up a great percentage of your overall earning. Looking at three of the biggest cities in Canada, Montreal, Toronto, and Calgary, we have insight into the cost of housing and accommodation in Canada.

The cost includes an internet fee of C$38.
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The cost of housing in Toronto also includes an internet service fee of C$41.
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In Calgary, the cost of housing also includes an internet service fee of C$46.
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Cost of Healthcare in Canada

[novashare_tweet tweet=”Healthcare in Canada is free.” theme=”simple” hide_hashtags=”true”]

The free access to healthcare is that Canadians do not pay for direct doctor visits or emergencies. Although, a 2019 study showed that the average Canadian pays about C$7,068 per year for the country to provide free healthcare. The above means the Canadian tax payment system funds the free healthcare program.

Cost of Education in Canada

Education is an important aspect of nation-building, and Canada does not treat that sector lightly. Like most countries, Canada offers a free public school system for children under 18. Higher education in Canada is relatively cheaper when compared to other countries.
If you want to study in a good education system at a cheap rate, Canada should be your destination. The average cost for preschool and kindergarten is around C$450 per month. The University of Toronto tuition fee is around C$6,100 to C$57,020, while York University tuition fee is between C$7,037 and C$32,416.

Cost of Transportation in Canada

Canada is a large country, and it would cost a fortune to move around. The chart below reveals how the cost of transportation works in Canada.

Transportation and vehicle prices Average cost
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  1. Final Thoughts on Cost of Living in Canada

While Canada is a lovely place to live in, the cost of living in Canada can be overwhelming when compared to your home country. Nevertheless, one would fret about the cost of living in Canada when they do not make a comfortable income.
A comfortable income should be around C$250,000 per annum for most Canadians. One thing is for sure, Canada has a pretty good economy, one that affords equal opportunity for a decent living.

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