What You Need To Know About Cost Of Living in Toronto

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When thinking about the Cost of living in Toronto, it is necessary that we look at the various aspect of budgeting such as food, transport, clothing and housing.  Other areas of expenses you should look at include health care, and education. If you live in Toronto, these are the most important parts of the budget you need to consider.

If you are a foreigner or new in Canada, it is important to remember that the government expects you to be financially independent as soon as you arrive in Canada.  The ability to support your family financially is important.  Individuals, who want to live in Canada, must have some savings that will allow them to settle down in Canada. If you are planning to travel alone, you should have about $10,833.  If you are a family of two, you should have saved $13,486. A family of 3 people should have $16,586 while a family of 4 people should have savings of $20,130.  5 people should have saved $22,831 and 6 people must have saved $25,749. Lastly, if you want to settle down in Canada with a family of 7 people you need to have saved $28,668.

 

In Ontario, the government provides a free medical insurance to the residents. Unfortunately, only those people who have lived in the province for three months will be eligible for the cover.  This is why it is necessary that you take a private cover if you are new in Ontario. Some companies require that you buy your cover within a certain number of days on arrival in Ontario.

Finding a job

Finding a job in Canada requires that you spend some amount of money on writing a resume and a cover letter. If you are not an expert in this area, you can hire a professional who will charge you $150-$500 for writing a resume and $75- $100 for writing a cover letter.

 

Food

If you have a family of say four people, the average cost of food in Toronto is $136.28. This is the price for a basket that contains 66 items from the four categories of food recommended by the Canada’s food guide.

 

Transportation in Toronto

Transportation in Toronto is not a hustle as it is in other cities. TTC (Toronto Transit commission) is responsible for providing transit to the public. Around 150 bus routes are used to serve the residents. Many of them connect to the subway. The operators allow the public to pay cash on the bus fare. Commuters are supposed to enter at the front door and exit at the back.

The subway

The subway in Toronto has four lines which cover the entire inner city. There is the U-shaped Yonge-University –spadina Line and the East –west Bloor- Danforth line. Also, there are two other lines that head out of the city. They are: the Scarborough RT in the east and Sheppard subway in the north.

Taxis

Cabs operate in Toronto on a 24 hour basis. They charge $2.75  fixed charge and an extra $1 per km. You can hail the taxi or book one in advance depending on your plan. Also, you can choose to travel using a Streetcar or ferry.

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