Cost of Living
How much do things cost? How does the banking system work? What credit is available? Having answers to these questions before you move to Canada can make things a lot easier.
Generally, living expenses such as food, shelter, clothing, transportation, recreation, income taxes and health care increase with larger urban centres. Let's put the cost of living in London into perspective. If you earn $17,000 in London, Ontario, you would need to earn $27,044 in Toronto and $24,827 in Montreal to live at the same standard of living.
The following day-to-day items might help give a sense of what things cost:
- City bus fare $2.75
- Meal in a restaurant $6.00 - $25.00 per person
- Movie $8.50 - $12.00
- Letter within Canada $0.57
- International Postage (letter) $1.70
This currency converter can help you become familiar with the value of the Canadian Dollar.
Opening a bank account is an important part of establishing your new life in Canada. The Bank Of Montreal, The Royal Bank of Canada and Scotiabank - three of Canda's biggest banks, all offer special services for new Canadians. Most Canadians now do their banking by using the Internet or an automated teller machine (ATM).
The Citizenship and Immigration Canada website offers useful information about banking, budgeting and personal financial activity in Canada.
Learn More:
- Consumer information
- Better Business Bureau of Western Ontario
- Fact Sheet: Budgeting, Banking and Savings
