It is easy to see why Canada is the number destination choice for immigrants, things are fairly transparent and we at IbuzzUp have taken time to write about them..
A progressive government that upholds the tenets of democracy, perfect geography for hikers, sailors and skiers alike.
If you are among millions of Immigrants in love with Canada’s rich socio-cultural heritage, it is important to know how similar or different your finances might look over there.
However, there are significant differences in the cost of living between rural areas and major cities.
This article will guide you through about what you need to know about the cost of living in Canada, so you are ready to settle down in your beloved country.
How Expensive Is Canada?
Exchange rates are one of the first things to consider when it involves your finances.
What is the worth of your home currency when compared to Canadian dollars and how far it will get you?
Most exchange rate services mark up the exchange rate to increase their profits.
This method is expensive, it can trick you into believing you are getting a good deal.
Always use the currency converter to check for the current, market exchange rate when you are converting your funds.
In Canada, it is common to denote money with the dollar sign $, sometimes written as C$ or CAN$ or CAD to distinguish it from other dollar-based currency.
The list below shows the values of Canadian dollars compared to few major currencies as at the time of writing.
C$1000 = €662.31
C$1000 = $763.04
C$1000 = £583.70
Monthly Living Expenses in:
Large Apartment: C$1700
Small Apartment; C$1100
Student Dorm: C$600
Large Apartment: C$1100
Small Apartment: C$640
Student Dorm: C$550
With the cost of living in mind, the other major financial consideration is how much you will be making at the end of the month.
Depending on where you desire to settle, employers consider the cost of living in remuneration.
Fortunately, the wages in Canada are quite high, the average salary in Canada has risen by 10-15% since 2007.
Since 2010, the average wage for full-time work or 30 hours per week work is C$44,366.
Though salaries differ between provinces and cities.
Average Salary for Toronto
Financial Analyst: 52,067
Graphic designer: C$37,966
Product Manager: C$69,402
Web Developer: C$43,663
Average Salary For Montreal
Financial Analyst: C$42,722
Graphic Designer: C$33,831
Product Manager: C$59,398
Web Developer: C$42,015
Healthcare In Canada.
Canada’s free healthcare system is one of the country’s main attraction, meaning you don’t pay a direct fee for any medical visits.
The free healthcare system is funded by the country’s unique tax system.
The average person pays about C$4,222 annually, this may seem high for foreigners, but considering the relatively unique health care system, it seems a good deal.
Public transit is an efficient way for residents to get around, and also saves you lots of money when compared to renting a car.
Transportation Prices for Canada
Monthly Bus/Transport Pass: C$95
Bus Ticket Single Use: C$3.15
Taxi 1KM: C$1.85
Taxi 1hr: C$33.00
Food Budget In Canada
Your daily food budget if you eat all of your meals in restaurants which include taxes and tips are:
Canada is known as a great place to settle, you may be surprised to find the country very cheap considering the
relatively high quality of life, more affordable than most cities in Europe.
Wherever you decide to settle in Canada, Good luck with your move.