Couples wishing to relocate often choose Canada because of its great natural scenery, culture, and high standard of living. Yet, anyone considering relocating must be aware of the cost for a couple to live in Canada.
Let’s analyze the many costs that a couple residing in Canada may experience.
How Much Money is Required for a Couple to Live in Canada?
- Factors Affecting the Cost of Living in Canada
Location, lifestyle, and housing options are some of the major factors that may greatly impact a couple to live in Canada.
For example, living in a big metropolis like Toronto or Vancouver is much more expensive than living in a rural location or a smaller town.
Your lifestyle decisions, like eating out a lot or participating in various recreational activities, will also impact your total spending.
Housing Costs – Renting vs. Buying
- While a modest home’s mortgage payment can start at CAD 2,000 per month or more, the average rent for a one-bedroom apartment in large cities like Toronto and Vancouver can range from CAD 1,800 to CAD 2,500 per month.
- While buying a property can be a long-term investment with higher upfront fees and ongoing maintenance, renting offers flexibility and less responsibility.
Apartments for Rent in Toronto – CLICK HERE
Monthly Utilities and Household Expenses
- A couple should budget between CAD 150 and CAD 300 a month on utilities, which include internet, water, heating, and electricity.
- Depending on dietary restrictions and shopping habits, the average monthly cost of groceries ranges from CAD 400 to CAD 800.
- Budgeting is also necessary for other costs like insurance, house maintenance, and other secondary fees.
Transportation Costs
- The cost of public transportation ranges by city but is typically between CAD 100 and CAD 150 per person each month. Fuel, insurance, upkeep, and parking are just a few of the extra expenses that come with owning a car and can total CAD 500 or more each month. When preparing their budget, couples should give serious thought to their transportation requirements.
Read: Which city is easiest to get a job in Canada?
Healthcare and Insurance Costs
- Provincial health insurance policies cover the cost of essential healthcare services, yet medications, dental treatment, and vision care may still need to be paid for out of cash.
- To pay for these extra costs, many couples choose to purchase supplemental health insurance, which, depending on coverage, can range in price from CAD 100 to CAD 300 per month.
Lifestyle and Entertainment Expenses
- Depending on how frequently you give in, eating out, watching movies, and engaging in leisure activities might easily cost between CAD 300 and CAD 600 every month.
- Special occasions, pastimes, and travel will raise this number even more.
- Your particular tastes and the extent of Canada you want to see will determine how much you wind up spending.
Taxes and Other Financial Obligations
- In Canada, income tax rates are progressive, meaning that your tax rate increases with your income.
- Your budget also needs to account for sales tax, property taxes, and payments to retirement accounts and other savings programs.
- It is critical to budget for the possibility that the combined impact of these taxes would deduct a sizeable amount from your income.
Sample Budget for a Couple to Live in Canada
Here is a sample monthly budget for a couple residing in a mid-sized Canadian city to help provide a clearer picture,
Rent: CAD 2,000
Utilities: CAD 250
Groceries: CAD 600
Transportation: CAD 400
Healthcare (supplemental insurance): CAD 200
Entertainment and Dining Out: CAD 500
Miscellaneous Expenses: CAD 200
Total: CAD 4,150
This budget is only a starting point, and it may differ greatly based on your location, way of life, and financial situation.
Bottom Line
A couple’s necessary monthly income to live comfortably in Canada depends on some factors, but smart financial preparation may provide stability for a couple to live in Canada.
