To repeat what is already quoted the max amount that you can carry in cash according to the RBI circular is 3000 USD or equivalent. The CBSA requires that you declare anything above 10000 CAD and may ask you to prove that you have right to the funds as well as it's source. So IMO stay well within this limit or be ready for a long wait at the POE.
Cost of living in Canada varies from one province to another and also from city to city in a single province. Typical cost or living will be 900-1200 CAD including rent utilities mobile bills bus pass food provision etc. So your guess is good as mine . My tip always have an X amount as backup. Goodluck