So, it's 2 of you?
Like newtone said one bedroom will cost you around $1200 in so-so apartment. If you are lucky the utilities will be included in that price.
Transit pas for two is now $133.75 so it's $267.00 for 2.
Don't get cable, just get a mobile phone for job search. Use mobile phone data plan for surfing the internet.
I (was) single and would spend minimum $20 a day on food in Toronto. You should expect a lot of sacrifices/noodles/kraft dinner on 400 a month budget for 2. Usually Chinese stores have cheaper meat/groceries in general. Try to find a place near one. North York has a few good ones.
I think 2000 a month is a poverty line living in Toronto for two. It's a bare minimum to survive.