Cost of Living for Four Persons in Canada
I would have to say that the hardest place hit through the immigration process is your pocket. Your financial state could be the source of many sleepless nights and a lot of unnecessary stress, so be careful and make sure your plans include the future. Be sure that the financial advice you get is from a qualified professional who can help guide you to financial success in Canada.
One of the best things about Canada is the ability to 'shop around'. The consumer has many choices, even in working with a bank. The banks offer most of the same services but where they differ is the quality of service and the different types of account packages they offer. Make sure that you understand all the information and options presented to you.
Having a financial planner on your side would be a great idea, especially when it comes to investing your money. Careful analysis and planning is a must as the options and opportunities can be quite different. Think carefully before making any long term decisions, as being a new immigrant your circumstances will be fairly uncertain in the short term.
Letters of reference and any other relevant credit records from your bank manager and credit card companies would be a good thing to bring along.
The Importance of Budgeting
Budgeting is very important when you first get to Canada. You will need to keep track of your expenses, as you probably will not have a job upon arrival. Excluding one-off costs such as appliances and a motor car, expenses will obviously vary depending on circumstances, but a family of four should be able to live fairly comfortably on $3,000 to $4,000 a month. Be prepared to give up some luxuries, as eating out and other entertainment can be expensive. Liquor (particularly in bars and restaurants) are highly taxed, and cigarettes are substantially more expensive than in most other countries.
Monthly Budget for Family of Four
For a family of four your basic monthly budget could be +/- $ 2,000
Necessities:
Groceries $ 400
Heating (heat & electricity) $ 150
Telephone (basic rental) $ 40
Medical Insurance $ 96
Gas (petrol) $ 100
Car Insurance $ 150
Subtotal $ 936
Optional:
Cable TV $ 50
Life Insurance $ 120
Household Insurance $ 25
Clothing $ 100
Long distance calls $ 100
Internet provider $ 30
Entertainment $ 200
Subtotal $ 625
Unforeseen costs:
Car maintenance $ 50
Dental $ 50
Prescriptions $ 20
Miscellaneous $ 150
Subtotal $ 270
Total $ 1831
Household Items Detail as per survey 2002
Sony 27 inch stereo TV $ 500
Sony digital camcorder $ 900
Samsung VCR $ 150
Computer $ 1500
Color Printer $ 100
3 piece lounge suite $ 1500
Leather Sofa $ 1299
Five-piece dining room $ 1450
Vacuum cleaner $ 100
Microwave $ 80
Pop-up toaster $ 20
Kettle $ 20
Groceries
567g Loaf of bread $ 1.38
4 Lt Milk $ 3.29
1.36 kg Margarine $ 2.98
1 Lt Mayonnaise $ 3.98
Boneless pork roast $ 4.19 / kg
AAA Blade Steak $ 5.98 / kg
500g sliced side bacon $ 4.89
125g sliced lunch meat $ 2.89
1 Kg Peanut Butter $ 5.48
250 ml Fruit Jam $ 2.28
Tomatoes $ 4.42 / kg
Apples $ 1.31 / kg
300 ml Pears shampoo $ 1.98
120 ml Toothpaste $ 2.08
3 Lt Canola oil $ 5.48
200 g Instant Coffee $ 3.98
24 x 2ply Toilet paper $ 6.99
Vehicles
2000 Toyota Echo $ 10,995
1996 VW Jetta $ 9,995
1993 Mazda MX3 $ 5,995
1992 Honda Civic $ 5,495
2000 Jeep TJ 4x4 $ 18,995
1992 Ford F250 Truck $ 13,900
1995 Toyota Camry $ 14,495
1998 Mazda Protégé $ 13,888
2001 Chev Malibu $ 12,995
2002 Ford Windstar $ 22,799
2002 Toyota4Runner $ 36,517
2002 Honda Civic $ 16,750
2002 Jeep TJ 4x4 $ 24,469
2002 Chrysler Intrepid $ 14,995
2002 Chev Impala $ 15,595
2002 Pontiac Sunfire $ 10,448
Note: all prices are approximate, and based on average prices in British Columbia in 2002.
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