Are you thinking of moving to Canada? It’s exciting, but one of the biggest questions is: how much money do you need to thrive here? Settlement funds are essential, but understanding the real cost of living will help you prepare better!

When you arrive in Canada, settlement funds are meant to cover your basic expenses while you find work and a place to live. However, it’s important to note that the cost of living can be higher than expected. It can easily reach over $1,500 per month before rent in many Canadian cities!

So, what can you expect in cities like Toronto and Winnipeg? Here’s a sneak peek:

Toronto Examples:

• Single person in a 1-bedroom apartment: Between $3,706.79 to $6,931.29!
• Family of four in a 3-bedroom apartment: As high as $18,085.60!

Winnipeg Examples:

• Single person in a 1-bedroom apartment: Around $2,424.45 to $5,174.11.
• Family of four in a 3-bedroom apartment: Up to $14,097.78.

Keep in mind that most newcomers tend to rent their homes. Rent is usually the biggest part of your monthly budget! Additionally, you might need to pay a security deposit equivalent to one month’s rent when you first move in.

Don’t forget about groceries, transportation, phone bills, and internet costs! Depending on the city, monthly groceries for one person can range from around $412 to $660. And if you plan to use public transport, prices vary too—Toronto’s monthly pass is about $156!

Planning a move can be overwhelming, but knowing the costs ahead of time can help ease the transition. Stay tuned for more tips and resources, and good luck!