Deciding to relocate is a huge and important move in anyone’s life. People relocate because of different reasons such as, new employment, retirement or moving closer to family members. When moving to Canada, the cost of living varies depending on where you want to settle. The location determines the cost of different goods and services across Canada. It is worth noting that before you move out, confirm in your home country the amount of money you can afford with the guidance of your advisors such as your bank, financial institution, and perhaps even an immigration lawyer
Also, read the Canada Border Services Agency website and find out more about the items that you can import duty-free and tax free, as well as the terms for exchanging US dollars for Canadian ones.
Proof of Money
Before embarking on your journey, you will have to prove that your financial status will sustain you and your family. This factor is valid whether you are traveling as a self-employed person or skilled worker. The confirmation is done at the Canadian visa office in your home country upon application of your immigration.
Your Cost of Living may be Different
East, West, Home’s Best” means that no matter where you travel, home is where you make it. However, it is important to do your homework and take into account your income and outgo based on:
- Food
- Home
- Clothing
- Heating and other utilities
- Health insurance
- Transportation
Home
Upon deciding to relocate, a home is very important. You will spend between 35% and 50% of your income on the housing and utilities to ensure that you are living comfortably. This percentage is inclusive of your rent and payment of mortgage as well as the cost of paying for electricity and heating your house, water and telephone services. There two options to consider when looking for a home: renting and buying.
Renting
Newcomers to the Canadian environment often prefer renting an apartment on a monthly basis. The price of renting varies in different cities but costs much less outside the large cities of the country. In average, you can pay at least $350 monthly to rent a room or a larger house will cost you at least $2,000 per month. However, an immigrant-serving organization can offer you advice on where to settle depending on your budget.
Buying
Unless you have a lot of cash, buying a house means that you will have to get a mortgage from banks or lending institutions that give mortgage loans. These institutions will assess your assets, income and determine your credit rating and they will likely ask for at least 10% of the cost of your own money. Moreover, you will have to pay for household insurance and property tax.
Health insurance
Health is a crucial aspect to consider if you decide to travel to Canada. But, in Canada, some provincial and territorial health plans are hesitant of covering newcomers until they have lived in the country for three months. It is important to check with the Ministry of Health upon arrival in Canada and find out if you will need to buy health insurance and how much it will cost.
Basic expenses
The size of your family depends on the amount of food you will need. It is money saving if you choose to buy foodstuffs and prepare meals at home compared to eating in restaurants. The same goes for clothing; making your own clothes or buying from thrift stores is much cheaper than buying from designer stores. Try buying at second-hands shops until you are fully settled.
