The average cost of living in Toronto is CA$4,856/month for a single person. Here is what that covers, what different salaries get you, and your path to financial independence.
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| Expense | Monthly (CAD) |
|---|---|
| Rent (1-bed) | CA$2,800 |
| Groceries | CA$600 |
| Transport | CA$156 |
| Dining out | CA$700 |
| Utilities | CA$200 |
| Miscellaneous | CA$400 |
| Total | CA$4,856/month |
Estimates for a single person renting a 1-bedroom in a central area. Actual costs vary by neighbourhood and lifestyle.
Toronto has experienced dramatic housing cost increases. While salaries are reasonable and the TFSA is an excellent investment vehicle, housing costs are now a significant barrier to wealth building.
Combined federal and Ontario provincial tax. Effective rate on CA$80K is roughly 25-30%.
TFSA (tax-free growth) and RRSP (tax-deferred) are Canada primary FIRE accounts. Questrade or Wealthsimple are popular.