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Introduction

Toronto, Canada's most populous city, boasts a wealth of cultural, environmental, and urban dynamics that make it an appealing location to settle in. It is well-known for its diversity, economic opportunity, and vibrant lifestyle. However, like many international cities, the cost of living can be a significant consideration. Before moving to Toronto, it is crucial to understand how much money you need to make to live comfortably.

Cost of Housing in Toronto

One primary factor affecting how much you need to make to live in Toronto involves housing costs. The average price for a one-bedroom apartment in the city could range from CAD 1,700 to CAD 2,300 per month depending on the area. Based on these costs, you should anticipate housing to require a significant percentage of your income.

Food and Groceries

Living costs in Toronto also include the price of groceries. According to the Numbeo database, a monthly grocery bill for a single person in Toronto typically runs at about CAD 300. This could rise if you dine out frequently, with the cost of a meal at an inexpensive restaurant averaging around CAD 20.

Utility Costs

Utilities are another significant living expense in Toronto. On average, Torontonians pay around CAD 150 per month for basic utilities like electricity, heating, cooling, water and garbage, along with an additional CAD 60 on average for internet.

Transportation Expenses

Toronto boasts an efficient public transportation system, however, if you decide to own a car, you must consider costs like insurance, fuel, and maintenance. Monthly public transport passes cost about CAD 150. Vehicle owners can expect to spend considerably more.

Healthcare

Canada offers universal healthcare funded by tax-payer dollars. While this is a substantial benefit, it's important to budget for out-of-pocket costs such as prescriptions, dental care, or specialty medical services. These costs will vary significantly depending on personal requirements.

Entertainment and Lifestyle

Your lifestyle choices will also impact how much money you'll need to earn to live in Toronto. Entertainment can range from CAD 10 for a movie ticket to over CAD 100 for live performances or sporting events. Also, factor in costs of gym memberships, personal care, holidays, and other forms of entertainment.

Putting it all Together

So, how much do you need to make to live comfortably in Toronto? A single person might expect basic monthly costs (excluding rent) of around CAD 1,000 for food, utilities, transportation, and modest entertainment. If renting a 1-bedroom city-center apartment, you'd need to add housing costs to these expenses. Using these figures, a good starting point for a single person to live comfortably in Toronto might be a yearly salary of around CAD 50,000 before taxes, which translates to around CAD 40,000 after tax. For a family of four, these costs will be significantly higher, closer to a salary of CAD 90,000 - CAD 100,000 before taxes. Keep in mind these are rough numbers and can vary greatly depending on personal lifestyle choices, unexpected costs, and fluctuations in the market. Therefore, it's always wise to budget for a little more than your estimated cost of living.

Conclusion

Living in Toronto, like many global cities, comes at a higher cost due to the many amenities and opportunities it offers. The cost can be manageable with careful planning, budgeting, and the right income. Your desired lifestyle and the trade-offs you're willing to make will determine how much you need to earn to live in this vibrant city.