Living in a big city like Toronto is expensive. In fact, Toronto is one of the world’s most expensive cities to live in – #32 in the world.
There’s no denying living in Toronto is expensive, but have you done the math? If you’re living alone like a hermit, it costs around $2200 per month for rent, utilities, groceries, and transportation. If you have a child, add in another $400 per month. Here’s the breakdown by expense:
According to stats from the City of Toronto, average rental costs are $1600 per month for a studio apartment, $1900 per month for a one-bedroom condo, and $3000 per month for a two-bedroom. This averages out to $1700 a month across rental types.
Utilities are a constant expense that will cost you $150 per month (this only includes electricity, natural gas, and water – cellphones cost extra).
According to reports, a single man or woman living in Toronto should expect to pay $50 per week for groceries. That adds up to about $200 per month.
A monthly TTC Metropass costs $146.25 for one adult. If you have a car, expect to pay approximately $500 per month in vehicle payments, insurance, gas, and maintenance.
Toronto has some of the highest taxes in North America. Federal taxes start at 15 percent, and provincial taxes start at 5 percent. Combining all taxes together, the average Canadian family spends around 42 percent of their income on taxes. And don’t forget about sales tax: Ontario’s HST is 13% on nearly all purchases.
Why Everyone In Toronto Needs To Look At Life Insurance
We’ll say it again. Living in Toronto is expensive, and it’s not going to get less expensive. Even if you’re single now, it won’t be too long until you meet that special someone and have a child. And if you accidentally pass away, your family will have to pay all the expenses listed above by themselves. So if you plan on living in Toronto or any large city for a long period of time, you owe it to yourself and your loved ones to look into insurance coverage. Here’s why:
You’ll Save Money When You’re Younger
If you have dependents, such as a wife or young child and you have debt (whether that be from car loans, student loan or home loans), you need to consider a life insurance policy. Coverage costs are much lower when you’re young and single, and will be lower over the course of your lifetime if you start early.
You May Not Qualify For It Later
You’re healthy now, so paying an insurance premium may seem like an extra expense. But getting coverage early may be your smartest move. Buying insurance is dependent on your health and often that of your parents, brothers, and sisters. As we grow older, the likelihood of becoming ill goes up. This can jeopardize your ability to get coverage or make it extremely expensive. It’s smart to buy an insurance policy early on while you qualify easily and at the best price.
You’ll Have Peace Of Mind
Death is unavoidable, but it’s something you can prepare for. In the event of your passing, the least you can do for your family is help support them. Even if it’s a small policy, you’ll feel better knowing that you’ve done your best to help your loved ones get through hard times.
Juniper Life Insurance, based in Toronto, Ontario has partnered up with Humania Assurance Inc. to provide term life insurance. We’ve made it our mission to provide quick, non-invasive, and affordable protection to Canadian families.
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