Finances
Banking
- BMO Bank of Montreal
438 University Avenue Tel: 416-596-8814
www.bmo.com - CIBC
460 University Avenue Tel: 416-980-2260
www.cibc.com - RBC Royal Bank of Canada
443 University Avenue Tel: 416-974-2159
www.rbcroyalbank.com - Scotiabank
522 University Avenue Tel: 416-866-3300
www.scotiabank.com - TD Canada Trust
180 Dundas St West Tel: 416-982-8710
www.tdcanadatrust.com
Cost of Living
Estimated cost of living for a single adult in Toronto, for the first year of a
clinical fellowship
The following table (June 2021) is an estimate of basic living expenses for a single adult (international clinical fellow, first year) in Toronto:
| FIRST YEAR EXPENSE | AMOUNT($) | RATIONALE/SOURCE |
|---|---|---|
| Canadian Embassy Work Permit Application Fees | 384.77 | $229.77 Temporary Resident Visa $155.00 Work Permit Source: https://ircc.canada.ca/english/information/fees/fees.asp#temporary |
| PGME Administrative Processing Fee | 175 | One-time fee, unless fellowship renewal requested at a later date (effective July 1, 2020) |
| One-Way Flight to Canada | 1,686 | Dubai - Toronto; Source British Airways |
| CPSO Fees | 991.75 | Annual Application Fee = $345 Application Fee for New Applicant = $431.25 Expedited Fee (optional) = $215.50 See https://www.cpso.on.ca/Physicians/Your-Practice/Membership-Services/Fee-Schedule for the most up-to-date fees. |
| Criminal Record and Judicial Check Matters | 26.72 | CPSO Requirement Toronto Police Force Source: https://www.tps.ca/services/police-record-checks/ |
| UHIP | 189 | Single 3-month rate until OHIP coverage Refer to Table under UHIP for more information about UHIP premiums |
| PGME Registration Fee | 840 | Annual fee (pro-rated) |
| Conferences, symposia, other education activities | 1,500 | Estimated cost of fellowship-related educational activities outside of PGME enrolment |
| TTC Metropass on Presto card | 1872 | Monthly rate = $156 adult |
| Rent - 1 Bedroom Apartment | 26,016 | Monthly rate = $2,168 average Toronto Central (per Toronto Real Estate Board, Q4 2023, https://trreb.ca/files/market-stats/rental-reports/rental_report_Q4-2023.pdf |
| Telephone + Internet (including Long Distance) | 2004 | $80 Phone (basic), $50 Internet (basic), $37 Cable (basic), monthly; Source: Rogers |
| Food | 5,550 | Source: U of T CIE |
| Clothing | 2,500 | Source: U of T CIE |
| Miscellaneous Expenses | 4,000 | Source: U of T CIE (Includes laundry, entertainment, supplies) |
| TOTAL ANNUAL EXPENSES | $50,0971 |
1Fellows receiving remuneration from Canadian sources should consult Canada Revenue Agency regarding the taxable status of their renumeration http://www.cra-arc.gc.ca
Estimated cost of living for a single adult and three accompanying family members in Toronto, for the first year of a clinical fellowship
The following table (June 2022) is an estimate of basic living expenses for a single adult (international clinical fellow, first year) in Toronto with an accompanying spouse and two children:
| FIRST YEAR EXPENSE | AMOUNT($) | RATIONALE/SOURCE |
|---|---|---|
| Canadian Embassy Work Permit Application Fees | 555 | Temporary Resident Visa, Work Permit, plus accompanying family members ($100 x 3) |
| PGME Administrative Processing Fee | 175 | One-time, unless fellowship renewal requested at a later date (effective July 1, 2021) |
| One-Way Flight to Canada2 | 6,142 | Average $5,560/one-way, Dubai - Toronto; Source: British Airways |
| CPSO Fees | 991.75 | Annual Application Fee = $345 Applicant Fee for New Applicant = $431.25 Expedited Fee (optional) = $215.50 |
| Criminal Record and Judicial Check Matters | 26.72 | CPSO Requirement Toronto Police Force Source: https://www.tps.ca/services/police-record-checks/ |
| CMPA Annual Premium | 2,508 | Clinical Fellow monthly rate = $209 |
| UHIP | 567 | Family 3-month rate until OHIP coverage Refer to Table under UHIP for more information about UHIP premiums |
| PGME Registration Fee | 840 | Annual fee (pro-rated) |
| Conferences, symposia, other educational activities | 1,500 | Estimated cost of fellowship-related educational activities outside of PGME enrolment |
| TTC Metropass on Presto card | 3,744 | Monthly rate = $156 x two adults |
| Rent - 2 Bedroom Apartment | 42,516 | Monthly rate = $3,543 average Toronto Central (per Toronto Real Estate Board, Q4 2023, https://trreb.ca/files/market-stats/rental-reports/rental_report_Q4-2023.pdf |
| Child Care2 | 27,000 | Monthly rate = $2,250 average (1 toddler); Source: City of Toronto |
| Telephone + Internet (including Long Distance) | 2,424 | $80 Phone (basic), $85 Internet (option above basic), $37 Cable (basic), monthly; Source: Rogers |
| Food2 | 7,200 | Monthly rate = $600 average, Source: City of Toronto |
| Clothing2 | 4,000 | One-time outlay for winter clothing |
| Miscellaneous Expenses2 | 5,500 | Includes laundry, entertainment, supplies |
| TOTAL ANNUAL EXPENSES | $ 105,6561 |
1 Fellows receiving remuneration from Canadian sources should consult Canada Revenue Agency regarding the taxable status of their remuneration http://www.cra-arc.gc.ca
2Please note that estimated expense may vary depending on the age of the children.