In Canada, the Government has decided to increase the cost of living in 2024. In the Province, the Canadian government had decided to this change. On average, the Cost of Living is going to increase, up to 5.32%. But, to make it easier for the people to deal with the inflation, it is expected that their salaries would increase to 3.6%, in the later financial year. As this change is important in the salaries, for the people to maintain a healthy and cushy lifestyle.
Cost of Living Increase 2024 In Ontario
To live a cushy life in Ontario, the average cost of living is $2166. To manage other expenses like house rent, food and grocery, transportation, and other basic expenses needs an extra income to manage the style of living. Canada is an expensive part of the world. Around 3.7% of the people who live in Canada are millionaires. Ontario is one of the finest provinces to live in the country.
$3500 is the average cost to live in the city with a cosy lifestyle. Rental and without rental criteria is also treated as a vital aspect of calculating the cost of living. There is a lot to study about the economic growth of the country.
By Province, the cost of living in Canada is mentioned in the chart below :
| City/Province | Transportation | Housing | Food |
| Ontario | |||
| Ottawa | $577.12 | $1799.75 | $795.83 |
| Toronto | $577.12 | $1952.75 | $795.83 |
| Alberta | |||
| Calgary | $525.33 | $1706.33 | $864.83 |
| Edmonton | $525.33 | $1627.33 | $864.83 |
| British Columbia | |||
| Vancouver | $649.00 | $2120.50 | $812.67 |
| Manitoba | |||
| Winnipeg | $522.67 | $1586.83 | $760.50 |
| Quebec | |||
| Montreal | $515.25 | $1165.50 | $725.17 |
| Quebec city | $515.25 | $1178.50 | $725.17 |
| Saskatchewan | |||
| Saskatoon | $529.58 | $1555.75 | $796.67 |
| Nova Scotia | |||
| Halifax | $522.92 | $1681.08 | $693.33 |
| New Brunswick | |||
| Moncton | $513.40 | $1160.00 | $724.00 |
| Newfoundland & Labrador | |||
| St. John’s | $577.67 | $1322.75 | $720.67 |
Adjustment in Cost of Living in Ontario
For a single individual, the monthly rent in the province is $1708. Due to the increase in the cost of living, people are facing challenges in managing the housing rents. In comparison to the single people’s rent, couples had to pay more for the rent.
But, this year the amount increased to $5230 for a family of 4. The province of Ontario also involves foreign students who come to Canada for studies. The average cost of studies is $20,000 in Ontario, In addition, house rent, transportation costs, food and grocery costs also add up to the expense of cost of living. This situation obliges the students to work hard and earn more for a better life.
Expected Increment in the COLA in 2024
In 2021, the Cost of Living was 3.4%. This got increased in 2022, by 6.8%. However, the rate decreased in 2024 by 6.3% and for now the estimation rate is 5.32%.
There is news that in 2024, the COLA rate will increase by 2%. Many surveys were conducted to evaluate this increase according to the income of the citizens, by the government. The Canadian Government has put a lot of effort into maintaining this cost.
This was vital, otherwise this increase would have created a situation of poverty in the country.
Cost of living according to the number of individuals
| Province | COLA of Individuals | COLA of Family |
| Ontario | More than $3,500 | $4031.8 |
| Quebec | $1871 | $4126 |
| Calgary | $2449 | $5110 |
| Ottawa | $2882 | $5329 |
| Toronto | $3551 | $6144 |
| Montreal | $2384 | $4799 |
How can I be affected by the increase in Cost of Living Amount
The middle-class people have to put more effort into generating more income to live a healthy life in the Province. CRA provides tax aid, so they can consider it and manage their living by reducing their spending.
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However, various benefit plans are also provided by the Government for children and old age people. They can take advantage of those plans and manage their Cost of Living Amount.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal