Calgary is one of the best places to live in Canada; in fact, a recent survey shows that it’s the third best destination for young adults to work and start a family. As Calgary continues to grow, there is a potential that living in the city will become more expensive. This means the rent could go up a little, traffic will get more congested which will burn more gas, and entertainment may start to see a rise in prices.
If you are a young adult and are planning on starting a family in Calgary, it will mean your bills will keep getting more expensive. If you are planning on moving to Calgary this year, here is a quick breakdown of the expenses you will be paying:
For a fully furnished two bedroom apartment in a good area, you can expect to pay about $1,578 a month. You should also add in your internet and phone bills to this expense, and depending on the type of plans you have, it could end up adding another $200 to your bill.
If you are living in a flat with another person, the average price of utilities (like heating, gas, electricity, water, etc.) in Calgary is $247 per month.
If you are single and living in Calgary, you could get by spending around $50 a week on groceries, depending on your diet. When you start a family, diaper, baby food, and baby clothes will add a lot more money to your bill.
If you rely on public transportation to get around the city every day, a transit pass will cost you $103 a month. If you have a car, the cost of gas is cheaper than the national average in Calgary, but the cost of auto insurance is about 24% more expensive than other cities across Canada.
Sales taxes in Calgary aren’t that much compared to other cities and provinces. You will pay 5% for GST on the items that you buy. In comparison in Ontario, you would pay HST, which equals out to paying 8% for the Provincial rate and 13% for the total tax rate. However, income taxes are among the highest in Canada. For your first $128,145 of taxable income, you will owe the government 10% of it. The percentage continues to climbs as you make more money.
Why you need to have life insurance living in Calgary
As you can see, living in Calgary can get pretty expensive. If you suddenly pass away, your spouse would have to take care of the above bills, plus any funeral and burial fees by them self. If you are single, somebody within your immediate family would have to take control of your expenses and any debts you may have incurred through student loans, mortgages, etc. Your loved ones will be going through a lot of emotional trauma if you unexpectedly pass away, putting a financial burden on them as well will make the situation even worse.
We are all going to die one day; there is no escaping it. Having a life insurance policy, especially when you are young, is incredibly important. You already have auto insurance if you have a car home insurance if you own your own home, so why not have life insurance when you are living your life? Get the peace of mind knowing that your family will have the financial help if you do suddenly pass away to help pay off your funeral and other expenses.
At Beaver Street, we make it our mission to provide you with quick, affordable, and non-invasive term life insurance plans to protect every family in Canada.