4 Secrets to Saving for Retirement
GICS? Dollar-Cost averaging? Sort through the confusion and plan your retirement responsibly by learning the tips and tricks to retirement savings.
For many, it can be the most unpleasant part of the work day – the commute. It can take its toll in time, aggravation and money.
A Statistics Canada survey found that 29% of people who use the car to get to work hate their commute. For public transit users, the level of dissatisfaction is even higher, at 47%. The most satisfied with their commute are people who walk or cycle. But the more you like your job, the more likely you are to enjoy the commute as well.
Not surprisingly, the longer the commute, the less enjoyable it seems. So feel bad for the folks in Oshawa, Ont., who have the longest commutes (median distance) in Canada, with a round trip of 22 kilometres. For the shortest commutes, head to Victoria, B.C., or Regina, Sask., where the daily round trip is just 9.2 km.
We calculated the commuting costs in three Canadian cities – Montreal, Toronto and Calgary – and compared the cost of getting around by car to that of public transit.
When you total gas, parking, insurance and maintenance and compare that to the cost of a transit pass, by taking public transportation instead of a car to work, you save a lot of money if not time. And that’s based on just the day-to-day operation of your vehicle, not including any payments you may be making on your car.
On average, taking the car saves commuters just seven minutes a day in Montreal and eight in Toronto. In Calgary, public transit is actually the quicker option, by 12 minutes a day.
Here’s how the costs add up.
| Criteria | Toronto | Montreal | Calgary |
| Median Commuting Distance (Round Trip) | 18.2km | 16.2km | 16.4km |
| Gas Costs Per Year | $329.74 | $301.50 | $288.19 |
| Parking Costs Per Year | $3,624 | $3,144 | $4,200 |
| Insurance Costs Per Year | $2,050 | $750 | $1,200 |
| Tune-ups Costs Per Year | $123.85 | $134.15 | $131.09 |
| Total Car Costs Per Year | $6,127.59 | $4,329,65 | $5,819.28 |
| Transit Pass Costs Per Year | $1,308 | $795 | $900 |
| Annual Savings Of Using Transit | $4,819.59 | $3,534.65 | $4,919.28 |
| Time Of Communte By Car, Daily (Both Ways) | 85.3 mins | 77 mins | 84.9 mins |
| Time of Commute By Transit, Daiy (Both Ways) | 93.1 mins | 83.8 mins | 72.7 mins |
| Time Of Commute By Car, Yearly | 355 hours | 321 hours | 354 hours |
| Time Of Commute By Transit, Yearly | 388 hours | 349 hours | 303 hours |
Looking for more great advice? Sign up to our newsletter for more useful tips, delivered straight to your inbox.
GICS? Dollar-Cost averaging? Sort through the confusion and plan your retirement responsibly by learning the tips and tricks to retirement savings.
0 comments
Take the steps necessary to prepare for your retirement with this one-stop guide to RRSPs, investing and financial planning.
0 comments
Rake in the loot, and start cashing in on all the free birthday goodies you can claim across Canada.
0 comments
Nobody expects to be audited. But with at least 434,000 Canadians investigated every year many are left flat-footed when the inquiry letter arrives. Make sure you're prepared by following these easy steps to securing an accurate and fair audit.
0 comments
Whether at work, home or in your personal life, coming up with creative problem solutions can be a difficult task. Try these simple ideas the next time you’re posed with a tough problem.
0 comments
Advertisement
Travel worry-free anytime with exceptional and affordable travel insurance offered through Reader’s Digest
For Offers based on your interests and location, check out CentrSource
Enter today for a chance to win a top-of-the-line BBQ grill from Weber!
What's your favorite healthy packed lunch and why?
Advertisement

Post a comment