Ontario’s high cost of living means that many residents in the province will need to dig deep to achieve financial independence in the years to come.

Economic uncertainty in unprecedented times has Canadians worried about their savings, and many across the country feel they will need to save up sums to the tune of $1 million to feel secure.

Findings from the latest RBC Financial Independence Poll were shared on Wednesday, revealing how the current economic climate is affecting Canadians’ savings goals.

The report found that Canadians estimate they will need approximately $846,437 to ensure their future financial independence, a number that soars much higher among Ontario residents.

People residing in Canada’s most populous province estimate they will need to save up an average of $916,714 to guarantee their financial independence.

It’s a sizeable sum, though not entirely surprising when considering the average home price in Ontario is around $834,000 as of February 2025.

Despite Ontario’s reputation as one of the most expensive places to live, residents of a few other provinces averaged even higher figures. Saskatchewan and Manitoba residents estimate they will need $958,535 to achieve financial independence, while Alberta residents clocked in at $928,179.

In contrast, Quebec residents felt comfortable with just $616,954 to reach the same goal.

What’s even more concerning is that the figures in the 34th annual RBC Financial Independence Poll were sourced from an Ipsos survey conducted from October 4 to 11, 2024.

The 2,000 Canadians aged 18 and up polled during this period had no idea how dire things would get in the month to come following Donald Trump’s election as the 47th U.S. President, or the tariff threats that would tank stock markets months later.

Basically, it is safe to assume that Canadians will probably be digging even deeper to feel financially secure now — if that’s even a feeling within most peoples’ grasp as the country descends into a trade war.

Craig Bannon, director of regional financial planning support at RBC, notes that investors “have a lot of questions amidst all the uncertainty right now.”

Bannon stated that “while it can be difficult to provide clear answers[…] a good financial plan with a long-term approach [can] help get through any periods of turmoil.”