MVP,

Toronto can be a very expensive place to stay in, especially for students. For you,it depends on what kind of funding and financial support you have.

Taxes are high in Canada,although the calculation is not as simple as you present. There are various tax brackets, and rates vary as per your status(single/married) and nature of income(salary,scholarships etc.).

In addition to income tax, there is a 14% federal and provincial state tax.

If you need more information on approximate living expenses etc. there are various threads on this site that may help you.

I would caution you to do more research on actual placement data, both for internships and final placements.

It is a good idea to get contact information of current Rotman MBA students for information on such issues also.

Good luck.