Hey rtp, since you're still looking for tips from people actually living in Canada, I don't know how much I can help. When I started the application process a month back I got a bit over excited so I started doing some research. So I'm just going to let you know some interesting things that I found out. You might already know all this. But I think it would be nice if we can exchange information and maybe we can help each other or others that will eventually face the same situation.
First you have to have a general idea in which area you want to stay. As far I can see, most IT companies are located in the City of Toronto.
In addition, there's lots of traffic in the province of Toronto. If you're outside the City of Toronto, commutes can easily take more than an hour using public transportation.
Speaking of transportation, getting a car is a bad idea. There's lots of traffic in the city. Parking is a huge hassle due to the number of cars and the outrageous parking rates (it even made me rethink how I despise parking in Beirut!). Insurance for cars is also very expensive. I don't really look into insurance rates that much but I heard from several people that it can easily reach several hundred dollars a month!
So public transportation or a bicycle seems like the best method to use. You can get a monthly public transportation pass for $130 if you commit to a
yearly plan. If you plan on getting a bicycle make sure to invest in a high quality U lock and register your bike's serial number with the local police department. I have read a lot of reports people of getting their bikes stolen in the city.
Four housing, single bachelor studios cost between $600 and $1,100. This price range is typical for "lower-end" studios/rooms that are usually located in the basements of houses. They get more expensive as you get closer to downtown Toronto or if they are in strategic locations (short walking distance to subways and shopping centers). Then you have the $1,100 to $1,600 range. This is also for single bachelor studios. However, they are usually located in condos and have extra facilities like parking, gyms, better furniture...
It is recommended to always see the place before you commit to staying there or even paying any sort of down payment. So you have to stay in temporarily place as soon as you arrive. You said you were staying in a hostel and that's the cheapest solution. If you want something a bit better or more private you can find many places on Airbnb or VRBO. I did a couple of searches for places in Toronto City, the hosts seem very friendly and helpful. Prices range from $50 to $100 per night depending on location and facilities. Hotels are definitely out of the question since their rates are nearly more than twice of places on Airbnb.
For mobile telecom operators, they have numerous companies. Wind seems like to be the cheapest and offers the best features. Though some say its signal is very weak in some areas. I checked their coverage map and read numerous testimonials from people on message boards, it seems like Wind should be good enough for the major cities in Toronto. Their cheapest plan is $35 a month for unlimited calls within the province and unlimited data. Wind still doesn't have LTE or 4G though they do have HSPA+ (I think it reaches up to 22 Mbps). They also operate on different frequencies than other operators. If you have any fairly recent phone, you should be able to connect to their 3G network.
Banks are a highly debated topic online. You will hear lots of conflicting opinions. From what I understand (and I have very basic experience in this since I'm basing everything on what I read on message boards), there are three main types of banks: National ("Big Banks"), Direct, and Credit Unions.
Credit unions usually have better customer service but higher fees. They also seem to have better interest rates (not really sure on this since I haven't seen any proof). You become part of the "community" since you are investing in a local bank that is basically owned and operated by "local" people like you. Credit unions offer debit and credit cards but they only have branches in their local area. So withdrawing money can be a hassle since it will incur extra charges if you use a non-affiliated ATM.
Direct banks are basically banks with no branches. They don't have physical locations. They usually have lower fees that other types of banks. Some direct banks have deals with or are operated by "Big Banks" so withdrawing money isn't really a big concern. ING seems like a good Direct Bank.
National (Big Banks) are banks that have several physical locations all over Canada (and possibly abroad too). You will find many people complaining about these big banks. Though I found that many people favor TD Canada Trust. Specifically I heard if you have something like $4,000+ in your checking account, then they waive all your bank fees. So if you have that amount of money saved and don't mind keeping it as a "safety net" then it might be better to go with a Big Bank.
As for savings and interest, the government has taxes on savings account and interest is generally very low (1-3% max). So in a regular savings account, if you factor inflation and taxes then you are probably barely making it even. So for larger amounts of cash it's recommended to use a
TFSA (Tax Free Savings Account). For these type of accounts, you don't pay any taxes and you can get up to 2.7% interest depending on the bank. You can only contribute up to $5,500 a year (since 2009; when TFSA was first started). If you add more money than you're supposed to, then you get taxed for it!
This is everything I have gathered so far. If you have anything else to add, please do. I'm sure others as well as I can benefit from it.