Wed, 11 Jul 2012 12:43:36 GMT | By Ian Harvey, MSN Money
The cost of owning a pet

Owning a pet can create bond that can last a lifetime. But before you purchase a pet, consider all the economic costs first.

A group of cats and dogs in a lineup. According 'The Canadian Veterinary Journal', more than half of Canadian households have at least one dog or cat. (© iStockimages)
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  • A group of cats and dogs in a lineup. According 'The Canadian Veterinary Journal', more than half of Canadian households have at least one dog or cat. (© iStockimages)
  • A grey cat eats food from a purple bowl. The cost of cat food is higher than dog food when compared per pound. (© iStockimages)
  • Two dogs on leashes go for a walk. Pets need excercise daily in order to stay healthy. (© iStockimages)
  • A cat wears a blue cone after having an operation. Veterinarian fees can vary but owners should take into account for vaccinations, medications, tests and follow-ups. (© iStockimages)
  • A wooden and gold gavel. Licensing fees for pets vary from city to city and the best way to find out the cost is to check with your city's local webstie. (© iStockimages)
  • A dog plays tug-of-war with a rope. Pets require toys, leashes, water bowls, and crates which could cost around $300. (© iStockimages)
  • Pets can cost anywhere from thousands of dollars to free. Local SPCA's allow you to adopt animals at an inexpensive price. (© iStockimages)
  • Pet insurance is like health insurance. If your animal needs to see a vet, insurance will cover a certain amount per incident. However, many issues are not covered so read the policy carefully and discuss it with your vet before signing up. (© iStockimages)
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Canadians love their pets. According to a 2009 Ipos Reid survey published in The Canadian Veterinary Journal, more than half of Canadian households have at least one dog or cat while about 13 per cent of households have both a cat and a dog.

Feeding and caring for cats, dogs and other pets can get expensive. The Ontario Veterinary Medical Association (OMVA) says it costs about $1,800 a year care for a dog and $1,500 for a cat. Here's a look at what you should be prepared for.

* Bing: Most popular dog breeds in Canada

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