Originally Posted by Rowan

You will have to factor travel insurance into your costs. It really is essential if you are travelling outside your own borders. Repatriation costs in the event of a serious injury can be exorbitant. It will be cheaper for Europe than it is for North America.

I am not Canadian, but I am married to one. And the principles are the same irrespective of whether you are in Canada or Australia (or the US, for that matter).

One other factor you will have to consider in travelling to Europe is the Schengen Zone and the limitations that are put on the time you are permitted to stay in the EU countries. There was a thread in Touring not so long ago that discussed this in quite fine detail, and it's enlightening.