qualifications and personal fit decide whether or not you'll receive a useful and valuable service
Cost is an obvious factor in deciding on any service. In the case of psychotherapy, and if you live in Toronto, or anywhere else in Ontario for that matter, OHIP will cover your therapy with a medical doctor. This is a very attractive option indeed but it does have some disadvantages and it is not the only one you have. As much as money is a very legitimate concern, it shouldn't be the only one when it comes to your mental health and well being. Keep in mind that, at the end of the day, it is qualifications and personal fit that will decide whether or not you'll receive a useful and valuable service. Here are a few things to consider:
1- the services of a general MD or a psychiatrist (FRCP) are covered by OHIP. However, these practitioners tend to be overbooked. Some of them (especially the good ones) have waiting lists that, sadly, can keep you hanging anywhere from six months to three years. If you need to deal with your issues right now, your better bet is to consult a psychotherapist who may not be covered by OHIP.
2- some private health insurance plans may reimburse part of your costs if you choose to see someone not covered by OHIP. This can range anywhere from a few hundreds to a couple of thousands of dollars a year. Some plans will restrict coverage to work done with clinical psychologists as opposed to psychotherapists or counsellors. Read the fine print in your benefits package and discuss your options with the therapist you're considering working with.
3- you may decide that qualifications and personal fit are your main priorities. As you figure out your finances and how much you can actually afford to invest in your psychotherapy, remember that your costs can be tax deductable as an "uninsured medical expense" when accompanied by a doctor's note. This means that your therapy will be costing you less than what you had originally thought.
Something to consider regarding scenario no. 3: with some psychotherapists, myself included, the standard rates are sometimes adjusted to the kind of therapy we're doing (whether it is brief or long-term) and to the weekly frequency of the sessions. Some of us also set aside a few sessions a week for sliding scale rates. These sessions are reserved specifically for individuals on a low or limited income. Find out what options you have and think about what is going to work best for you.