Brand spanking new

I'd start with reading articles from the beginners section of this site:http://www.beginnertriathlete.com/cms/index.asp?catid=59

You don't need to spend a lot to get started in this sport if you don't want to. Pretty much any bike will do for a sprint or mini-sprint distance race which is what most people do for their first race.  Depending on where you end up racing you may need to rent or borrow a wetsuit, also. I'm guessing Toronto has some number of indoor tris early season where it's a pool swim so that would save wetsuit cost, too.

Active.com and trifind.com are two sites that have good race listings. Also, local bike shops, running shops, or multisport shops in your area will know of races.

I'd say, read a bunch of the articles, browse this forum, and you'll be well on your way to knowing what it'll take to do your first race.

Good luck! 

You definitely do not need to spend big bucks. I assume that you aready have your running stuff.

Swimming: a speedo and goggles. Depending on what you buy these items will cost you 50 - 50 bucks.

Cycling: this might be the most expensive part. If you just want to do a race, you can rent a bike. If you wanna start some serious traing though, it is getting a bit more difficult - and expensive.

Personally I would not but immediately a real Tri Bike. But without any doubt you will hear a lot of other opinons regarding the bike quesition.

Take care

YouYou