My daughter is 4 months old, and we honestly have spent very little money on her! We aren't strapped financially, but we also don't like to spend just for the sake of spending! We got a second hand crib from a friend, I bought a bunch of second hand clothes - thrift stores usually sell onesies and sleepers for $1 each. If you go on Kijiji people will sell an entire lot of clothes for under $50. I got an entire 3-6 month wardrobe for my daughter for $35, and there are more clothes than she will ever need, some still with the tags on! The only clothes she has new are the ones people have given us as gifts, and to be honest new baby clothes are such a waste of money because they grow out of them so fast! We have some brand new clothes that she never wore because she outgrew the size before she had a chance to wear them! People have so much baby stuff that the literally give it away for free or almost free because they just want it out of their house. When I went to pick up the clothes for my daughter the lady had a whole bunch of other baby stuff at the door to see if I wanted it, for an addition $10 I got a vibrating chair, swing, diapers, bottles, and a baby bathtub (which is a waste of money, don't bother with one, I just go in the big tub with the baby). I also got a second hand chariot jogging stroller. Honestly, Kijiji is your best friend when you are having a baby!
But the biggest area where you can save is cloth diapers! I got ours second hand from my sister so they didn't cost me anything. People sell their second hand diapers on kijiji. You can strip the diapers (ie. a super deep clean) and they will be good as new. My sister used the diapers with all three of her kids and now we are using them, they hold up really well and last a very long time. We sometimes use disposable diapers when we go out of the house, but have only bought 2 packages of diapers in the last four months. I end up doing a load of diapers in the laundry every second day, so it is really no big deal time wise. I also use cloth wipes (if I'm doing the diapers in the laundry I might as well do the wipes too!), I purchased 48 wipes on Amazon for about $30. I make a spray out of tea tree oil, lavender oil, jojoba oil, baby soap, and witch hazel (about $50 on Amazon for all the products, and since I only use a drop or two of each in a bottle of spray I will never have to buy more). When I change her I spray her bum, wipe her down with a cloth wipe, and put the cloth wipe and the diaper in the laundry pail.
If you plan to breastfeed that will also be a huge money saver. It is totally normal to have a lot of difficulty breastfeeding at the beginning, so don't give up if it is tough! There are lactation consultants at the hospital who can help you while you are there, and independent lactation consultants and breastfeeding groups for when you are at home.
I agree that babies are only as expensive as you make them. Don't be afraid of second hand items and you can save a ton of money!
People also love to buy gifts for new babies! We didn't have a baby shower, but our friends and co-workers bought us tons of gifts anyways.
P.S. Where in Alberta are you? We are in Bragg Creek, just outside of Calgary.