Welcome! And congrats
With your first you have the luxury of working around baby's schedule more or less. But I think you'll still find times that you wish you could buckle baby up in the warmth of the house or store rather than in a cold car. Or that you could run in and buy that carton of milk without waking baby. Are you planning to have more children within the next 5 years? Being able to pass down a seat also takes some of the sting out of the price tag
. If you're looking for an inexpensive infant seat, I would look at the Comfy Carry Elite (the front adjust version). It's a nice seat under $100; rare for Canada
If you decide you definitely want to skip the bucket, take into consideration the fact that you have to install most convertibles at 45 degrees for a newborn. That causes a lot of convertibles (eg. Radian) to take up a TON of room with a newborn. There are a few seats like the Britax convertibles, Evenflo Triumph, and Maxi Cosi Pria that use the shape of the seat or inserts to provide an appropriate infant recline without reclining the whole seat. Downside of the Britax seats is a lack of leg room and shorter shell. Sorry, not too familiar with the Evenflo or Maxi Cosi. I believe they have max rear-facing height limits of 37" & 36" respectively.
Then there's the True Fit. I believe it is still $115 at Toys R Us and fits larger newborns okay. It has a removable top portion of the shell so that it doesn't take up a lot of room. Unfortunately it only goes to 35lb rear-facing. Graco My Ride works for some newborns, especially if you can get your hands on an older style insert. You'd probably need a rolled-up washcloth at the crotch buckle for a long time though (the buckle is quite far forward and allows babies to slump down), and it doesn't have a terribly tall shell, like Britax I think.
If you're looking for a budget seat, the Evenflo Sureride is supposed to be coming to Canada, and will be $140-ish. I think it fits newborns well. It also has a 37" rear-facing height limit. Another option is the Peg Perego. I personally love this seat but don't own one yet. Not sure how compact it is front-to-back at a newborn recline, sorry. It's the only I've listed so far that has a 45lb RF limit.
The other 45lb RF option in Canada is the Radian 120 & RXT. I left it (them) off the list because of the huge amount of room they take up at newborn recline. They're a good option for tall babies, though, if you go with an infant seat first because they can install more upright with an angle adjuster for toddlers.