hey
Well if you plan on jamming, perhaps a used Traynor combo. They're pretty cheap in Canada anyways.
Just make sure there's an fx loop or a preamp output so that you can get a direct signal out of it for recording purposes.
... otherwise do what Giraffe suggested. Get a DI (Direct Injection Box), then spend a little more on the actual bass guitar. The bass guitar is the key component to the bass tone.
No microphones required, unless you plan on going on an expensive and frustrating journey into the land of micing bass cabs. I've heard of some people micing bass cabs, but they ALWAYS also use a DI to feed the mixer. The DI provides the brighter tone. You can always remove brightness from a bright signal, but you can't add brightness to a dark signal.
Remember, buy USED, you'll get more for your money, especially for electric basses.
It's critical that you enjoy your bass. A good instrument will give you a better vibe, and will prompt you to play more often. That's what it's all about. Love for the music.
Tristan