Look for the cheapest Canon printer that has separate carts for each colour - buying tri-colour carts works out expensive in the medium term.
Also consider if it's time to get a printer / scanner / copier - again, Canon is the make to go for IMHO.
AFAIK 7dayshop.com will supply 3rd party inks for all current Canon models at very reasonable rates - a complete set of Inkrite inks for my Canon MP620 is £18 (and you can get cheaper no-name inks for it), when I needed a new black in a tearing hurry and had to get one at Tescos it was nearly that just for the one cart!
My MP620 printer / scanner / copier does a surprisingly good job printing photos though I haven't tried it with B&W. It will happily feed a sheet of decent photo paper from the back though I wouldn't ask it to feed it from the tray.
If you are seriously interested in producing quality (e.g. neutral) B&W prints then look for a printer with a grey ink or inks. Printers with CMYK tend to produce colour casts, most often green or magenta.
And if your printing is nearly all text - documents - consider a cheap laser printer.
Also consider how you want to connect to it - USB cable, network cable or wireless - before buying. My printers (yes, more than one) all connect with a network cable plugged into a Homeplug device and I find that works really well and is far more reliable than wifi, and I don't have to have the printer within reach of the PC.