A monthly budget template for Toronto.
A starting budget for one person renting in Toronto, built on local rent and transit prices, with every dollar given a job. Change any line to match your life and watch what's left to assign.
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The template at a glance
$4,400 a month after tax, with rent taking 51% and 20% going to the future.
| Line | Group | Monthly |
|---|---|---|
| Rent | Housing | $2,230 |
| Tenant insurance | Housing | $25 |
| Hydro and utilities | Housing | $100 |
| Internet | Housing | $70 |
| Phone | Housing | $50 |
| Transit | Transportation | $156 |
| Groceries | Food | $420 |
| Eating out | Food | $150 |
| Personal care | Personal | $50 |
| Clothing | Personal | $60 |
| Fun and subscriptions | Personal | $120 |
| Gifts and giving | Personal | $40 |
| Emergency fund | Savings & Goals | $370 |
| TFSA or RRSP | Savings & Goals | $370 |
| Travel and big purchases | Savings & Goals | $189 |
| Left to assign | $0 |
The take-home figure is set so that 20% goes to savings once the everyday lines are covered. If you earn less, start by trimming the flexible lines like eating out and fun, then look at the savings split. If you earn more, send the difference to the future first.
Toronto numbers behind it
- Rent: $2,230 a month. The average asking rent for a one-bedroom in July 2026, from Rentals.ca. To keep rent at 35% of take-home, you'd need about $6,400 a month after tax.
- Transit: $155.10 a month. The TTC monthly fare cap. Since September 1, 2026, the TTC caps adult fares after 47 paid trips a month instead of selling a monthly pass.
- Sales tax: 13% HST. Groceries are mostly exempt, but eating out, clothing, and most things in the everyday lines are taxed.
Rent is the line that decides a Toronto budget. If yours is well above the average, a roommate or a longer commute can free up more than every other line combined.
Making it yours
Start with the two numbers you know for sure: your take-home pay and your rent. Then go line by line and replace the guesses with your own. Your last three months of bank statements are the best source for groceries and eating out.
The savings lines work harder with a destination. The TFSA vs RRSP calculator helps pick an account, and the FHSA calculator helps if you're saving for a first home.
Templates for other cities: Vancouver, Montreal, Calgary, Edmonton, Ottawa, Winnipeg, Victoria, Quebec City, Saskatoon.
Questions
How much do you need to live alone in Toronto?
This template comes to $4,400 a month after tax for one person renting an average one-bedroom, with 20% of that going to savings. To keep rent to 35% of take-home pay, you would need about $6,400 a month after tax.
What is the average rent in Toronto?
The average asking rent for a one-bedroom in Toronto was about $2,230 a month in July 2026, according to Rentals.ca. Asking rents are for new listings, so a long-held lease is often lower.
How much is a transit pass in Toronto?
The TTC monthly fare cap is $155.10 for adults. Since September 1, 2026, the TTC caps adult fares after 47 paid trips a month instead of selling a monthly pass.
How do I use the template?
Replace each line with your own numbers, starting with your take-home pay and rent. The amount left to assign at the top should end at zero, which means every dollar has a job. If it goes negative, trim a line or two until it balances.
Take this Toronto budget with you.
CalmDollar is built for exactly this: a zero-based budget in Canadian dollars, where every dollar gets a job at the start of the month and the to-assign meter tells you when you're done. Free to start, and it takes a few minutes to set up.
