Budget Calculator (Canada 2026)
Rates verified Nov 2026 · Sources: CRA, Service Canada
Example$75,000 gross · Ontario · ~$4,737/mo take-home · 50/30/20 split - edit any field to update
Sample budgets at $50,000, $75,000, and $100,000
Each row starts from 2026 take-home pay, then applies the 50/30/20 split: half for needs, 30% for wants, 20% for savings and debt. No extra income and no RRSP contribution.
| Province | Gross | Monthly take-home | Needs 50% | Wants 30% | Savings 20% |
|---|---|---|---|---|---|
| Ontario salary calculator | $50,000 | $3,345 | $1,673 | $1,004 | $669 |
| British Columbia salary calculator | $50,000 | $3,381 | $1,691 | $1,014 | $676 |
| Alberta salary calculator | $50,000 | $3,378 | $1,689 | $1,014 | $676 |
| Ontario salary calculator | $75,000 | $4,737 | $2,369 | $1,421 | $947 |
| British Columbia salary calculator | $75,000 | $4,804 | $2,402 | $1,441 | $961 |
| Alberta salary calculator | $75,000 | $4,775 | $2,387 | $1,432 | $955 |
| Ontario salary calculator | $100,000 | $6,168 | $3,084 | $1,850 | $1,234 |
| British Columbia salary calculator | $100,000 | $6,273 | $3,137 | $1,882 | $1,255 |
| Alberta salary calculator | $100,000 | $6,197 | $3,098 | $1,859 | $1,239 |
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About this calculator
Updated June 2026The Canadian budget planner applies the 50/30/20 rule to your after-tax pay and factors in 2026 province-aware tax so the split reflects what actually hits your chequing account - not the headline salary. Enter your income, debts, and essentials to see where your money is going and where the gaps are.
What you can do with it
- Balance essentials (rent, groceries, transport), wants, and savings for your city.
- Stress-test an upcoming rent increase or CPP bump against your current budget.
- See how paying down debt vs contributing to TFSA affects your cash-flow runway.
- Share a plan with a partner without opening a spreadsheet.
How the math works
The planner converts gross income to net pay using the unified tax engine (2026 federal + provincial brackets, CPP/CPP2, EI, and standard CPP/EI/employment tax credits) or accepts your net pay directly. It then allocates 50% of net to needs, 30% to wants, and 20% to savings and debt, flagging over-spending categories and suggesting reallocations. The 50/30/20 split is a guideline - high-cost-of-living cities (Vancouver, Toronto) often realistically require 55–60% on needs.
Canadian context - 2026
Typical Canadian household spends 30–40% of net pay on shelter, 10–15% on transport, and 10–12% on groceries. If your needs exceed 60% of net, prioritize boosting income before optimizing wants.
Official sources
- CRA: federal and provincial tax rates (checked 2026-10-10)
- CRA: CPP contribution rates and maximums (checked 2026-11-09)
- CRA: EI premium rates and maximums (checked 2026-10-10)
Frequently asked questions
What is the 50/30/20 rule?
It is a simple budgeting split: about 50% of after-tax income for needs (rent, groceries, utilities), 30% for wants (dining, subscriptions, entertainment), and 20% for savings and debt repayment. The planner helps you see how your spending matches that pattern and flags over-budget categories.
How much should I save per month in Canada?
The standard guideline is 20% of net take-home pay for savings and debt. On a $75,000 Ontario salary (~$4,737/month net), that's roughly $947/month. A good breakdown: 3–6 months of expenses as emergency fund first, then employer RRSP match, then FHSA or RRSP, then TFSA. The registered accounts calculator compares these for your situation.
Is 50/30/20 realistic in Toronto or Vancouver?
In high-cost cities the needs category often runs 55–65% of net pay, especially with rent. The budget planner flags this automatically. If your needs exceed 60%, the priority is increasing income or reducing fixed costs before optimizing wants and savings.
What is a realistic monthly budget for a single person earning $60,000 in Ontario?
At $60,000 in Ontario, net take-home is roughly $47,276/year or about $3,940/month (2026 rates with standard tax credits). A realistic budget: rent $1,300 (33%), groceries $400, transport $350, phone/internet $120, subscriptions $60, eating out $200, savings/debt $800, personal/other $440. Adjustments depend on whether you have a car, your neighbourhood, and debt obligations.
Go deeper - related guides
Long-form explainers that pair with this calculator.