No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
Toronto is Canada's financial capital and highest-paying major city. See average salaries by industry, take-home pay after Ontario taxes, and cost-of-living context.
In 2026, the average salary in Toronto is approximately $78,500, with a median closer to $68,000. High-income industries like technology, finance, and government pull the average above the median.
| Industry / Sector | Salary Range | Median |
|---|---|---|
| Finance / Banking | $92,000 – $185,000 | $128,000 |
| Technology / Software | $88,000 – $165,000 | $118,000 |
| Healthcare / Nursing | $72,000 – $115,000 | $88,000 |
| Legal / Law | $78,000 – $200,000+ | $110,000 |
| Education / Teaching | $68,000 – $102,000 | $82,000 |
| Construction Trades | $72,000 – $115,000 | $90,000 |
| Retail / Hospitality | $35,000 – $55,000 | $44,000 |
| Government / Public Service | $68,000 – $120,000 | $88,000 |
Province: Ontario (pre-selected for this city)
Estimated Annual Take-Home Pay:
| Deduction | Amount |
|---|---|
| Federal Income Tax | ~$9,600 |
| Ontario Provincial Tax | ~$4,600 |
| CPP Contributions | ~$3,800 |
| EI Premiums | ~$1,049 |
| Total Deductions (on $78,500) | ~$19,050 |
| Take-Home Pay | ~$59,450/yr ($4,954/mo) |
Ontario has among the higher provincial tax rates in Canada. Toronto residents earning $78,500 pay approximately 24% of gross income in combined federal and provincial taxes.
With an average salary of $78,500 and take-home pay of ~$59,450/year, Toronto's cost of living is a significant consideration:
| Expense | Monthly Cost | % of Take-Home |
|---|---|---|
| Rent (1-bedroom) | $2,200–$2,800 | 44–57% |
| Groceries | $400–$600 | 8–12% |
| Transit (TTC monthly) | $156 | 3% |
| Utilities | $120–$200 | 2–4% |
Toronto's housing costs mean many residents earning below $85,000 struggle to save meaningfully without roommates or co-habitation. Top earners in finance and tech ($120,000+) have significantly more breathing room.
At $78,500, Ontario residents face combined marginal rates of ~31%. Contributing $100 to your RRSP reduces tax by approximately $3,100 — while building retirement savings.
Maximize your annual $7,000 TFSA contribution. With $102,000 cumulative room in 2026, your TFSA can shelter substantial investment returns tax-free.
Many Toronto workers live in the 905 (Mississauga, Brampton, Markham) where rents are 20–30% lower. Factoring in commute costs, the financial case for living outside the city core can be compelling.
Toronto's high cost of living makes every dollar matter. Switching to a no-fee bank account saves $150–$300 annually — money that compounds over time.
Save on bank fees and earn cash back with KOHO. Open your account with referral code BREMO2026 and receive a $100 cash bonus.
Claim $100 Bonus →