Enter your monthly income and expenses below to see your savings rate, where your money goes, and how you compare to Canadian averages. Includes personalized tips to save more.
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.
According to Statistics Canada, the average Canadian household spends approximately:
Housing: 28–35% of income (significantly higher in Toronto and Vancouver)
Food: 12–16% (groceries ~10%, restaurants ~4–6%)
Transportation: 12–18% (car ownership is the biggest variable)
Personal insurance + pension: 8–12%
Recreation + culture: 5–7%
Savings rate: Canadian households save approximately 5–8% of disposable income on average, down from 12%+ in the 1990s.
1. Switch to no-fee banking: Canadians pay an average of $15–$30/month in bank fees. KOHO ($0/month) + EQ Bank ($0/month) + Simplii ($0/month) eliminates these fees. Annual savings: $180–$360.
2. Earn cashback on existing spending: KOHO's 1% cashback on all purchases earns ~$360/year for the average $3,000/month spender — with zero change in spending habits.
3. Move savings to EQ Bank: Big banks pay 0.01% on savings. EQ Bank pays 3.75%. On $100 in savings, that's $374/year vs. $1. Free and immediate to open.
4. Max TFSA contributions: Every dollar of investment growth inside a TFSA is tax-free. At 40% marginal rate, a 6% return in a TFSA is equivalent to a 10% return in a taxable account.
5. Bundle insurance: Bundling home and auto insurance typically saves $200–$500/year vs. separate policies.
KOHO code BREMO2026 · $20 cash · 1% cashback · $0 monthly fees · Takes 10 min
Get KOHO — code BREMO2026 →