Monthly Budget Template — Canada 2025
Print this template or use it as a guide. Fill in the "Actual" column as the month progresses. The goal: make every dollar intentional.
INCOME
| Income Source | Budgeted | Actual | Difference |
|---|---|---|---|
| Employment income (after tax) | $________ | $________ | $________ |
| Self-employment / freelance income | $________ | $________ | $________ |
| Spouse/partner income (after tax) | $________ | $________ | $________ |
| EI (Employment Insurance) benefits | $________ | $________ | $________ |
| CPP/QPP disability benefits | $________ | $________ | $________ |
| CRA benefits (CCB, GST/HST credit) | $________ | $________ | $________ |
| Rental income | $________ | $________ | $________ |
| Investment income (dividends, interest) | $________ | $________ | $________ |
| Other income | $________ | $________ | $________ |
| TOTAL INCOME | $________ | $________ | $________ |
HOUSING
| Expense | Budgeted | Actual | Difference |
|---|---|---|---|
| Rent or mortgage payment | $________ | $________ | $________ |
| Property tax (monthly portion) | $________ | $________ | $________ |
| Electricity (Hydro) | $________ | $________ | $________ |
| Natural gas / heating oil | $________ | $________ | $________ |
| Water / sewer | $________ | $________ | $________ |
| Internet | $________ | $________ | $________ |
| Cable / streaming services | $________ | $________ | $________ |
| Renter's / home insurance | $________ | $________ | $________ |
| Condo fees / strata fees | $________ | $________ | $________ |
| Home maintenance / repairs | $________ | $________ | $________ |
| HOUSING SUBTOTAL | $________ | $________ | $________ |
TRANSPORTATION
| Expense | Budgeted | Actual | Difference |
|---|---|---|---|
| Car payment / auto loan | $________ | $________ | $________ |
| Gas / fuel | $________ | $________ | $________ |
| Auto insurance | $________ | $________ | $________ |
| Vehicle registration / licence | $________ | $________ | $________ |
| Maintenance / repairs | $________ | $________ | $________ |
| Public transit (TTC, Translink, OC Transpo, etc.) | $________ | $________ | $________ |
| Parking | $________ | $________ | $________ |
| Rideshare (Uber, Lyft) | $________ | $________ | $________ |
| TRANSPORTATION SUBTOTAL | $________ | $________ | $________ |
FOOD & GROCERIES
| Expense | Budgeted | Actual | Difference |
|---|---|---|---|
| Groceries | $________ | $________ | $________ |
| Restaurants / takeout | $________ | $________ | $________ |
| Coffee shops | $________ | $________ | $________ |
| Work lunches | $________ | $________ | $________ |
| FOOD SUBTOTAL | $________ | $________ | $________ |
SAVINGS & INVESTMENTS (Pay Yourself First)
| Category | Budgeted | Actual | Difference |
|---|---|---|---|
| Emergency fund contribution | $________ | $________ | $________ |
| RRSP contribution | $________ | $________ | $________ |
| TFSA contribution | $________ | $________ | $________ |
| RESP contribution (children's education) | $________ | $________ | $________ |
| FHSA (First Home Savings Account) | $________ | $________ | $________ |
| Sinking fund — [specify goal] | $________ | $________ | $________ |
| Sinking fund — [specify goal] | $________ | $________ | $________ |
| SAVINGS SUBTOTAL | $________ | $________ | $________ |
DEBT PAYMENTS
| Debt | Budgeted | Actual | Difference |
|---|---|---|---|
| Credit card #1 — minimum payment | $________ | $________ | $________ |
| Credit card #1 — extra payment | $________ | $________ | $________ |
| Credit card #2 | $________ | $________ | $________ |
| Personal loan | $________ | $________ | $________ |
| Student loan (OSAP / NSLSC) | $________ | $________ | $________ |
| Other debt | $________ | $________ | $________ |
| DEBT PAYMENTS SUBTOTAL | $________ | $________ | $________ |
PERSONAL & HEALTH
| Expense | Budgeted | Actual | Difference |
|---|---|---|---|
| Prescriptions / medications | $________ | $________ | $________ |
| Dental (not covered by employer) | $________ | $________ | $________ |
| Life/disability insurance premiums | $________ | $________ | $________ |
| Gym / fitness | $________ | $________ | $________ |
| Clothing | $________ | $________ | $________ |
| Haircuts / personal care | $________ | $________ | $________ |
| Cell phone plan | $________ | $________ | $________ |
| Subscriptions (apps, software) | $________ | $________ | $________ |
| PERSONAL SUBTOTAL | $________ | $________ | $________ |
FAMILY & CHILDREN
| Expense | Budgeted | Actual | Difference |
|---|---|---|---|
| Childcare / daycare | $________ | $________ | $________ |
| School fees / supplies | $________ | $________ | $________ |
| Extracurricular activities | $________ | $________ | $________ |
| Gifts (birthdays, holidays) | $________ | $________ | $________ |
| Pet expenses | $________ | $________ | $________ |
| FAMILY SUBTOTAL | $________ | $________ | $________ |
ENTERTAINMENT & LIFESTYLE
| Expense | Budgeted | Actual | Difference |
|---|---|---|---|
| Entertainment / activities | $________ | $________ | $________ |
| Vacation / travel savings | $________ | $________ | $________ |
| Books / courses / education | $________ | $________ | $________ |
| Miscellaneous / fun money | $________ | $________ | $________ |
| ENTERTAINMENT SUBTOTAL | $________ | $________ | $________ |
MONTHLY SUMMARY
| Category | Budgeted | Actual | Difference |
|---|---|---|---|
| Total Income | $________ | $________ | $________ |
| Total Housing | $________ | $________ | $________ |
| Total Transportation | $________ | $________ | $________ |
| Total Food | $________ | $________ | $________ |
| Total Savings | $________ | $________ | $________ |
| Total Debt Payments | $________ | $________ | $________ |
| Total Personal & Health | $________ | $________ | $________ |
| Total Family | $________ | $________ | $________ |
| Total Entertainment | $________ | $________ | $________ |
| TOTAL EXPENSES | $________ | $________ | $________ |
| NET (Income − Expenses) | $________ | $________ | $________ |
Canadian Budget Tips
- CPP/EI deductions: Use your net paycheque amount in your budget — CPP and EI contributions come off before you're paid. In 2025, CPP contributions are up to $4,034.10/year for employees.
- GST/HST credit: Include CRA benefit payments (GST/HST credit, CCB) as income. These are tax-free and often quarterly. Divide by 3 to get a monthly amount.
- TFSA vs RRSP priority: If your income is below $50,000, TFSA is often better for savings. Above $50,000, RRSP usually provides more tax benefit.
- Seasonal expenses: Canadian winters mean higher heating costs. Budget for this predictable seasonal increase — consider averaging hydro/gas bills over 12 months.
- Property tax: If you own a home, divide your annual property tax by 12 and include it as a monthly expense (even if paid quarterly or annually).
Frequently Asked Questions
What percentage of income should go to rent in Canada?
The traditional guideline is no more than 30% of gross income on housing costs. Given Canadian rent prices (especially in Vancouver and Toronto), many Canadians spend 35–45% in major cities. The 50/30/20 rule suggests all housing + needs = 50% of net income. If your rent alone exceeds 35% of net income, it may be worth exploring options to reduce this — roommates, different neighborhoods, or income increases.
How much should a Canadian have in an emergency fund?
The standard recommendation is 3–6 months of essential expenses. In Canada, where EI provides 55% of income for up to 45 weeks if you lose your job, 3 months is often adequate for employed workers. Self-employed Canadians (who don't qualify for EI) should aim for 6–12 months. Store your emergency fund in a TFSA high-interest savings account so it grows tax-free.
What budget method works best for Canadians?
There's no single best method — it depends on your personality. The 50/30/20 rule works well for beginners. Zero-based budgeting is ideal for people who want full control. The anti-budget (automate savings, spend the rest) suits people who hate detailed tracking. Any method you actually follow consistently is better than a perfect method you abandon after two weeks.
Should I budget before or after tax income?
Always budget with your net (after-tax, after-deductions) income — the money that actually hits your bank account. This is what you actually have to work with. If you're self-employed, set aside 25–30% for taxes before building your budget to avoid a large tax bill in April.
How do I account for irregular income in my budget?
For variable income (freelancers, commission workers, seasonal employees), use the average of your lowest 3 months as your base budget income. Any income above that goes to savings or extra debt payment. This way, your budget is never surprised by a lower-income month. KOHO's automatic savings feature can help set aside a percentage of each deposit automatically.
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