Newcomer budget calculator

Welcome to Canada! We're glad you're here. We want you to feel confident in your finances, and a great way to start your new life here is by building a budget.

We'll guide you step-by-step through the costs you'll face in Canada and help you learn to start saving, investing and managing your cash.

What will I get from building a budget?

  • Understand the costs of life in Canada to help you plan ahead.
  • 1Learn how simple spending adjustments can help free up more money.
  • 1A budget can help keep your family's finances on track while you settle into your new home.

As you go through the calculator, select the learn-more buttons to find helpful budget information and tips for a smooth transition to life in Canada.

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Enter your immigration and moving expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Need help before starting? Review our handy checklist for important things to do once you arrive. Opens in a new window.

If you'd like to identify your budget with a title, enter it here. It can contain up to 30 characters. We value your privacy, so we won't store this information.

This could include application-processing fees and Right of Permanent Residence fees. Opens in a new window.

This could include language tests, medical exams and police certificates, along with the educational credential assessment. Opens in a new window.

Many immigration lawyers offer consultations to help estimate how much you'll pay in legal fees. If you worked with an immigration consultant to help with your entry to Canada, include that cost here as well.

This could include airport transport, travel insurance, luggage fees and meals.

This could include fees for biometric scans such as fingerprints, photos, translations, couriers, transcripts and anything else involved in the immigration process.

Enter your housing expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Don't pay any rent or provide security or key deposits before signing a lease; this could be a scam. And no matter how you make your rent payments, get a receipt. These are helpful records to have, including at tax time.

Security and key deposits are legal in some provinces and territories and illegal in others. Check the rules in your region to determine whether you're required to pay or not. Generally, the key deposit must be 100% refundable and can't exceed the cost of a set of replacement keys.

People pay property tax on different instalment schedules. Consider a payment plan that works best for your budget.

Condo fees are generally proportionate to the size of your unit; the bigger the unit, the more you pay in fees. Fees may cover things like utilities, maintenance and amenities.

Searching for a new place? Ask for the approximate utilities costs up front so you can better assess what it'll actually cost per month.

Most banks and mortgage lenders require proof of insurance to give you a mortgage. Some landlords require this to rent you an apartment. Shop around for the best rates.

This could include the costs of services, such as cleaning and snow removal, along with the cost of repairs to your home and appliances, such as fixing a leaking sink.

This could include anything home-related, from renovations to security. Home-security services can be a great idea: they can lower your home-insurance premiums, saving you money in the long run.

Enter your communications expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Do your research: determine your usage and needs then shop around for the best deal on your phone plan. If you don't have the cash to buy a new phone outright, most companies will let you pay a portion of your phone cost per month.

Just arrived and looking for a quick way to connect? A prepaid phone is another way to stay in touch with loved ones until you can get a more permanent mobile phone or landline set up.

Calling cards have varying rates. Check their terms and conditions to determine which card offers the best rate for the country you want to call.

Most Canadian telecom companies offer discounts if you bundle your services with them.

Include the monthly cost of any streaming platform you use for entertainment: movies, TV shows, music, magazines, video games or anything else. Cut any services you don't use often to free up more money.

Also consider the subscription fees you pay for other software platforms such as data-storage services or computer applications.

Enter your food expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Groceries can be more expensive in Canada than in many other countries. To stretch your food budget, use deal apps and shop at local produce markets or budget-friendly grocery stores.

Also, use a cash-back credit card to trim your grocery spending. Earn rewards on purchases with a CIBC cash-back credit card. Opens in a new window.

Many Canadian coffee shops and cafés offer loyalty programs that give you discounts or free items — sign up to start saving.

When dining at a restaurant, budget 18% to 20% of the meal cost for gratuities. For takeout orders, you can tip 10% to 20%. And if you get delivery, don't forget to tip your driver.

Enter your transportation expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

You might need to rent a vehicle on occasion. Many credit cards offer auto rental and loss damage insurance. Check your benefits guide to find out if you're covered. Find a CIBC credit card that's right for you. Opens in a new window.

Want the best lease deal? Visit car dealerships closer to the end of the year as they're more motivated to get inventory off the lot.

Don't have tons of Canadian credit history just yet? Ask about taking over someone else's car lease; the credit-check requirement can be a little less strict. If you want some help buying a new or used car, apply for a CIBC personal car loan. Opens in a new window.

Top up your gas budget by joining a rewards program that offers discounts every time you visit the pump. One option? Journie Rewards. Opens in a new window.

Consider the costs of oil changes, tire rotations and various repairs. You may also need to budget for winter tires, which provide increased safety when driving on Canada's often icy roads.

Insurance premiums can vary significantly from broker to broker. Shop around for a budget-friendly policy that gives you the coverage you need for your vehicle.

Pay off any parking tickets on time. It may not seem like a big deal, but a pile of unpaid tickets can potentially affect your new Canadian credit score.

Track how many times you take transit in an average week to determine whether it's more cost-effective to use pay-as-you-go fares or invest in a weekly, monthly or annual pass.

Want to spend a little smarter? Compare fares across a few different taxi and ride-share apps before you order your car.

If you have a car- or bike-share membership, assess whether you use it enough to justify the cost. You may not need your bike-share membership during the winter, for example.

Enter your debt payments

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Want to pay off your loan quicker? Switch your payments from monthly to biweekly to save interest and help you become debt-free faster.

Establishing a Canadian credit history is an important part of beginning a new life in Canada. By paying off your credit card or line of credit each month, you'll be off to a great start.

Do you have student loans from different banks and lenders? Debt consolidation is a way to pay off multiple unpaid balances by combining them into one lower-interest loan or line of credit.

Enter your family expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Get ready for that Canadian climate — leave room in your budget for clothing your kids may not have needed before, whether it's snowsuits or sun-protection swimwear.

You may want to take advantage of Canada's thriving second-hand market; there are plenty of apps, social-media groups and sites where you can buy or trade pre-owned clothing, or even get them for free.

This could include daycare, sitters and camps.

Make the most of your family-activity budget by seeking out attractions that offer discounted or free admission for kids.

Plan on sending your kids to post-secondary school one day? Consider building space in your budget for a registered education savings plan (RESP). Opens in a new window.

This could include housing modifications like ramps and railings, mobility equipment, bathroom attachments, adjustable beds, low-vision aids and adaptive clothing and shoes.

While Canada has a publicly funded healthcare system, not every expense is covered. Additional health costs for elderly family members can add up.

Use a service that doesn't have a transfer fee attached, like CIBC Global Money TransferTM, 1. Opens in a new window.

This could include food, accessories, grooming, dog walkers, veterinary care, obedience training and pet insurance.

Even laundry costs can pile up quickly, but there are ways to shave a few dollars off your budget: wash with cold water, use less detergent and line-dry your clothes if possible.

Enter your health, well-being and insurance expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Your provincial or territorial health insurance won't take effect right away. You can purchase private health insurance to cover this waiting period.

This could include life or disability insurance policies, and any other coverage you purchase outside a group or employer benefits plan.

Only include any out-of-pocket costs. Exclude amounts covered by insurance.

Only include any out-of-pocket costs. Exclude amounts covered by insurance.

This could include hairstyling, makeup, manicures and pedicures and massage therapy.

Going away for a few weeks? Many gyms and clubs let you pause your membership fees for a short period, giving you some extra funds for your trip budget.

This could include therapy or counselling, and wellness and meditation apps.

Enter your shopping expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

Canada has a thriving second-hand market; there are plenty of apps, social-media groups and sites where you can buy or trade pre-owned clothing and accessories, or even get them for free.

This could include appliances, furniture, linens and decorative items like artwork and plants.

This could include soap, toothpaste, toilet paper and cosmetics.

Enter your entertainment expenses

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

This could include admission to concerts, movies, museums, theatres, theme parks and more.

Hobbies could include supplies for crafting, woodworking, sewing or gardening — anything you spend on your personal pastimes. Recreation could include movies, books or video games you purchase.

Enter your gifts, donations and professional fees

Enter your expenses using whole numbers, then select a frequency. All fields are optional.

This could include anything spent on gifts for birthdays, holidays, weddings or any other occasion.

Do you know you can claim some donations on your taxes? For more Canadian tax info, check out our tax-savings tips. Opens in a new window.

This could include membership fees for professional organizations, such as a law society or trade union.

Enter your savings goals

Enter your savings goals using whole numbers, then select a frequency. All fields are optional.

Many financial experts recommend saving 3 to 6 months' salary for your emergency fund. It can be vital for coping with financial shocks such as home or car repairs or a loss of income.

To qualify for a mortgage, you'll be asked about your income and credit history. We have special programs to help newcomers and foreign workers buy homes. Opens in a new window.

If you don't need a special program but aren't sure how much mortgage you can afford, crunch the numbers with our mortgage affordability calculator. It can show you what kind of price range fits your budget.

If travel's a priority in your budget, consider getting a credit card with lots of travel perks. Opens in a new window. Benefits range from discounted flights to free travel insurance.

If you don't have enough cash on hand for a major purchase just yet, pay it off in smaller chunks with a low-interest Installment Plan. Opens in a new window.

The Government of Canada helps families contribute to their children's education funds. Learn about the Canada Education Savings Grant (CESG). Opens in a new window.

To access the CESG, you'll need to set up a registered education savings plan (RESP). Learn how to invest in your child's future with a CIBC RESP. Opens in a new window.

This could include money you put aside to help relatives come to Canada, pay for your children's education or care for aging family members back home.

Enter your employment income

Enter your after-tax income using whole numbers, then select a frequency. All fields are optional.

This is your take-home pay after tax and other deductions. Include a portion of any annual bonuses and other payouts.

Include the take-home pay – after tax and other deductions – of your spouse or partner, as well as any other members of your household.

Self-employed household members should set aside money from their earnings for income tax, and, if applicable, GST or HST payments.

Many employers have all kinds of great benefits most folks never use. Take an hour to sit down with your policy to learn about any coverage, and savings, you may be missing.

Learn about optimizing your finances with our guide to enjoying retirement. Opens in a new window.

Enter your investment income

Enter your investment income using whole numbers, then select a frequency. All fields are optional.

Thinking about moving and turning your primary residence into a rental property? Or living in your former rental property? To keep your finances on track, sort out the conversion taxes. Opens in a new window.

Don't forget: if your investments generate any returns or interest, you most likely need to pay some tax on them.

Enter your government-support funds

Enter your amounts using whole numbers, then select a frequency. All fields are optional.

Want to top up your budget a little? You may qualify under Canada's Employment Insurance (EI) program. You can still work part-time while you search for a job; you just need to declare it on your EI reports. Just remember, your income will be deducted from your EI payment.

There are a variety of tax credits available to newcomers in Canada. You can learn about some of these through the Canada Revenue Agency's page on federal non-refundable tax credits for newcomers and emigrants. Opens in a new window.

You can also check if your household qualifies for income support or essential services from newcomer-specific programs like the Resettlement Assistance Program (RAP). Opens in a new window.

If you care for family members who are elderly or disabled, you may be eligible for some government assistance. In Ontario, for example, the provincial government may help patients and seniors who need support living at home. Opens in a new window. Check your provincial government website for options that may work for you.

Are you receiving all the family support you're entitled to in Canada? Learn about Canadian child and family benefits. Opens in a new window.

If you receive social assistance, there are limits to how much savings you can have. Easily check your account balance, no matter where you are, with the award-winning CIBC Mobile Banking® App. Opens in a new window.

Disability benefits are available through the federal and provincial governments, employer programs and insurance companies. Visit the Government of Canada for more information about disability benefits. Opens in a new window.

Enter any other sources of support funds

Enter your amounts using whole numbers, then select a frequency. All fields are optional.

You may be required to show sufficient savings to settle in Canada. Learn about Canada's proof of funds for skilled immigrants. Opens in a new window.

Do you need financial support from your family back home? Learn how to send and receive money in Canada. Opens in a new window.

Going back to school to retrain or recertify your credentials? Many organizations offer financial support for newcomers, which you may qualify for. Apply for these as early as possible while you still retain your newcomer status.

This could include sponsorship funds or support from your faith community.

If you borrow from family to help cover your expenses, consider documenting the terms of the loan in writing. This can help reduce stress in the future, as everyone will be clear on the repayment plan.

If you want to apply for a new loan or line of credit, we can help find the lending product that's right for you. Just schedule a virtual or in-person meeting with one of our advisors. Opens in a new window.

Annual expense breakdown

 
 
 
 
 
 
 
 
 

Your budget

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Save your budget as a PDF or print a copy so you can share it with your advisor. They'll use it to help build a strategy that's right for you.

Compare your expenses and available money

 
 
 
 
 
 
 
 
 

Here's your personalized assessment

Save for your goals

Certain investments can help you grow your wealth over the long term. Here's why a strategy is important. Opens in a new window.

Build your Canadian credit score

A credit history can help you borrow money for big purchases. Learn how credit reports work. Opens in a new window.

Buy your own home

Once you're settled, you may want to purchase a property here in Canada, even if you don't have a Canadian credit history. Check out our newcomer guide to buying a home. Opens in a new window.

Build your Canadian credit score

A credit history can help you borrow money for big purchases. Learn how credit reports work. Opens in a new window.

Stay on track to your goals

Get custom tips to help you manage your spending and grow your savings with CIBC Insights. Opens in a new window.

Grow your wealth

Optimize any Canadian investments and increase your savings with these wealth-boosting ideas. Check out our advice on how to improve your financial future. Opens in a new window.

Budget better

Budgeting is a skill like anything else; thankfully, you can improve with a few easy tips. Get some advice on how to create a smart spending plan — and stick to it. Opens in a new window.

Track your expenses

Still not sure where your money's going? Get custom tips to help you manage your spending and grow your savings with CIBC Insights. Opens in a new window.

Reduce your debt

If you're feeling overextended and can't keep up with your payments, we're here for you. Learn about some ways to get debt help. Opens in a new window.

Budget breakdown

Budget breakdown

We can help you stay on track

Meet with us Opens in a new window.

More helpful resources for newcomers

A bank account custom-made for newcomers, with no monthly fee for the first year2.

Start learning about Canadian investment products and strategies that can help you grow your wealth.

Use our handy checklist to review important things to do in your first year here in Canada, stress-free.

More helpful resources for newcomers

Opens in a new window.

A bank account custom-made for newcomers, with no monthly fee for the first year2.

Opens in a new window.

Start learning about Canadian investment products and strategies that can help you grow your wealth.

Opens in a new window.

Use our handy checklist to review important things to do in your first year here in Canada, stress-free.