Quick Answer
80,000 is an above-average salary in Toronto, placing you above roughly 74% of earners. After taxes (~22.7% effective rate), your take-home is approximately $5,152/month. A 1-bedroom apartment averages $2,100/month (41% of net income).
Wondering if 80k is a good salary in Toronto? The answer depends on several factors unique to Toronto's economy and your personal circumstances. In this guide, we break down exactly what 80k buys you in Toronto, from housing and groceries to taxes and savings potential.
Toronto (pop. 2.8 million) is moderately expensive compared to global metros, with a cost of living index of 75 (NYC = 100). Average 1-bedroom rent is $2,100/month and a monthly transit pass costs $130. It's considered a strong tech market with a tech score of 7/10.
Understanding salary adequacy in Toronto starts with the basics: how much of 80k do you actually take home? After federal and local taxes, social security contributions, and any mandatory deductions, the net figure is what determines your daily life. In Canada, the gap between gross and net can be surprisingly wide depending on your tax bracket.
The dining and entertainment landscape in Toronto also reflects in your salary's spending power. A city where a casual dinner costs $15 is very different from one where the same meal runs $45. These seemingly small differences compound over a year and significantly affect how comfortable 80k feels in daily life.
Healthcare costs vary widely by country and can dramatically affect salary evaluation. In countries with universal healthcare, 80k goes further because medical expenses are largely covered. In markets where health insurance is employer-provided or out-of-pocket, the true value of your salary depends heavily on your benefits package.
Education costs—whether for yourself or dependents—are another factor that shapes salary adequacy in Toronto. International school fees, university costs, and professional development expenses all come into play when evaluating whether 80k supports your full lifestyle needs.
Finally, consider the savings potential at 80k in Toronto. After covering all essential and discretionary expenses, how much can you realistically put aside each month? The ability to build financial security—whether through savings, investment, or property ownership—is ultimately what separates a "good" salary from merely an "adequate" one.
Is 80k a good salary in Toronto in 2026?
80k is an above-average salary, placing you above roughly 74% of earners in Toronto. The local median salary is $58,000, so earning $80,000 puts you at the 74th percentile. After accounting for housing (average $2,100/month for a 1-bedroom), taxes, and daily costs, this salary allows for meaningful monthly savings.
How much tax will I pay on 80k in Toronto?
On a gross salary of $80,000 in Canada, you can expect an effective tax rate of approximately 22.7%. This means roughly $18,172 per year goes to taxes, leaving you with a net income of about $61,828 per year ($5,152 per month). The exact amount may vary based on deductions, filing status, and local levies.
What is the average rent in Toronto in 2026?
As of 2026, the average rent for a 1-bedroom apartment in central Toronto is approximately $2,100 per month, while a 2-bedroom averages around $2,900 per month. On a 80k salary, a 1-bedroom rent would consume about 41% of your after-tax income, which is a very high share of income.
How does 80k in Toronto compare to other cities?
Purchasing power varies by city, so 80k in Toronto is not equivalent elsewhere. Adjusted for cost of living, the same standard of living would require approximately: New York ($106,400), London ($90,400), San Francisco ($112,000). Toronto has a purchasing power index of 82 (NYC = 100), meaning your money goes somewhat less far than in New York.
What is the cost of living in Toronto in 2026?
Toronto has a cost of living index of 75 (where New York = 100), making it a moderately expensive city. Key monthly costs include: rent ($2,100 for 1BR), groceries (~$351), transport ($130), and utilities (~$113). Total monthly expenses for a single professional average around $2,882 before discretionary spending.
Can I save money on 80k in Toronto?
On 80k in Toronto, your estimated monthly take-home pay is $5,152 after taxes. With typical expenses of $2,882/month (rent, groceries, transport, utilities, and leisure), you could potentially save around $2,270 per month ($27,240/year). This provides solid room for building an emergency fund and investing.
Last updated: 2026-02-19 | Data sources: Numbeo, OECD, Glassdoor, and local government statistics.
Disclaimer: This page uses market data and cost-of-living sources for guidance. All figures and advice are estimates, not guarantees. Local conditions and personal circumstances may vary.
