$120,000 is $57,950 more than the average yearly salary of $62,050 in Toronto. A salary of $120,000 per year means that you would be taking home about $85,955 per year after taxes, or $7,163 per month to pay for things like housing, transportation, groceries, and entertainment. The average household income in Toronto is $121,200.
Updated: September 1, 2024
Average Cost of Living per Month in Toronto
The average cost of living in Toronto is $4,129/month for a single person who rents.This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.
Average cost of living
$4,129/month
Monthly net income of $120,000/year
$7,163/month
Average total income in 2020
$62,050
Average total household income in 2020
$121,200
Average Salary in Toronto
The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $120,000 a year in Toronto makes 93.4% more than the average working person in Toronto and will take home about $85,955.
Cost of Living Calculator
Below are the details used to generate the average Cost of Living for Toronto. Change the inputs to match your lifestyle and see how it compares to the average cost of living and a salary of $120,000.
Renter
Homeowner
Housing
The average monthly cost of rental housing in Toronto is $2,125.
$0$5,000
Transit
Driver
Transportation
The average monthly cost for a driver in Toronto is $634.
$0$1,000
Groceries
The average person spends $488 on groceries per month in Toronto.
$0$1,500
Utilities
The average monthly cost of utilities in Toronto is $135.
$0$600
Leisure & Entertainment
The average person in Toronto spends $174 on leisure & entertainment per month.
$0$1,000
Clothing
The average person in Toronto spends $43 on clothing per month.
$0$500
Restaurants
The average person in Toronto spends $380 on restaurants per month.
$0$1,000
Other
The average person in Toronto spends $150 on miscellaneous goods and services per month.
$0$2,000
General Disclaimer: This tool is designed for approximation purposes only and should not be used to replace a legal or accounting authority. To simplify the process, some variables are assumed to calculate the numbers included on this page. The results of this calculator should not be relied upon to determine career or tax decisions.
Your Results
Disclaimer: These numbers estimate what it costs to live in Toronto based on Numbeo data. People can live in the city for much less, while others may need much more to fund their lifestyle.
Your cost of living
$4,129/month
Monthly net income of $120,000/year
$7,163/month
Jobs in Toronto
Dawn InfoTek Inc.
Toronto, ON • Remote
$70.00 - $90.00 / hour
Permanent
Yesterday
