Canadians love their pets.
As of 2024, there were an estimated 7.2 million dogs and 8.2 million cats in Canada, meaning that more than half of Canadian households have a furry companion, according to data from the Canadian Animal Health Institute.
While pets offer invaluable benefits, such as cuddles and companionship, they aren’t always cheap. Between food, vet bills, pet insurance, grooming, pet sitters, medication, and toys, owning a pet can be pricey.
According to pet care company Rover, a cat’s lifetime costs can range from $13,095 to $73,585, depending on the size of the cat and its lifespan. Over a dog’s lifetime, owners can spend anywhere from $17,343 to $53,935 depending on the breed, size, and health conditions of the dog, Rover reports.
And when it comes to pet ownership, some owners are anxious about rising costs.
A recent Canadian Rover survey found that nearly 1 in 4 cat owners polled are worried about being able to afford the things their furry friend needs right now, and 45% of dog parents surveyed are concerned about the increasing cost of care over their pet’s lifetime.
TD Stories spoke to a cat owner and dog owner to get an idea about the realities of pet ownership and its associated costs, as well as a personal finance professional to get their advice on how to help budget for a pet.
Amanda Whalen, a media professional in Toronto, adopted her cat Lexi from the Ontario SPCA York Region Animal Centre in 2017.
Before she adopted Lexi, she adopted a cat that got sick within six months of taking her home. The blood work, X-rays, and vet bills came to around $3,000, and ultimately the cat passed away. That experience was incredibly emotional for Whalen and caused her to approach pet ownership for the second time differently.
She wanted to be financially prepared to cover any of Lexi’s possible medical expenses, so she decided to get pet insurance as soon as she adopted her. She also started an emergency fund for costs that aren’t covered by her pet insurance policy, such as dental care. (The fund currently has about $1,000 in it.)
"The pet insurance gives me peace of mind,” Whalen said. “Lexi had a urinary tract infection three years in and had to try different medications. The insurance covered a good chunk of those costs.”
Outside of food, litter, and pet insurance, Whalen said she also needs to budget for cat sitting if she goes on vacation and a family member or friend can’t watch Lexi. She has booked cat sitters using an app, and the cost was about $20 a day.
"I think prospective pet owners need to think about future costs, too. It’s important to consider that you might not always have a friend to watch your cat, so you might have to invest in a pet sitter,” she said.
Abby Fong wanted a dog for a while, but she waited until she was financially ready to manage the costs. The Toronto-based communications professional grew up with dogs, so she knew the commitment they required.
In 2024, Fong felt ready to start searching for her future pet.
She loved Aussiedoodles – an Australian Shepherd and Poodle mix – and found a breeder who had puppies available. “I went with a breeder for a specific type of dog because I needed to have one that was hypoallergenic,” Fong said.
In April, she took home Lenny and instantly fell in love.
Fong had pet insurance for Lenny, which came in handy shortly after he settled in. Lenny had a parasite, and the vet bills to treat him added up to almost $4,000. “Luckily those costs were covered by our pet insurance,” Fong said.
Fong works from home part-time, so she only needs a dog walker about twice a week. Each walk is $30.
There’s also the cost of grooming, which she's still figuring out. “Because he's a puppy, I don't have a cadence of how often he will need to be groomed,” Fong said. "He had his first cut recently, and that was about $50.”
Like Whalen, Fong said there are expenses to consider when it comes to pet sitting. Even though Fong has had friends watch Lenny when she’s away, she still thanks them with gift cards. These gift cards range from $40 to $100, she said.
It’s important future pet owners feel ready to take on the financial responsibilities of owning a dog, Fong said, because these costs can really add up.
"Obviously, dogs are so cute, and there’s always a reason to want one, but pet ownership isn't a small thing,” Fong said. “There was a reason why I really had to think about it and wait a bit. That ended up being the best decision, because now I'm more financially secure.”
Pet budgeting tips
Kristy Irwin, Product Group Owner, Youth & Student in the Everyday Advice Journey at TD, knows the importance of budgeting for a pet firsthand. She’s had her Golden Retriever for about four years and said there are many costs to consider.
Understand the ongoing costs of pet ownership
Before deciding whether to take home a pet, Irwin said it’s wise to create a list of the ongoing expenses associated with ownership. This includes food, veterinary services, pet care, grooming, pet insurance, and toys.
“Once you list those out and understand roughly what that is going to cost you every month, you can then make sure that it fits within your overall budget,” Irwin said. “Knowing what other fixed expenses you have each month, it’s important to ask yourself how comfortable you are with these additional expenses.”
And, if you’re looking to get a puppy or kitten, don’t forget about the initial costs associated with them, such as adoption fees, initial vaccines, neutering or spaying, and new pet care items such as food bowls, leashes, and litter boxes. You’ll need to budget for these upfront expenses, too.
Start a pet emergency fund
Once you determine the average monthly cost of pet ownership, it’s a good idea to set up a pet emergency fund. Having money put aside specifically for unexpected expenses for your pet, such as a medical emergency or destroyed household items that need to be replaced, can help reduce financial stress in the moment if such situations should occur.
Irwin said she started a pet emergency fund as soon as she got her dog and puts in money monthly.
“Setting aside a little bit of money every month in a savings account – an account that you can easily and quickly access if needed – can help cover unexpected expenses and prevent you from dipping into long-term savings or possibly derailing your financial goals,” Irwin said.
Be mindful of spending and find ways to cut down on costs
While it can be tempting to buy a new pet everything you think they’ll need right away, such as several toys, Irwin suggests getting the necessities, then waiting on the extras.
“What I learned is that puppies often destroy toys quickly, so try and wait until you get to know your pet a bit more to understand what they like, and what they don't like,” she said.
"Maybe you load up on cute stuffed toys, only to find out your dog ignores them and just wants to chase a ball. I wasted money up-front buying things that my dog isn't interested in.”
Irwin also suggests seeing what you can buy secondhand and leaning on family and friends to help with pet care when possible. While it may not be feasible all the time, having a loved one look after the pet when you’re working or out of town can cut down on dog walking or pet sitting costs.
“Pets are like bringing in another member into your household, so just like you would budget groceries for a family, you have to think about the expenses that go along with your furry friend,” Irwin said.