I'm currently in Bali and have been here for that last month. It can definitely be pretty cheap! It's easy to make it by on $30 CAD per day in the areas I've been so far, Ubud, Changgu, Gilli T Island. I think some of the super touristy areas (e.g. Kuta) might not be as realistic with such a small budget though.
I would highly recommend Ubud! Lots to do, great food options, lovely chill vibes and a truly unique city
Let me know if you have any other questions!