Yes, definitely! Lighting does not need to be crazy expensive unless you want it to be crazy expensive. (That 50 is going to be your best friend when you're starting, a fixed focal length gives you one less thing to worry about while you're fussing with lights. It's also a super sharp lens).

First, you're going to need a flash. Off-camera capabilities are ideal, and Canon has some amazing speedlites (that also come at an amazingly high price). I recommend this one. it's affordable, it has in-flash metering, and it comes with wireless capabilities. (your camera also has in-camera wireless flash triggering, but you need a flash that's compatible)

Next, a light modifier. bare flash is terrible for portraits, especially single-subject portrait work. What I personally would recommend (this is totally subjective), is a light stand with a shoot-through umbrella mount and a reflector. Umbrellas are cheap (I bought a ProMaster shoot-through umbrella for like $15 about a month ago, it works great), a light stand or two may run you about 40 bucks or so, and a bracket that fits your flash and umbrella on your stand is cheap (example ).

Reflectors can be found anywhere, Neewer makes generally cheap stuff (kinda crappy sometimes imo), but you don't need an expensive one. 20-30 bucks is good enough.

For the techniques and lighting methods you can do with a one-flash, one-reflector setup, a quick google search can give you some great ideas. However I recommend reading Strobist. Super good insight, some gear picks (that are more expensive), and some tried and true lighting methods to give you awesome results.

My biggest recommendation is to use the tried and true methods as a jumping-off point, and start playing around with your setup. You can do incredible things with one flash and one reflector, and while it can be intimidating at first, it can only get easier. Good luck!