As per the reports, the Average Income in Canada varies from $54,600 to $105,000 yearly. In comparison to the previous years, Canadians have started making more money. Their salary has grown by nearly about 4%. Immigrants move to Canada to improve their standard of living and for better career opportunities for job seekers. It is one of the top study-abroad destinations for many students due to its lower tuition fees compared to the US, Australia, and the UK. Also, there is a high ROI in Canada. To learn more about Canadians’ Average Income in 2024, go through the article.
Canada Average Income 2024
Canada offers a lot of job opportunities for the job seekers. Individuals’ salary depends on various factors such as education level, experience level, skill, type of work, etc. Based on that the individuals will get paid. The person can earn CAD 20.16 per hour on average in Canada which is nearly CAD 1,211 weekly. The Average Salary in Canada has increased by 4% in some sectors, while other sectors have even ranged from 8% to 26%. Many industries have resulted in the utmost growth. It is suggested to decide beforehand wherever you want to work so don’t have to search for it. Every Province has different minimum wage rates depending on their cost of living. That’s why many provinces have raised their minimum wages to give some financial relief to their citizens.
Average Income of Canadians 2024- Overview
| Title of the Article | Canada Average Income 2024 |
| Country Name | Canada |
| Average Income of Canadian | CAD 54,600 to CAD 105,000 yearly |
| Highest Minimum wage per hour ( province wise) | $16.75 in British Columbia |
| Highest Average salary province wise | $72,280 in Nunavut |
| Category | Financial Aid |
Average Salary in Canada by Province
Every province and territory in Canada offer different minimum wage rates and average salaries to their citizens. And it keeps on varying depending on the inflation rates. So that, any citizen does not face any financial difficulty. Nunavut, Newfoundland, and Labrador are the Highest Average Salary Province in Canada.
In the table below you can find out the average salary and minimum wage rate of Canadian provinces and territories:
| Province Name | Minimum Wage Rate on an hourly basis | Average Salary per year |
| Alberta | CAD 15.00 | CAD 41,589 |
| Manitoba | CAD 15.30 | CAD 44,321 |
| Newfoundland and Labrador | CAD 15.00 | CAD 67,803 |
| Nova Scotia | CAD 15.00 | CAD 64,981 |
| Ontario | CAD 16.55 | CAD 45,858 |
| Quebec | CAD 15.25 | CAD 40,858 |
| Saskatchewan | CAD 14.00 | CAD 39,773 |
| Prince Edward Island | CAD 15.00 | CAD 67,754 |
| British Columbia | CAD 16.75 | CAD 58,497 |
| New Brunswick | CAD 14.75 | CAD 65, 756 |
| Nunavut | CAD 16.00 | CAD 72, 280 |
| Northwest Territories | CAD 16.05 | CAD 48, 484 |
Highest Paying Jobs in Canada
In Canada, there are various job sectors where a person can earn enough to survive easily. The Salary depends upon various causes such as education level, province location, experience level, job role in the industry, etc. Healthcare is one of the highest paying jobs professional-wise. After that finance, technology, and engineering fields are considered. Some Highest Paying Jobs in Canada are stated below:
- Specialist Physicians and Surgeons- CAD 200,000 yearly
- Dentists- CAD 140,000 or even more yearly
- Pharmacists- CAD 100,000 yearly
- Engineering Managers- CAD 80,000 to CAD 120,000 yearly
- IT Managers- CAD 90,000 to CAD 150,000 yearly
- Lawyers- CAD 150,000 to CAD 300,000 or more yearly
- Pilots- CAD 75,000 to CAD 150,000 yearly
- Financial Managers- CAD 95,000 to CAD 130,000 yearly
- Petroleum Engineers- CAD 100,000 to CAD 200,000 yearly
However, these professions require a definite set of specific skills, appropriate training, experience, degree, and more. That’s why it results in higher salary ranges compared to other fields. The salary and benefits differ from company to company for the employees depending on their job role and experience.
Average Salary in Canada by Age Group
The Average Salary differs by age group mainly because of the age difference, education level, experience years, and more which results in less and more salary among them. Individuals in the early age group prefer part-time jobs more as compared to others as they don’t have that much education level. Once they get a proper education they can switch to a permanent job where they can gain enough work experience. That will lead to a Higher Average Monthly and Yearly Salary.
Average Salary for aged 16-24 Canadians
- Average Monthly Salary: CAD 1,400
- Average Yearly Salary: CAD 17,300
Average Salary for aged 25-34 Canadians
- Average Monthly Salary: CAD 3,908
- Average Yearly Salary: CAD 46,900
Average Salary for aged 35-44 Canadians
- Average Monthly Salary: CAD 5,308
- Average Yearly Salary: CAD 63,700
Average Salary for aged 45-54 Canadians
- Average Monthly Salary: CAD 5,558
- Average Yearly Salary: CAD 66,700
Average Salary for aged 55-64 Canadians
- Average Monthly Salary: CAD 4,550
- Average Yearly Salary: CAD 54,600
Average Salary for aged 65 and above Canadians
- Average Monthly Salary: CAD 1,883
- Average Yearly Salary: CAD 22,600
Which Factors are Affecting the Source of Income in Canada?
Individual salary depends on many factors which leads to increases or decreases in the Average Salary of Canadians. Some of the factors are mentioned below:
- Education Level: The individual’s education plays a very important role in the job. If they have a specialized degree or skills in some field, then they would be paid accordingly.
- Location: The business location also affects the income. If that certain area had a higher cost of living, then the person would be paid more.
- Working hours: If the person is working part-time then obviously, they will be paid less as compared to the full-time worker.
- Company Size: As compared to the small firms the larger companies have more resources and depending on that they pay their workers.
- Economic Factors: Factors such as government policies, demand and supply impact salaries.