In 2024, when inflation is at its peak, it’s important to know about the average monthly and annual income of the country where you are residing. Here, in the below article we are going to talk about the monthly and annual income in Canada.
As Canada is popular for being one of the most expensive countries in the world. Canadian people should be aware about their country’s average monthly and annual income, specifically the workers and employees in the country. It will help them to manage their expenses wisely. Let’s get into the details of Canada’s monthly and annual average income in the article below.
Canada Average Income 2024
Individuals from other countries who are searching to work abroad can find a job in Canada. The country has a variety of job opportunities depending on the people’s education/qualification, their skills and ability to work, each individual’s income may vary. An individual’s average annual income in Canada is $55,000 to $60,000. On the other hand, an individual can earn $20.16 per hour on an average, which sums to weekly CAD 1,211.
Some industries in Canada have made an increase of up to 4% in the average salary of workers. Whereas, some Canadian industries made an increase of 8% to 26% in the past years. Every province has their own criteria of deciding salaries and wages. According to the cost-of-living in a province and the quality of life people are having in a particular province affects the income of the workers and employees.
Canada’s $10000 Tax Credit 2024
Highlights of Canada Average Income 2024
| Title | Average Income in Canada in 2024 |
| Country | Canada |
| Department | Canada Revenue Agency |
| Weekly average income | $1,211 |
| Monthly average income | $5,400 |
| Annual average income | $55,000-$60,000 |
| Post Category | Finance |
| Official Portal | https://www.canada.ca/ |
Average Income of Canada (Province Wise)
| Province Name | Average hourly income | Annual Average Income |
| 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 |
Cost-of-Living in Canada
Living in Canada is quite expensive and Canadian citizens are very much aware of it. An average monthly cost-of-living for a single individual who is not paying rent is $996.1. For couples an average monthly expenses crosses $3,500 in the country. The expenses include transportation cost, grocery expenses, food and personal requirements. The average income upgrades each financial year which enhances the quality of living of the people in the country.
Amid inflation, the cost-of-living in Canada is increasing day-by-day. Workers and employees in Canada have to put more effort into earning more to maintain a healthy and better lifestyle.
Factors that affect the average income in Canada
- Education and Experience: People with a good level of education and a good experience tend to receive more salary, then others. People who are specialized in a skill or have gathered various certificates are also entitled for a good and higher salary.
- Geographical Position: People living in expensive cities receive higher salaries than those who are residing in rural and low-cost areas. For example, high cost cities like Vancouver and Toronto offer higher wages and salaries to their workers and employees.
- Dependency on industries and occupation: Industries like healthcare, technology, finance, engineering often offer higher salaries to their workers and employees. On the other hand, industries like hospitality, retail, and other service industries provide lesser salaries to their workers.
- Age and gender: Despite trying to remove the gender gap, there are still places where gender matters. Age also plays a critical role in deciding the salary of individuals. People who are freshers and young tend to receive less salaries than those who are older and experienced.
All We Know
A good income is important in one’s life as it allows them to live a better quality of life. As inflation is also increasing, and being a part of an expensive country, Canadian citizens have to work hard to generate a good amount of income to live a healthy life in the country. The average monthly income in Canada is $5,400 and average yearly income ranges from $55,000 to $60,000. Knowing about these figures can help the citizens to plan their expenses accordingly.
| Home Page | https://www.easthamptonchamber.com/ |
FAQs of Canada Average Income 2024
The monthly average income in Canada is 5,400 in Canadian dollars.
People in Canada receive an average annual income of $55,000 to $60,000.
Cities like Vancouver and Toronto provide higher wages and salaries to their workers and employees.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal