Canada Average Income 2024: What is the Monthly and Annual Average Income in Canada?

Written byPraveen Singh

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Canada Average Income 2024: To context the work and help individuals recognise their position in the job market, it is important to review the Canada Average Income 2024. It must be noted that there are different working age groups and the average salary differs for all those groups due to different working experience and other factors. Do you know that Canada is known as one of the top twenty highest-paying countries in the world?

However, the income varies across provinces and industries. If you are planning to settle in Canada or want to make a future, it is important to have good knowledge about the Canada Average Income in 2024 and What is the Monthly and Annual Average Income in Canada.

Canada Average Income 2024: What is the Monthly and Annual Average Income in Canada?

Canada Average Income 2024

The Canada Average Income is an average amount of the total income that people working in Canada are getting in a month or a year. As per the latest reports, CAD 40,000 to 55,000 per year is Canadian Average Income for the 2024 tax year. The income amount is calculated according to the margin of the different service sectors over there.

Income is the most important part of human lives. The income level of candidates decides their living standards. With the increasing inflation in the country, people are trying hard to get better jobs with more income. Below is the table showing Province-Wise Wages:

ProvinceMinimum Hourly Wage
British Columbia$17.40
Manitoba$15.30
Prince Edward Island$15.40
Quebec$15.25
Saskatchewan$15.00
Yukon$16.77
New Brunswick$15.30
Newfoundland & Labrador$15.00
Nova Scotia$15.00
Nunavut$16.00
Northwest Territories$16.05
Ontario$17.20
Alberta$15

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What is the Monthly and Annual Average Income in Canada?

The following section consists of information regarding the Canada Average Income of different age groups. Please note that the information available here has been collected from Statistics Canada. The data is mentioned for previous years, we will update the data for the 2024 tax year as soon as the new data is provided. In the meantime, check out the Canada Average Income data mentioned below:

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  • 16 to 24 Years Old: This section consists of young adults who are just entering the workforce. This section includes most of the part-time workers especially those who are working along with the school.
    • Average monthly salary: $1,400
    • Average annual salary: $17,300
  • 25 to 24 Years Old: Most people who have completed their high school and post-secondary education come under this segment. Often, this segment has a few years of work experience and is ready to become established in their work life. This segment of people has a significant increase in earning amount from the group of 16 to 24 years old.
    • Average monthly salary: $3,908
    • Average annual salary: $46,900
  • 35 to 44 Years Old: Under this section, adults who have more established careers and are ready to move into higher positions come. Although the increment in their salary from the last group is less substantial it is still measurable:
    • Average monthly salary: $5,308
    • Average annual salary: $63,700
  • 45 to 54 Years Old: This section mostly includes people who have years of experience in their role and are now moving forward to leadership positions within their organization. The growth in salary amount is not much, which suggests that skill development is more relevant in the career:
    • Average monthly salary: $5,558
    • Average annual salary: $66,700
  • 55 to 64 Years Old: People who are entering the last decade of their work and almost entering the retiree phase. This section significantly faces a decrease in salary due to decreasing working hours, type of work and others:
    • Average monthly salary: $4,550
    • Average annual salary: $54,600
  • More than 65 Years Old: Individuals who are in the final years of their career while many are ready for retirement. The decreasing amounts show that many people are already exist the workforce and living on a pension:
    • Average monthly salary: $1,883
    • Average annual salary: $22,600

Conclusion

Canada is a country which provides one of the highest salaries, compensation and great job opportunities. The annual salary amount is also increasing if the cost of living is increasing. However, one must keep several factors in mind which can affect the Canada Average Income for a particular working sector. Individuals who are thinking of working in Canada should also check the region-specific official stats before making a decision.

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Frequently Asked Questions

What are the lowest-paying jobs in Canada?
Some of the lowest-paying jobs in Canada are Service station attendants, cashiers, Fast food preparers and Food preparation workers ($14 per hour).

What are the highest-paying jobs in Canada?
Some of the highest-paying jobs in Canada are Specialist physician, Software architect, Surgeon, Lawyer, Judge, Engineering manager, etc.

Which city in Canada has the highest average income?
Calgary is currently considered one of the highest-paying cities in Canada with an average annual salary of $104,410. Some other good-income cities in the data of Canada Average Income include Regina ($97,940 a year), Oshawa ($92,080 a year), and Victoria ($89,640 a year).

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1 thought on “Canada Average Income 2024: What is the Monthly and Annual Average Income in Canada?”

  1. Don’t be fool by numbers, especially from the government.

    Honestly how many people around you actually make around $50,000.00 annually. How much do you make???
    If this is true, Canadians should be a bunch of lucky and happy individual.

    Reply

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