Understanding the Average Income in Canada
Published July 25, 2023.
As a newcomer to Canada, you may want to understand more about what type of income you can expect and how your annual salary will vary depending on the province you live in and the industry that you work in. In this blog, we’ll explore the average annual family income in Canada, which industries in Canada offer the highest pay and what key factors to consider before taking a new job.
Canada is one of the highest-paying countries in the world. The unemployment rate is at an all-time low so it is a great time to be in the market for a new job. Canada is experiencing a labour shortage and this trend shows no sign of slowing down any time soon. Skilled and unskilled workers are needed across all provinces. It is important to understand what the average income in Canada is right now, and which provinces offer the highest average salary.
What is the Average Income in Canada for 2023?
Currently, the average income in Canada is $59,300 after tax deductions. A recent government report revealed that the average national salary is expected to increase by 4.2% in 2023. Alberta, Nunavut and Yukon offer the highest annual salary average. In Alberta, the average salary in 2022 was $60,000. Nunavut’s average salary is $82,875 and Yukon’s is $67,207. The average income in Canada also varies depending on an individual’s education and expertise.
What is the Average Annual Family Income?
Canadian households bring in an estimated $115,700 yearly. In comparison, a single-parent household earns an average of $46,500. These figures will differ depending on the household makeup. Canada is highly ranked worldwide for its quality of life, excellent annual salary, political stability and great job security for families.
Which Industries Offer the Highest Salary in Canada?
Canada’s mining, quarrying, oil and gas extraction industries offer the highest weekly wages, $2,242. The arts, entertainment and recreational sectors reported the highest raises, with year-on-year growth of 26.3%. It is interesting to note that the fastest-growing industries in Canada are:
- Finance and insurance
- Arts and entertainment
Exciting career opportunities are available across all sectors in Canada – there has never been a better time for a career switch.
Key Factors to Consider Before Accepting a Job Offer in Canada
While province and industry are important factors for determining an individual’s average salary in Canada, there are other elements that come into play as well. There is a pay gap between men and women in Canada, with women earning 89 cents for every dollar that a man earns. In addition, Canadian immigrants earn an estimated 10% less than workers born in Canada. This immigrant wage gap has doubled over the past 30 years. It is important for newcomers to Canada to be aware of Canada’s wage gap and how it can impact their overall earnings. There is a cost-of-living crisis caused by rising interest and inflation rates. The prices of gas, food and oil are examples of everyday costs that have increased in Canada.
Windmill Helps Newcomers Succeed in Canada
At Windmill, we are proud to empower skilled immigrants and refugees to achieve their full potential in Canada. Every newcomer deserves to find work that aligns with their skills and expertise. We offer career loans of up to $15,000 for skilled immigrants with permanent status in Canada. Our loans can be used to fund accreditation, licensing and professional development costs. Learn more about how we support newcomers here.