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

The average income in Canada is essential for managing expenses. Canadians typically earn between CAD $55,000 to $60,000 annually, with income varying across different service sectors.

Last year, Canada was among the top 20 countries with the highest average income rates globally, highlighting its strong economic position.

Living in Canada is expensive. For a single individual, the cost of living (excluding rent) is approximately $996.1 per month. Couples face over $3500 in monthly expenses, including transportation, food, and personal needs.

The current employment rate in Canada is 62.1%, with a gradual increase noted over the years. The unemployment rate was 5.4% in June, improving from 5.28%, as reported by the Labour Force Survey.

Major sectors include retail, small and large businesses, food services, transport, personal grooming, banking, hospitality, and healthcare.

In 2021, the average annual salary was $59,300. The average hourly wage is $22.50, with monthly income dependent on total working hours and wage rates.

Canadians often supplement their income by renting out properties or vehicles. Investments in businesses and stocks are also common sources of passive income.

The Canada Revenue Agency manages financial processes to ensure a smooth balance between income and expenses, considering the cost of living and emergency funds.