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

Average Income Range: The average annual income in Canada ranges between CAD $55,000 to $60,000.

Cost of Living: The cost of living in Canada is significant, with expenses for a single individual reaching $996.1 monthly, excluding rent.

Employment Rate: Canada's current employment rate stands at 62.1%, showing a gradual increase in workforce participation.

Unemployment Rate: As of June, the unemployment rate in Canada was 5.4%, with efforts from the government aimed at reducing this figure.

Average Wage: The average hourly wage in Canada is approximately $22.50, influencing monthly incomes based on working hours.

Sources of Income: Besides employment, Canadians derive income from passive sources such as property rentals and investments.

Service Sectors: Major sectors contributing to the economy include retail, healthcare, hospitality, and transportation, influencing average income levels.