What is the average household income in Canada for 2020-2021?

According to Trading Economics, the Looking forward, the average disposable personal income in Canada will be about 1381930.49 CAD million in 2021 and 1450228.00 CAD million in 2022.

The changes in the average household income in Canada in 2021 is expected to be a reflection of the changes in the spending habits after the pandemic stuck.

The pandemic is expected to have an impact on the cost of living in Canada. The prices of certain basic necessities may rise or fall, for example housing costs are expected to fall by 7 percent.

For workers around the country, the average Canadian wage in 2020 was $1,050.59 which means that the average annual salary for full-time employees is just over $54,630 a year.

The average salary in Canada in 2020 increased by 4% since January 2019.

The average Canadian wage for workers around the country in 2020 was $1,050.59 a week as of January 2020, which means that the annual average salary for full-time employees is just over $54,630 per year.

Canadian Annual Salary-Average figures by province and territory

• Newfoundland and Labrador – $55,508 (+2.3)
• Prince Edward Island – $45,912 (+3.6%)
• Nova Scotia – $48,470 (+4.3%)
• New Brunswick – $49,511 (+2.9%)
• Québec – $51,735 (+4.8%)
• Ontario – $55,524 (+3.8%)
• Manitoba – $49,661 (+0.1%)
• Saskatchewan – $54,371 (+1.9%)
• Alberta – $61,865 (+3.8%)
• British Columbia – $53,416 (+5.6%)
• Yukon – $61,812 (+5.0%)
• Northwest Territories – $77,670 (+5.4%)
• Nunavut – $87,355 (+20.1%)

The average salary is higher in provinces which have a traditionally strong economy- Alberta ($61 865), British Columbia (53, 416), Ontario ($55, 524), and Saskatchewan ($54, 371) at the same time, these provinces also have higher living costs.

Much of Canada’s highest average wages in 2020 can be found in Nunavut, the Northwest Territories and the Yukon, with about the same average wage as in Alberta.

Provinces/territories with the highest rate of salary growth

• Nunavut – +20.1%
• British Columbia – +5.6%
• Northwest Territories – +5.4%
• Yukon – +5.0%

Average Canadian Annual Salary by Job Sector

• Accommodation and Food Services – $22,877.92 (+6.4%)
• Administrative and Support – $47,369.92 (+9.4%)
• Arts, Entertainment and Recreation – $40,241.76 (+26.3%)
• Construction – $68,374.28 (+3.2%)
• Education – $58,343.48 (+6.5%)
• Finance and Insurance – $76.843 (+9.1%)
• Forestry and Logging – $58,739.20  (-8.9%)
• Health Care and Social Assistance – $52,888.68 (+8.4%)
• Information and Culture Industries – $71,634 (+4.3%)
• Management of Companies and Enterprises – $74,560.72 (+0.0%)
• Manufacturing – $59,250,36 (+1.6%)
• Mining, Oil and Gas Extraction – $113,506.12 (+3.1%)
• Professional, Scientific and Technical Services – $76,077.56 (+2.0%)
• Public Administration – $75,799.88 (+9.3%)
• Real Estate (Rental/Leasing) – $58,623.76 (+14.6%)
• Retail – $34,503.04 (+8.0%)
• Transportation and Warehousing – $61,011.08 (+6.7%)
• Utilities – $101,531.04 (+1.6%)
• Wholesale Trade – $67,456.48 (+2.8%)

This information is based on the figures as on June 2020.

Although the average Canadian wage increased by 4% in 2020, this does not mean that this growth rate is consistent across all industries and sectors of the economy. In fact, six of the industries mentioned above enjoyed an average wage increase of more than 8%, double the national average:

• Arts, Entertainment and Recreation – +26.3%
• Real Estate (Rental/Leasing) – +14.6%
• Administrative and Support – +9.4%
• Public Administration – +9.3%
• Finance and Insurance – +9.1%
• Health Care and Social Assistance – +8.4%
• Retail – +8.0%

The average salary in Canada is $68,911 per year or $35.34 per hour. Entry level positions start at $25,298 per year while most experienced workers make up to $117,148 per year.

The more years of experience will get a higher salary. Those with 2 to 5 years of experience earn 32% more than freshers across industries. Those with more than 5 years of experience can earn 36% more.

Job Sectors with the highest average annual salary

• Mining, Oil and Gas Extraction – $113,506.12
• Utilities – $101,531.04
• Finance and Insurance – $76.843
• Professional, Scientific and Technical Services – $76,077.56
• Public Administration – $75,799.88

Cost of living

The cost of living in Canada is much more affordable compared to other countries such as Australia and the USA.

Source: Investopedia

People usually have equal annual incomes in the U.S. and Canada. Nevertheless, with greater government support for maternity leave through job insurance schemes, Canada has a better government-mandated family policy. Canadians may expect to pay less than the cost of healthcare as well. In addition, in Canada, educational university expenditures are also lower.

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