15 Canada Income Statistics You Shouldn’t Miss in 2024 (2024)

In recent years, we’ve seen robust growth in employment in Canada. While the COVID-19 pandemic has impacted this momentum, the current job outlook remains broadly optimistic.

The thing is:

Canada’s population is highly educated, and salaries across most industries are competitive. As of 2020, for instance, the average annual salary for full-time employees was around $54,630. So, it’s not surprising that Canadians have an above-average quality of life, as their income can afford it.

With that in mind:

Let’s delve deeper into some fascinating Canada income statistics to understand how Canadians are faring in terms of earnings and well-being.

Eye-Opening Canadian Income Statistics (Editor’s Choice)

• About 10.7% of Canadians have an annual income of $100,000 or more.
• Fully employed Canadians received an average yearly salary of around $54,630, Canada income statistics for 2020 reveal.
• Canadians owed $1.7 in credit market debt for every dollar of household disposable income.
• Canadian families and unattached individuals have a median income of $62,900 after taxes as of 2019.
• The average CEO of a top-100 company earns 202 times as much as the average Canadian worker.
• Nunavut registered the highest salary growth rate at 20.1%.
• British Columbia has a minimum wage of $15.65per hour.
• Canadians aged 45 to 54 have an average annual income of $67,400.

General Income Statistics for Canada

Whether you live there or are thinking about moving to the Great White North, income is one of the most important factors you should consider. Let’s dig into some numbers:

1. 10.7% of Canadians had an annual income of $100,000 or more in 2020.

(Source: Statistics Canada)

The average income in Canada varies a lot, depending on educational attainment, industry, and skills. Some 39.6% of Canadians have an annual income of over $50,000, which represents the largest group. About 3.8% of the population earns less than $5,000, including losses.

2. The average annual salary of fully employed Canadians was around $54,630 in 2020, Canadian salary statistics confirm.

(Source: jobillico.com)

If measured weekly, workers earned an average of $1,050.59. This showed a positive trend, underlining a 4% rise in earnings from January 2019. The increase in the growth rate was optimistic, seeing how the previous average annual income growth rate was only around 2.7%.

3. For every dollar of household disposable income, Canadians owe $1.7 in credit market debt.

(Source: cp24.com)

Perhaps surprisingly, disposable income Canada statistics reveal a decrease in the amount owed by Canadians compared with their income in Q1 2021. The household credit market debt as a proportion to the household disposable income, seasonally adjusted, declined to 172.3%. This means that the increase in household income has actually outpaced a rise in debt.

4. As of 2020, Canadian families and unattached individuals had a median income of $66,800 after tax.

(Source: 150 Stat Can)

The poverty rate in Canada also dipped to 6.4%, down from 10.3% in 2019. This means that the Canada median salary was virtually unchanged from 2018. However, the median market value of Canadian families and unattached individuals decreased by 3.3% and was $55,700 in 2020.

Due to the difficulties brought forth by the COVID-19 pandemic, relief programs provided approximately $81 billion in income support to about 8 million families and unattached individuals.

5. According to income statistics, the average Canadian family spends almost $39,000 on taxes every year.

(Source: Fraser Institute)

One of the significant expenses for every Canadian family is paying taxes. A study conducted by Fraser Institute found that the average Canadian family pays a total of $39,000 in taxes on an annual income of $91,535.

This shows that as much as 42.6% of their earnings go to taxes. Canadians pay more taxes beyond their income and payroll deductions, including property taxes, sales taxes, import taxes, alcohol taxes, and more.

Income Inequality in Canada Statistics

Income inequality is unfortunately still present in many countries. However, Canada strives to eliminate the gap. Read on to find out more:

6. Income inequality in Canada has decreased by almost 30% because of the tax systems.

(Source: Business Council of Alberta)

While inequality still exists in Canada, the Great White North has done a lot to close the gap. And the country’s progressive tax system has significantly improved Canadian income distribution.

While the bottom 40% earn around 13% of the total income earned before taxes and transfers, this figure goes up to 21% after taxes. On the other hand, the top 20% might make an average of $131,000, but they take home around $26,000 less after taxes.

Key takeaway:

This arrangement has done a lot to reduce income inequality among Canadians.

7. The average CEO of a top-100 company in Canada earns 202 times as much as the average Canadian worker, Canada income statistics from 2021 reveal.

(Source: NUPGE)

These figures for 2019 don’t bode well for talks of income equality. And this glaring fact was illustrated more starkly when the COVID-19 pandemic hit. Workers were laid off, and others had to rely on income support of just about $500 a week. Meanwhile, CEOs enjoyed a stock market boom, expecting an increase in their compensation in 2020.

8. In 2021, women earned 89 cents for every dollar earned by men.

(Source: Pay Equity Office)

Unfortunately, the gender pay gap is still as apparent as ever, as recent Canada income statistics determine.

The Ontario government reported that women with the same experience, socio-economic, and demographic background still earn approximately $6,600 less than their male counterparts annually and the gender pay gap was 11%. So, to earn the same 12-month income as men, women must work 14 months.

9. Indigenous Canadians earn around 70 cents for every dollar earned by non-Indigenous Canadians, Canada income statistics confirm.

(Source: evidencenetwork.ca)

This situation is pretty common in urban reserves, where non-Indigenous people earn 34% more than First Nation workers for the same work. And it’s even worse in rural reserves, where non-Indigenous people make as much as 88% more than their Indigenous counterparts.

On a brighter note, Indigenous people with university degrees are narrowing the gap. The income differential for those with a bachelor’s degree dropped from $3,382 to $648 in the period between 1996 and 2006.

Canada Average Income by Age

Wondering how much money different age groups make in Canada? We got you! Keep on reading to learn more about the average income by age in Canada:

10. Almost 2 million seniors live on $17,000 per year.

(Source: Canada Without Poverty)

Older adults in Canada have not been spared from struggles. In fact, nearly 15% of single elderly individuals live in poverty.

What’s more:

Approximately two million seniors try to make ends meet by living on the Guaranteed Income Supplement that they receive from the government. Their income per year is just around $17,000, which is lower than the Canada poverty line annual income for a single individual of $18,000.

11. Canadians aged 45 to 54 have an income of around $66,968.

(Source: The Measure of a Plan)

When looking at the average salary by age in Canada, we see that people enjoy their peak income years aged 45 to 54. At this point, they have an average income of $66,968, which is considerably higher than that of younger Canadians who belong to the 25 to 34 age group (around $45,953).

12. Millennials have a median after-tax household income of $44,093.

(Source: CBC)

According to recent Canadian income statistics, today’s younger people are wealthier than previous generations.

Here’s the deal:

Millennials aged between 25 and 35 earn a median after-tax household income of $44,093, compared to Gen-Xers’ ($33,276) and Baby Boomers’ ($33,350) at the same age. Click To Tweet

And before you ask: Yes, these figures were adjusted for inflation. However, it’s important to note that Millennials are saddled with higher debts than older generations were at the time, including student debt.

Average Income by Province

Finally, check out some fun stats about the Canadian provinces and their residents’ average income:

13. Nunavut has the highest annual salary average at $87,355.

(Source: Y-Axis)

Canada’s income levels vary widely depending on the region.

It might come as a surprise, but:

Canadians who live in Nunavut are more well-off than their counterparts in other provinces in the country. They earn an average of $87,355 a year.

Why is that?

Jobs in Nunavut are few and far between, and the living conditions are incredibly harsh. The same goes for the Northwest Territories, which boasts the second-highest annual average salary of $77,670.

This is in complete contrast to Prince Edward Island, with an annual average salary of just around $45,912. The average salary in BC is about $53,416, while the average income in Alberta stands at $62,865.

14. Nunavut is also the region with the highest salary growth rate of 20.1%.

(Source: Jobillico.com)

Having enjoyed a higher average salary annually, Nunavut also registered an impressive salary growth rate. British Columbia and the Northwest Territories both saw a growth rate of just a little above 5.0%.

On the other hand, Yukon grew by 5%, followed by New Brunswick (2.9%) and Newfoundland and Labrador (2.3%).

15. The minimum hourly wage in British Columbia is about $15.65.

(Source: Retail Council of Canada)

The minimum wage in Canada varies from province to province. Fin instance, workers in British Columbia receive a minimum wage of $15.65 per hour as of June 1, 2022. That figure stands at $16 in Nunavut. Meanwhile, the Ontario average salary is $15.50 per hour; at the same time, there are over460,000welfare recipients in Canada’s most populous province.

Interesting fact:

Click To Tweet

In Conclusion

Looking at the latest Canada income statistics is quite insightful, especially for those who want to know how much the average Canadian earns. Awareness of the latest trends can give us a better understanding of the wage and salary growth of different demographics across the country.

What’s more:

The stats on Canada income can help us answer some of the most important questions about the Canadian economy. While the COVID-19 pandemic has hit the economy hard, the Great White North is holding its own against the negative impact.