Average salary in toronto 2020

Average salary in toronto 2020 DEFAULT

Is 100k Good Salary In Toronto?

What is a good salary in Toronto 2020?

As of January 2020, the average Canadian salary in 2020 was $1,050.59 per week for employees across the country – which means that the annual average salary for full-time employees is just over $54,630 per year..

Is 120000 a good salary in Toronto?

On surface , yes it is a comfortable salary to live in downtown Toronto .

Is 50k a good salary in Toronto?

For someone making more than the Canadian national average and living in cities other than Toronto, Montreal, and Vancouver, they shall be able to enjoy a decent lifestyle. … In the less developed provinces in the North or far East of Canada, a per annum salary of USD 50,000 shall be good for a small family.

Number of Wealthy Canadians by Each Wealth Category (UHNW, VHNW) in 2021: Wealthy = 764,033 individuals in Canada have between $1 million and $5 million USD. VHNW = 91,823 individuals in Canada have between $5 million and $30 million USD. UHNW = 10,395 individuals in Canada have greater than $30 million USD.

Is 70000 a good salary in Toronto?

But, outside Toronto/Vancouver, 70k is definitely well above average, and there is no reason you cant own a house, a used car, save money and go on a modest vacation occasionally. If you have a family to support then your SO should be working part time and that will boost your annual income to around 90-100k.

What is a good salary in Toronto?

A person working in Toronto typically earns around 134,000 CAD per year. Salaries range from 33,900 CAD (lowest average) to 599,000 CAD (highest average, actual maximum salary is higher). This is the average yearly salary including housing, transport, and other benefits.

Is 120K a good salary in Toronto?

You can live fairly comfortably with 120K as a gross salary in Toronto. You can save roughly around $2000 a month based on the calculation above . You can spend that or save it for your immediate/future lifestyle improvement needs.

What is upper class income in Canada?

$236,000 per yearThe “upper class” range starts at an income of $236,000 per year — only 1% of Canadians exceed this mark.

At what age should I make 100K?

If You Want a Life of Affluence, You Need to Be Making $100,000 by Age 35.

Is 150K good salary in Toronto?

At 150K you’ll be comfortable, but you’ll still have to watch your money. Some things are cheaper here (groceries), others are more expensive (housing, daycare, insurance).

Is 100k a good salary 2020?

$100k is a very good salary. You can live comfortably if you’re frugal, but it’s very easy to live paycheck to paycheck if you aren’t careful with spending.

Is 80K a good salary in Toronto?

Of course, 80K won’t get you as far as it would in 2015, but it’s still enough to live comfortably and even save and/or have some disposable income. Is 78,000 CAD per annum sufficient for a family of three (husband, wife and a toddler) to live in Toronto?

Is 200K a year rich?

At $200,000 a year, you are considered upper middle class in expensive coastal cities and rich in lower cost areas of the country. After $19,000 in retirement contributions to your 401(k), you are left with $181,000 in gross income, leaving you with roughly $126,700 in after tax income using a 30% effective tax rate.

What is the highest paying job in Canada?

Highest paying jobs in CanadaPhysician/Doctor – 150,000 CAD/year.Lawyer – 135,000 CAD/year.Miner/Oil and Gas Driller – 77,250 CAD/year.Dentist – 75,000 CAD/year.Registered Nurses – 74,000 CAD/year.May 12, 2021

How much do you need to earn to live comfortably in Toronto?

Factor in transit and food. Basic minimum, you need to be earning at least $45,000/year. It’s really difficult to maintain a comfortable lifestyle on anything less. Originally Answered: How much does it cost a single person to live in Toronto, Canada?

What is middle class in Toronto?

Living in Toronto isn’t cheap (but you already knew that.) Now a report is showing that to be considered middle class, you need to make a household income of at least $135,000 (After taxes, $91,844)!

How much tax do I pay on 100k in Canada?

If you make $100,000 a year living in the region of Ontario, Canada, you will be taxed $27,144. That means that your net pay will be $72,856 per year, or $6,071 per month.

How much tax do I pay on 120k in Canada?

If you make $120,000 a year living in the region of Ontario, Canada, you will be taxed $35,826. That means that your net pay will be $84,174 per year, or $7,015 per month. Your average tax rate is 29.9% and your marginal tax rate is 43.4%.

Sours: https://outrightdigitalmedia.com/qa/is-100k-good-salary-in-toronto.html

Average Salary in Toronto, Ontario

Toronto, Ontario
Avg. Base Salary (CAD)

Toronto, Ontario Jobs by Salary

The average salary in Toronto, Ontario is C$66k. Trends in wages decreased by -100.0 percent in Q3 2021. The cost of living in Toronto, Ontario is NaN percent lower than the national average. The most popular occupations in Toronto, Ontario are Software Developer, …Read more

No results found. Try another search query or take our salary survey to get a personalized salary report for your job title.

Popular Employers in Toronto, Ontario

The most common companies reported by employees working in Toronto, Ontario.

Toronto, Ontario Job Listings

Popular Schools for Employees in Toronto, Ontario

The most commonly attended schools reported by employees working in Toronto, Ontario

Sours: https://www.payscale.com/research/CA/Location=Toronto-Ontario/Salary
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Average Salary in Toronto 2021

How much money does a person working in Toronto make?


Average Yearly Salary

134,000CAD

( 11,200 CAD monthly)


LOW
33,900
CADAVERAGE
134,000
CADHIGH
599,000
CAD

A person working in Toronto typically earns around 134,000 CAD per year. Salaries range from 33,900 CAD (lowest average) to 599,000 CAD (highest average, actual maximum salary is higher).

This is the average yearly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Distribution of Salaries in Toronto

Median and salary distribution yearly Toronto
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The median, the maximum, the minimum, and the range

  • Salary Range

    Salaries in Toronto range from 33,900 CAD per year (minimum salary) to 599,000 CAD per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 123,000 CAD per year, which means that half (50%) of the population are earning less than 123,000 CAD while the other half are earning more than 123,000 CAD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of the population are earning less than 70,800 CAD while 75% of them are earning more than 70,800 CAD. Also from the diagram, 75% of the population are earning less than 332,000 CAD while 25% are earning more than 332,000 CAD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

“On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark. ”

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Canada costs anywhere from 49,800 Canadian Dollar(s) to 149,000 Canadian Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.



Salary Comparison By Gender

Salary comparison by gender yearly Canada
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Canada earn 5% more than their female counterparts on avergae across all sectors.

Male

122,000 CAD

Female-5%

116,000 CAD

Percentage increase and decrease are relative to the previous value

Average Annual Salary Increment Percentage in Canada

How much are annual salary increments in Canada? How often do employees get salary raises?

Canada

Employees in Canada are likely to observe a salary increase of approximately 9% every 15 months.

Annual Salary Increment Rate Canada
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

“The average salary increase in one year (12 months) in Canada is 7%.”

Annual Increment Rate By Industry 2020

Banking

2%

Energy

4%

Information Technology

6%

Healthcare

8%

Travel

1%

Construction

3%

Education

5%

Listed above are the average annual increase rates for each industry in Canada for the year 2020. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Average Salary Increase Rate by Experience Level

Junoir Level

3% - 5%

Mid-Career

6% - 9%

Senior Level

10% - 15%

Top Management

15% - 20%

The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.

Worldwide Salary Raises: All Countries and All Jobs

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Bonus and Incentive Rates in Canada

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Canada
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48% of surveyed staff in Canada reported that they haven't received any bonuses or incentives in the previous year while 52% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus

52%

No Bonus

48%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


Bonus Rates Comparison by Career Field

Finance

High

Architecture

High

Sales

High

Business Development

High

Marketing / Advertising

High

Information Technology

Moderate

Healthcare

Moderate

Insurance

Moderate

Customer Service

Moderate

Human Resources

Moderate

Construction

Low

Transport

Low

Hospitality

Low


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

“Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.”

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Salaries for popular jobs

Accounting and Finance
Accountant94,200 CAD
Accounting Assistant70,700 CAD
Accounting Manager200,000 CAD
Bookkeeper61,000 CAD
Chartered Accountant124,000 CAD
Corporate Treasurer184,000 CAD
Financial Analyst169,000 CAD
Financial Manager250,000 CAD
Internal Auditor122,000 CAD

Administration / Reception / Secretarial
Administrative Assistant69,600 CAD
Office Manager110,000 CAD
Receptionist48,700 CAD
Secretary58,800 CAD

Advertising / Grapic Design / Events
Art Director129,000 CAD
Creative Director130,000 CAD
Graphic Designer81,700 CAD
Photographer73,100 CAD

Airlines / Aviation / Aerospace / Defense
Aerospace Engineer176,000 CAD
Air Traffic Controller145,000 CAD
Flight Attendant91,100 CAD
Pilot225,000 CAD

Architecture
Architect164,000 CAD
CAD Drafter65,300 CAD

Automotive
Mechanic48,100 CAD
Service Advisor90,000 CAD

Banking
Bank Branch Manager232,000 CAD
Teller47,400 CAD

Bilingual
Teacher99,000 CAD
Translator124,000 CAD

Business Planning
Business Analyst172,000 CAD
Business Development Manager206,000 CAD
Project Manager142,000 CAD

Care Giving and Child Care
Nanny52,700 CAD
Nursery Teacher47,800 CAD

Construction / Building / Installation
Civil Engineer121,000 CAD
Construction Project Manager220,000 CAD
Health and Safety Officer57,600 CAD

Customer Service and Call Center
Call Center Representative51,800 CAD
Customer Service Manager172,000 CAD
Customer Service Representative50,800 CAD

Engineering
Electrical Engineer125,000 CAD
Engineer122,000 CAD
Mechanical Engineer120,000 CAD

Executive and Management
Chief Executive Officer289,000 CAD
Chief Financial Officer273,000 CAD
General Manager224,000 CAD

Food / Hospitality / Tourism / Catering
Chef79,700 CAD
Executive Chef93,700 CAD
Hotel Manager247,000 CAD
Travel Agent81,300 CAD
Waiter / Waitress43,100 CAD

Health and Medical
Dentist327,000 CAD
Dietitian256,000 CAD
Laboratory Technician94,800 CAD
Nurse105,000 CAD

Human Resources
Human Resources Manager200,000 CAD
Human Resources Officer82,400 CAD

Information Technology
Computer Technician99,800 CAD
Database Administrator131,000 CAD
Developer / Programmer124,000 CAD
Information Technology Manager221,000 CAD
Network Engineer109,000 CAD

Law Enforcement / Security / Fire
Police Officer77,800 CAD

Legal
Attorney258,000 CAD
Legal Assistant66,700 CAD

Media / Broadcasting / Arts / Entertainment
Journalist147,000 CAD

Pharmaceutical and Biotechnology
Biomedical Engineer113,000 CAD
Pharmacist176,000 CAD

Sales Retail and Wholesale
Cashier47,100 CAD
Sales Manager237,000 CAD
Sales Representative85,800 CAD

Teaching / Education
Elementary School Teacher94,900 CAD
Secondary School Teacher112,000 CAD

Average Hourly Wage in Toronto


64CAD per hour

The average hourly wage (pay per hour) in Toronto is 64 CAD. This means that the average person in Toronto earns approximately 64 CAD for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )


The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Toronto VS Canada

Salary Comparison Between Toronto and Canada yearly
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We compared salaries in Toronto, Ontario, and Canada and we found that Toronto salaries are 0% less than those of Ontario. We also found out that Ontario salaries are 12% more than those of Canada.

Salary Comparison By City

Brampton122,000 CAD
Hamilton124,000 CAD
Kitchener121,000 CAD
Markham119,000 CAD
Mississauga127,000 CAD
Ottawa128,000 CAD
Toronto134,000 CAD
Vaughan117,000 CAD
Windsor116,000 CAD

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Canada earn 4% more than their private sector counterparts on average across all sectors.

Private Sector

117,000 CAD

Public Sector+4%

122,000 CAD

Percentage increase and decrease are relative to the previous value

Sours: http://www.salaryexplorer.com/salary-survey.php?loc=3358&loctype=3
Full-time JOB in CANADA - SALARY?

Average salary in Toronto is 88,731 CAD per year. The most typical earning is 59,307 CAD. All data are based on 1,624 salary surveys. Salaries are different between men and women. Men receive an average salary of 97,793 CAD. Women receive a salary of 77,318 CAD.

The most paid careers are Management & Business with average income 124,050 CAD and Health Care & Medical with income 116,408 CAD.

Based on education, the highest salaries receive people with Doctorate Degree with salary of 126,565 CAD. The second most paid education level is Masters Degree with salary of 99,846 CAD.

Different experiences affect earning as well. People with 20+ Years of experience receive salary of 120,148 CAD. Employees with 16-20 Years of experience receive 111,276 CAD.

  • Different salary levels
  • Salaries by gender
  • Salaries by education
  • Salaries by experience
  • Salaries by age
  • Salaries by career groups and careers
  • View people's individual salaries
  • Build personal salary report

Below are detailed salary data and charts based on salary surveys. All surveys have been added on this web site.

Salary Levels (CAD) per YearSurveysEarning Percent
13,000 CAD - 18,999 CAD 3 100%
0.18%
19,000 CAD - 24,999 CAD 13 99.82%
0.8%
25,000 CAD - 31,999 CAD 28 99.01%
1.72%
32,000 CAD - 37,999 CAD 30 97.29%
1.85%
38,000 CAD - 43,999 CAD 90 95.44%
5.54%
44,000 CAD - 49,999 CAD 96 89.9%
5.91%
50,000 CAD - 56,999 CAD 129 83.99%
7.94%
57,000 CAD - 62,999 CAD 148 76.05%
9.11%
63,000 CAD - 68,999 CAD 136 66.93%
8.37%
69,000 CAD - 75,999 CAD 93 58.56%
5.73%
76,000 CAD - 81,999 CAD 113 52.83%
6.96%
82,000 CAD - 87,999 CAD 79 45.87%
4.86%
88,000 CAD - 94,999 CAD 103 41.01%
6.34%
95,000 CAD - 100,999 CAD 91 34.67%
5.6%
101,000 CAD - 106,999 CAD 69 29.06%
4.25%
107,000 CAD - 113,999 CAD 53 24.82%
3.26%
114,000 CAD - 119,999 CAD 49 21.55%
3.02%
120,000 CAD - 125,999 CAD 37 18.53%
2.28%
126,000 CAD - 131,999 CAD 59 16.26%
3.63%
132,000 CAD - 138,999 CAD 27 12.62%
1.66%
139,000 CAD - 144,999 CAD 19 10.96%
1.17%
145,000 CAD - 150,999 CAD 16 9.79%
0.99%
151,000 CAD - 157,999 CAD 20 8.81%
1.23%
158,000 CAD - 163,999 CAD 11 7.57%
0.68%
164,000 CAD - 169,999 CAD 12 6.9%
0.74%
170,000 CAD - 176,999 CAD 14 6.16%
0.86%
177,000 CAD - 182,999 CAD 16 5.3%
0.99%
183,000 CAD - 188,999 CAD 1 4.31%
0.06%
High salaries
189,000 CAD - 201,999 CAD 19 4.25%
1.17%
202,000 CAD - 214,999 CAD 6 3.08%
0.37%
215,000 CAD - 226,999 CAD 9 2.71%
0.55%
227,000 CAD - 239,999 CAD 3 2.16%
0.18%
240,000 CAD - 251,999 CAD 2 1.97%
0.12%
252,000 CAD - 264,999 CAD 8 1.85%
0.49%
265,000 CAD - 277,999 CAD 2 1.35%
0.12%
278,000 CAD - 289,999 CAD 4 1.23%
0.25%
290,000 CAD - 302,999 CAD 3 0.99%
0.18%
303,000 CAD - 314,999 CAD 1 0.8%
0.06%
315,000 CAD - 441,999 CAD 12 0.74%
0.74%
Sours: https://www.averagesalarysurvey.com/toronto-canada

Toronto average salary 2020 in

You Now Have To Make $135K A Year To Be Considered Middle Class In Toronto (VIDEO)

Living in Toronto is expensive. Anyone who has ever dared to try to make it in the 6ix has come to this conclusion, and now we have cold, hard facts to back it up. A new report on the cost of living in Toronto says you need to make well over $100,000 a year to support an average, middle-class lifestyle in 2020.

This figure was based on a calculation of several factors, according to the report by Fong and Partners Inc.

Editor's Choice: Canada Is Warning International Students Not To Come Because They Might Not Be Allowed In

These include things like your groceries, car payments, mortgage, gas, property taxes, and utilities.

Victor Fong of Fong and Partners told Narcity that, with all these costs combined, the average single person with no children would need to make an annual gross income of $135,000 to be considered middle class in Toronto.

This annual income would allow you to pay for a freehold townhouse in Toronto. According to Fong's report, a property like this costs $1,042,806 on average as of June 2020.

Fong tells Narcity that you'd need an "annual after-tax income of $91,844 to maintain a middle-class lifestyle in Toronto."

Here's a breakdown of the costs per year.

Courtesy of Fong and Partner Inc.

It's clear that, in Toronto, being middle class requires a lot of spending. Vacations alone add up to $5,000, which comes close to what you'll be spending on property taxes and utilities every year.

Not to mention your retirement savings, which should apparently be an investment of $10,322 per year. 

“This middle-class lifestyle was common and available to many people 30 years ago. Today it’s only available to the top 10% economic class,” reads an excerpt from the report.

Back in 2019, Toronto house prices soared so dramatically that the jump was almost as much as what households make in an entire year.

Last year, the median cost of a home went up by a whopping 8% to $720,000. This was an increase of $55,000 from the previous year. By comparison, the median after-tax income of an average household in Toronto is $58,264.

Sours: https://www.narcity.com/toronto/the-cost-of-living-in-toronto-requires-a-135k-salary-to-be-middle-class
കാനഡയിൽ എത്ര ശമ്പളം കിട്ടും⁉️🔥-How Much Salary in Canada-Average Salaries in Canada malayalam vlog

Typically, the average salary in Toronto is C$134,000 per year. But there is a great difference between the range of this salary. The maximum salary being paid in Toronto is C$599,000 but the minimum salary being paid in Toronto is C$33,900. The average salary is including all the other facilities given to the employees such as house, transport and other bonuses.

Average Salary in Toronto 2021:

EXPERIENCEANNUAL SALARY
Less than 3 yearsC$34,800
More than 3 yearsC$106,000
More than 6 yearsC$476,000

Learn More: Average Salary in Philippines

The provincial capital of Ontario, Toronto is located on the northwest shore of Lake Ontario. With a population of over 3 million people, Toronto city is the largest in Canada. Being one of the most multicultural cities in the world, the city of Toronto has a blend of every race that makes life there a wonderful experience. Not only that, but it is also the business and financial capital of Canada and a growing financial hub of North America. 

From technology, life sciences and even green energy Toronto is competitive in these sectors. Digital media, food, and fashion also add up to Toronto’s economy. The average salary in Toronto is 134,000 CAD (106,733 USD) per year. With such diverse industrial growth, innovativeness, and a decent yearly salary we can easily guess that Tornoto’s economy is quite healthy. 

Average Salary in Toronto by Job title/ industry 2021:

Job TitleAnnual Salary
Software EngineerC$81,000
Project ManagerC$77,000
Executive AssistantC$59,000
Operations ManagerC$71,000
Administrative AssistantC$42,000
Marketing ManagerC$69,000
Software DeveloperC$71,000

Read More: Average Salary in Japan

Official information released by the statistic Canada about the average salary of Toronto was about one thousand a week, somewhere between 950 and 1004 thousand a month and it’s a little bit over than 50 thousand a year.

This increase was pretty significant for the last ten years because it’s about ten thousand more than it was ten years ago. Salary in Toronto is a little bit higher than average Canadian wage and average yearly income would be somewhere between fifty-five thousand to sixty thousand a year which gives you probably around twelve hundred a week, which very well actually.

The most popular occupations in Toronto are admin assistant, executive assistant, software developer, and their salary variety is forty thousand and sixty-five thousand a year.

Average Monthly Salary in Toronto 2021

While the yearly average salary in Toronto for 2021 is 134,000 CAD (106,733 USD), a person working in Toronto can make around 11,200 CAD (89,209 USD) in a month. But, how much is the minimum wage in Toronto? The salary can go as low as 33,900 CAD (27,000 USD) and as high as 599,000 CAD (477,114 USD) a year. These figures of the average salary in Toronto include housing, transport, and other benefits. However, the pay varies according to the educational background and career. Every job title has a different pay scale which is discussed further in the article. 

The median income in Toronto is 123,000 CAD (97,971 USD) per year, which means 50% of the total population is earning less than the median figure while the other half are earning more than 123,000 CAD.

Salary Distribution By Education

The first determining factor for an individual’s pay scale is education. It is well known that the higher the education the better the salary but what is the average wage in Toronto for people with lower and higher education?

From a few resources, we gathered the salary information of professionals with different college degree levels in different jobs that tells us that individuals with diplomas earn 17% greater than those who have only graduated from high school. Meanwhile, individuals with a Bachelor’s degree can expect to earn 24% more than the certificate holders. A Master’s degree in Toronto can let an individual earn 29% more than a bachelor’s degree holder. Lastly, professionals with PhDs earn 23% more than Master’s Degree holders on average while doing the same job.

Average Salary in Toronto According to Careers

In any part of the world, an individual’s career is one of the key factors in determining the average salary. Those careers which require highly skilled professionals have high demand in the market. Therefore the average salary in Toronto for Information technology, healthcare, and education sectors have more handsome salaries as compared to other service sectors.

Good paying jobs in Toronto include Management & Business with an average yearly income of 124,287 CAD (99,000 USD) and Health Care & Medical with income of 116,408 CAD (92,735 USD) a year.

As the IT sector is a flourishing industry across the globe, Toronto is not behind. The software engineers employed in Toronto earn up to 81,000 CAD (64,529 USD). Software developers can make 71,000 CAD (56,562 USD) a year. However, project managers irrespective of the type can earn up to 78,000 CAD (62,139 USD)  yearly.  A chartered accountant in Toronto also has one of the highest yearly salary i.e 71,134 CAD (56,874 USD). From the life sciences department, a biomedical engineer can make a yearly salary of 59,406 CAD (47,491 USD). An investment manager employed in Toronto can earn a yearly salary of 95,915 CAD (76,666 USD). 

Average Income in Toronto According to Experience

Experience comes by age and it also determines the pay scale of an individual. Like every other country, in Toronto, the average pay for fresh graduates is lesser as compared to those with more years of experience. 

Employees with experience between 2 to 5 years earn 32% more than the freshers irrespective of the discipline having experience of fewer than two years. There is a rise up to 36% in the wages of professionals living in Toronto. These individuals have approximately 5 years of experience in any reputable industry. The average salary in Toronto drastically varies from one location to another as well. After reaching the ten-year milestone, the salary increases by 21%. Individuals with 15 to 20 years of experience can expect a rise up to 14% in their annual salary. However, there is a little rise after crossing the 20-year mark i.e. a 9% rise has been recorded. 

Salary Distribution According to Gender

Throughout the years, we have seen a growing trend of women in the labor force. However, they still are lesser in number with a small role in the professional field as compared to men. Every year we see the trend to neutralize gender roles irrespective of the nature of the job, but still, it’s a long road. Unfortunately, in Canada Male employees earn 5% more than their females on average irrespective of the sector. Men can earn up to 122,000 CAD (97,192 USD)  while females can earn a maximum of 116,000 CAD (92,412 USD) a year. 

Conclusion

Toronto is a city full of opportunities and the potential to grow. The average salary in Toronto is a clear example of this. Education, job title, and experience are the essential factors that assess the annual salary of a person working in Toronto. The average pay justifies the quality of life and the cost of living in Toronto. It ensures that being a multicultural capital, the people are well taken care of. 

Sours: https://careerexplorerguide.com/average-salary-in-toronto/

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