Amidst inflation, the housing crisis, and mass lay offs, many Canadians are struggling to make ends meet. To combat rising costs, you can either cut expenses from your budget or earn more income. Some people choose to make extra money online or start a side hustle. Whereas others may choose to make a lateral move into one of the highest paying jobs in Canada.
Ultimately, how you approach your personal finances during tough times is up to you. Some may find it easier to cut back on certain costs and others may prefer to earn more income. Cutting costs is usually more immediate, but it can be hard to sustain in the long run. On the hand, increasing your income can take time because you may need to acquire new skills or experience. But in the long run, increasing income tends to be more sustainable. If you’re ready to learn about the highest paying jobs in Canada and how to get one, continue reading below!
Table of contents
What is the average income in Canada?
According to a statistics report published in 2021, the average annual income for a full-time worker after paying taxes in Canada is $68,400 per year. Dividing this figure by 12 brings the average income to $5,700 per month. However, the annual average salary depends on factors such as your location and job.
The table below provides a summary of the average after-tax income in the Canadian provinces and territories:
| Provinces & Territories | Average Annual Income (CAD) | Average Monthly Income (CAD) |
| Alberta | $77,000 | $6,417 |
| Yukon | $61,812 | $5,151 |
| Ontario | $73,000 | $6,083 |
| British Columbia | $68,500 | $5,708 |
| Quebec | $61,400 | $5,117 |
| Manitoba | $64,700 | $5,392 |
| New Brunswick | $60,000 | $5,000 |
| Nova Scotia | $60,200 | $5,017 |
| Prince Edward Island | $62,500 | $5,208 |
| Newfoundland and Labrador | $87,355 | $7,280 |
| Saskatchewan | $68,200 | $5,683 |
| Nunavut | $87,355 | $7,280 |
| Northwest Territories | $74,079 | $6,173 |
However, the gender pay gap in Canada made a difference for full-time workers. This resulted in women earning 90 cents for every dollar men earn. For part-time workers, the gap is marginally wider at 0.89. Under the GPG law, the annual average income in 2021 shows as $46,100 for females and $62,000 for males.
How common is a $100K salary in Canada?
A $100,000 annual salary isn’t common in Canada. Only some of the highest paying jobs in Canada, like the medical and legal professions, engineers, management roles, and data scientists, have access to that much income. Furthermore, a $100,000 annual salary is well above average in nearly every province and territory. If you are earning $100K or more, consider yourself lucky!
What is considered a “rich salary” in Canada?
In 2020, statistics demonstrated that 19.1% of Canadians had an annual income of $100,000, which is above the average annual income. If you are earning $100,000 a year or more, either as an individual or household, you have a “rich salary”.
However, wealth is dependent on so much more than just your annual salary. It’s also about how you spend, save and invest your money. Try not to get too caught up in the annual figure and be more concerned with how you allocate your finances.
Related Reading: How much tax is deducted from my pay?
What are the highest paying jobs in Canada?
Ready to hit the job market in search of a higher paying job? Below are the highest paying jobs in Canada where the average income is above $100,000 per year.
1. Full Stack Developer
- Degree Required: Computer Science, Information Technology, Systems Engineering
- Years of Education: 3 to 4 years
- Median Salary: $119,332.50
A full stack developer is a person trained to handle websites. The role can earn over $190,000 a year. As professionals, they know how a website works, which includes the areas that users can interact with and where data is processed. They also know how to create a website, its databases, and servers that work together for the user.
2. Cyber Security Engineer
- Degree Required: Computer Science, Information Technology, Systems Engineering
- Years of Education: 3 to 4 years
- Median Salary: $135,000
There’s a high demand for cyber security engineers in Canada, which is why they tend to earn over $148,883 per year. Cyber security engineers are responsible for various security-related tasks that ensure the protection of devices and networks from digital security attacks. You will require skills, certificates, and proven experience to get this high paying job in Canada.
3. Solution Architect
- Degree Required: Computer Science, Information Technology, Systems Engineering
- Years of Education: 3 to 4 years
- Median Salary: $127,000
A solution architect, or engineer, is a professional problem solver for a technological issue in a company. They design and create answers to the technical way to achieve a business goal, which earns up to $130,000 a year. They aim to create plans for new technology systems, which ensures they meet the needs of the company’s existing technology and business.
4. Senior Software Engineers
- Degree Required: Bachelor of Science in Software Engineering
- Years of Education: 3 to 4 years
- Median Salary: $122,050
Software engineers are also in high demand in Canada, as they make close to $122,050 a year. In some cases, they make more than $172,000. Companies in need of this profession usually require proven skills or a traditional degree. The good thing, however, is that this job does not need your graduation degree for you to start.
5. Chief Executive Officer
- Degree Required: Business Administration or other business-related degree
- Years of Education: 4 years
- Median Salary: $133,188
Chief Executive Officer (CEO), another highly demanding job with a salary range of $90,000 to $183,000, almost the same as Chief Operating Officer. As a COO, you will have to report to the CEO, who also has several other workers under you. Additional perks are also given to most COOs in Canada, including paid holidays and huge work bonuses.
6. Lawyer
- Degree Required: Law Degree
- Years of Education: 7 years
- Median Salary: $163,500
A lawyer or an attorney is a professional who practices law and provides legal solutions to clients and companies. If you need legal assistance, a lawyer helps you understand your rights and can speak on your behalf in court. They are also known to negotiate the best deals to prevent further legal issues from happening.
7. Pharmacist
- Degree Required: Pharmacy, Science, Biomedical Sciences, Biology, or similar
- Years of Education: 5 to 6 years
- Median Salary: $127,000
Pharmacists in Canada usually earn up to $200,000 a year. They are responsible for providing some of the world’s best medications, making them one of the highest-paying jobs in Canada. Beyond providing prescriptions to people, they also offer health care consultations. This is aimed at helping people recover and stay healthy, avoiding potentially fatal health situations.
8. Director of Data Science
- Degree Required: Data Science or related degrees
- Years of Education: 4 years
- Median Salary: $209,500
DDS is also a fast-growing career choice that pays over $250,000 in Canada. You may not immediately get hired as a Director of Data Science until you have some experience. If you choose this option, you will first work as a data science engineer and continue to gain experience to reach the next stage.
9. Dentist
- Degree Required: Doctor of Dental Surgery or Doctor of Dental Medicine in a dental school
- Years of Education: 8 years
- Median Salary: $195,000
Being a general dentist is another opportunity to earn as high as $275,000 in Canada. They diagnose, treat, and manage various dental issues, but may not offer specialized services. However, the path to dentistry isn’t easy as you have to complete a bachelor of science degree and attend dental school.
10. Cardiologists
- Degree Required: Medical Degree
- Years of Education: 13-14 years after high school
- Median Salary: $254,878
Professional cardiologists take care of their patient’s heart health and may also perform complex surgeries for perfect health. They are also in high demand and can earn more than $290,000 with experience. However, you must have the relevant licenses before you can work as a cardiologist in Canada. In addition, the education path is long and enduring.
Related Reading: Types of Investment Accounts in Canada
What is the highest paying job in Canada?
It’s challenging to say what is the highest paying job in Canada. Ultimately, there are a lot of ways to earn a high salary for yourself, not just one path. Some people think they need to become a doctor, lawyer or accountant to earn a high salary. However, others can surpass the annual salaries of these professions as a general contractor, entrepreneur or real estate agent, for instance.
With that said, the medical and corporate industries tend to have the biggest opportunity for high earnings. Often, this is because these services are essential and therefore high paying. But remember, each company and industry is different. If you don’t go into one of these fields, it doesn’t mean you’ll never be a high earner. In fact, it’s best to honor your skill sets and interests while also attempting to find a high paying job.
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Choosing a Profession for You
Canada is rich with opportunity, but that can make it more challenging to choose a direction in your career. With so much choice, it’s hard to know where to turn! You might choose a profession based on the future earning potential. While there is nothing wrong with this approach, remember that money isn’t everything. Canadians spend a lot of time in their jobs, usually at least 40 hours a week. Enjoyment and natural skill is an important aspect to consider when choosing a profession too. Ideally, Canadians should look for a job that satisfies both their wallets and spirit!
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