Many skilled foreign workers want to know: Which is the best province to make money in Canada?
Ideally, an immigrant will generally want to live and work in a province or city that has the highest salaries and the lowest cost of living in Canada, because this combination leaves the immigrant with more money to save and/or spend.
This article will focus on the best province to make money in Canada, so continue reading to learn all the essential information!
Table of Contents
Factors Determining the Best Province to Earn Money
- Job market – Is there a low unemployment rate and a strong demand for your occupation?
- Cost of living – Is it expensive or affordable to live in the province or city? How much is the monthly rent?
- Economic growth – Is the province experiencing strong economic growth?
- Provincial tax rates – Are the provincial income tax rate and sales tax rate high or low?
Best Places to Earn Money in Canada
- Ontario – Opportunities in Tech, Finance, and Manufacturing
- Alberta – The Energy Sector and its High Earning Potential
- British Columbia – Strong Economy Fueled by Tech and Real Estate
- Quebec – Opportunities in IT, Aerospace and Biotechnology
- Saskatchewan – High Earnings in Agriculture and Mining
- Ontario – Opportunities in Tech, Finance, and Manufacturing
- Alberta – The Energy Sector and its High Earning Potential
- British Columbia – Strong Economy Fueled by Tech and Real Estate
- Quebec – Opportunities in IT, Aerospace and Biotechnology
- Saskatchewan – High Earnings in Agriculture and Mining
Province-wise Comparison of Average Salaries
There are differences in the average yearly salaries earned in Canadian provinces (2022):
- Alberta = $60,000 CAD
- Manitoba = $59,426 CAD
- Newfoundland and Labrador = $57,900 CAD
- Quebec = $53,300 CAD
- Ontario = $52,600 CAD
- Saskatchewan = $51,300 CAD
- British Columbia = $50,749 CAD
- Prince Edward Island = $47,515 CAD
- Nova Scotia = $45,900 CAD
- New Brunswick = $43,400 CAD
Of course, average salaries will vary depending not only on the province, but also the city where the worker is employed, the industry that an individual is working in, the education level and expertise.
For example, the average yearly salary for a software engineer in Canada is $91,539 CAD, however, it is $103,404 in Vancouver, $97,469 CAD in Toronto, $92,732 in Ottawa, $85,415 CAD in Calgary and $84,712 CAD in Montreal.
Of course, average salaries will vary depending not only on the province, but also the city where the worker is employed, the industry that an individual is working in, the education level and expertise.
For example, the average yearly salary for a software engineer in Canada is $91,539 CAD, however, it is $103,404 in Vancouver, $97,469 CAD in Toronto, $92,732 in Ottawa, $85,415 CAD in Calgary and $84,712 CAD in Montreal.
Cities with the Highest Average Salaries
- Toronto, Ontario – The Economic Hub of Canada
- Calgary, Alberta – High Earnings in the Energy Sector
- Vancouver, British Columbia – Attractive Salaries in Tech and Film
- Montreal, Quebec – Opportunities in Aerospace and IT
Effects of Cost of Living on Earning Potential
When you are thinking about the best place to make money in Canada, it is important to take into account the cost of living, particularly whether housing is affordable or expensive.
Here are examples of the average monthly rents for a one-bedroom apartment in different Canadian cities (2023):
- Vancouver (British Columbia) = $2,591 CAD in the city center and $2,177 CAD outside the city center
- Toronto (Ontario) = $2,464 CAD in the city center and $2,134 CAD outside the city center
- Ottawa (Ontario) = $1,787 CAD in the city center and $1,601 CAD outside the city center
- Halifax (Nova Scotia) = $1,737 CAD in the city center and $1,446 CAD outside the city center
- Calgary (Alberta) = $1,698 CAD in the city center and $1,436 CAD outside the city center
- Montreal (Quebec) = $1,536 CAD in the city center and $1,162 CAD outside the city center
- Saskatoon (Saskatchewan) = $1,318 CAD in the city center and $1,011 CAD outside the city center
- Edmonton (Alberta) = $1,308 CAD in the city center and $1,077 CAD outside the city center
- Charlottetown (Prince Edward Island) = $1,273 CAD in the city center and $1,057 CAD outside the city center
- Winnipeg (Manitoba) = $1,185 CAD in the city center and $1,227 CAD outside the city center
- Quebec City (Quebec) = $1,110 CAD in the city center and $932 CAD outside the city center
- John’s (Newfoundland & Labrador) = $1,059 CAD in the city center and $884 CAD outside the city center
- Regina (Saskatchewan) = $1,000 CAD in the city center and $910 CAD outside the city center
- Saint John (New Brunswick) = $900 CAD in the city center and $793 CAD outside the city center
Keep in mind that these are some of the largest cities in Canada and that the average monthly rents are cheaper in the suburbs and smaller cities.
Furthermore, the cost of renting an apartment will also be affected by how many bedrooms it has, whether it is a new or old apartment, where the apartment is located in the city, etc.
In addition to monthly rent for housing, other essential expenses need to be considered for the overall cost of living, such as utilities, transportation, food, clothing, etc.
Conclusion
There are several factors that determine the best province to make money in Canada, including the job market (particularly for your occupation), state of the economy, cost of living and tax rates.
Most of the people who work in Canada do so in cities, so it is also helpful to research the best city to make money in Canada, especially for your occupation.
Once you research which Canadian cities have the most job openings for your occupation, then you may want to find out which of those cities have the highest average salaries for your occupation and also the lowest cost of living in Canada.
If you are able to secure a job with a higher average salary and live where there is a lower cost of living, you may be able to have more money to save and/or spend.
In order to live and work in Canada legally, however, a skilled foreign worker must be issued a Work Permit or become a Canadian permanent resident.
Canadian Visa Expert works with authorized immigration consultants who can evaluate your eligibility for immigration to Canada as a permanent resident and also guide you through each step of the application procedure if you qualify.
Discover Frequently Asked Questions from Our Support
Where is the best place to make money in Canada?
The best provinces to make money in Canada are Ontario, Quebec, British Columbia, Alberta and Saskatchewan. The best cities to make money in Canada include Toronto, Calgary, Vancouver and Montreal.
Which province has the highest pay rate in Canada?
The province of Alberta generally has the highest average salary in Canada.
Which field has more salary in Canada?
The highest salaries in Canada are in the medical/healthcare field, the information technology sector and financial services
Which Canadian province has the most job opportunities?
The province of Ontario has the most Canadian job opportunities, followed by Quebec and British Columbia.
Which Canadian province has the lowest unemployment rate?
The province of Quebec has the lowest unemployment rate in Canada, however, Manitoba, Saskatchewan and British Columbia also have low unemployment rates (June 2023).
