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 2022:
|Less than 3 years||C$34,800|
|More than 3 years||C$106,000|
|More than 6 years||C$476,000|
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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 2022:
|Job Title||Annual Salary|
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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 2022
While the yearly average salary in Toronto for 2022 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.
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.