What Is Considered A Good Salary – Toronto?
Are you considering a move to Toronto? The bustling metropolis, known for its diverse culture and thriving job market, can be an enticing prospect for many foreigners and expats. However, one burning question often lingers in the minds of potential job seekers: What is considered a good salary in Toronto?
The Average Salary in Toronto for September 2023 is $62,050. It is 14% higher than the Canadian average salary of $54,450.
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Understanding the benchmark for financial stability is crucial as you plan your relocation. In this blog, we’ll delve into the intricacies of Good Salary Toronto, exploring the average salary, household income, and median household income in this populous city.
The Average Salary In Toronto, Ontario Canada
According to careerbeacon.com, the Average Salary in Toronto for September 2023 stands at $62,050, making it a significant parameter for assessing Good Salary. This figure outpaces the Canadian average income, making Toronto an attractive destination for job seekers. It also impacts the average income, especially for entry-level positions in the Downtown Toronto area.
However, it’s essential to consider other cities and the National Average when evaluating the adequacy of your income. Your job title and location within Toronto can also influence your earnings. In the dynamic job market, knowing Toronto’s Average Salary is crucial for financial stability and avoiding low income.
Comparing Toronto Average Salary To Canadian Average Salary.
When it comes to the Toronto average salary compared to the Canadian average income, there’s an interesting dynamic at play. Toronto, being Canada’s largest and most economically vibrant city, boasts a higher average salary than the nationwide average.
Good Salary in Toronto, Ontario, Canada, for Average Working Person
On average, a working person in Toronto can expect to earn a good salary. It is 14% higher than the Canadian average salary of $54,450, according to careerbeacon.com. This means that the average salary in Toronto is notably higher, making it an appealing destination for individuals seeking better pay opportunities.
However, it’s important to keep in mind that the cost of living in Toronto is generally higher than in many other Canadian cities. Therefore, while the Toronto average salary is higher, it doesn’t always translate to a significantly better quality of life for everyone.
To learn about salaries in other Canadian cities, check out the article on wages in Montreal.
Cost of Living In Toronto, Ontario, Canada
For a single person, especially someone relying on public transit, navigating the city’s high living costs can be challenging. The cost of living in Toronto for a single person varies between $1,117.1 to $4,176 per month. Here is a breakdown example of the expenses of this cost:
- Cost of Housing: The average monthly cost of rental housing in Toronto is $2,091. The average cost of a one-bedroom apartment in downtown Toronto is $1,968.96.
- Cost of Transportation: The average monthly spend for a driver in Toronto is $578. A TTC pass costs around $150/month.
- Cost of Groceries: People in Toronto spend $344 on groceries per month.
- Cost of Entertainment and other expenses: They spend $150 on miscellaneous goods and services per month.
A family of four will need about C$100,000 in median household pay to maintain quality living.
Read here: Cost of Living for a Family in Canada [2023]
Wondering If C$100k Average Household Income Is Enough To Support A Family Living In Toronto, Ontario Canada?
When it comes to assessing whether a C$100k average salary in Toronto or household income is enough, there are several factors to consider. While it may sound like a good salary, it’s important to remember that Toronto is not like many other cities in Canada. The cost of living in Toronto is notably high, making it one of the most expensive cities in the country. Here are some notes to consider:
- For a working person in Toronto, a C$100k average salary may provide a comfortable lifestyle, but it’s essential to manage expenses wisely. This salary covers basic housing, utilities, transport, and groceries, leaving little for extravagance or future savings.
- The average salary in Toronto is indeed higher than in Canada, which can be an attractive proposition for individuals seeking well-paying jobs in the city. Higher salaries often come with increased expenses, including significantly higher housing costs than nearby cities. Managing a C$100k average household income in Toronto is more feasible for a single person than a family.
- It’s important to consider not only the cost of living in the city but also individual circumstances and financial goals. While a C$100k average income is sufficient for some in Toronto, others struggle to afford their desired lifestyle. Affording life in the Greater Toronto Area depends on family size, housing, debt, and personal spending habits.
Read more on salaries in Canada in the articles about wages in Calgary.
Facts And Statistics Regarding Good Salary In Toronto
Here are some facts and statistics regarding good salaries in Toronto:
- The average salary in Toronto is about $67,000 per year, according to Indeed. However, this number can vary significantly depending on the industry, position, experience level, and education of the person.
- According to a Reddit post, the amount of income it takes to make someone happy in Toronto varies. For life evaluation, the number is $120,307, and for emotional well-being, it ranges from $76,000 to $95,000. These numbers are based on a study by Princeton University that found that there is a limit to how much money can increase happiness.
Some of the factors that affect how much salary a person needs or expects in Toronto are the following:
Tax
The income tax rate in Ontario is progressive, meaning that the more income you earn, the higher the percentage of tax you pay. For example, if you earn $100,000 per year, you would pay about 31% of your income in taxes. People living in the city with better jobs can expect to pay higher taxes than other residents of Ontario province. But keep in mind that the example isn’t the actual rate. The government might make changes based on its capital.
Rent
For people living in a city like Toronto expect to pay higher rent. The rent in Toronto is one of the highest in Canada, with an average of $2,300 per month for a one-bedroom apartment in the city center. This means that rent alone can take up almost half of your income if you earn the average salary.
Car
Owning and maintaining a car in a city like Toronto can be expensive, as you have to pay for gas, insurance, parking, and repairs. The average cost of owning a car in Toronto happens to be about $10,000 per year. If you’re interested in working for a company in any industry in Toronto, make sure that the cost of owning a car won’t hinder you from living a comfortable life.
Note that not all jobs in this city are high-paying, so consider commuting instead.
Food
For those who are living in quiet suburbs expect to pay or spend more money on food in Toronto. The food prices in Toronto are also higher than the national average, with an average of $500 per month for groceries for a single person.
Eating out can also add up quickly, as the average meal cost in a restaurant is about $20. That price is slightly higher than the rest of the world.
Vacation
Taking a vacation can be a great way to relax and enjoy life, but it can also be costly. The average cost of a vacation for a single person from Toronto is about $2,500 for a week-long trip to Europe. So before taking a vacation, be sure to determine thoroughly if it will benefit you in the long run.
Savings
Saving money for the future is important, especially if you have goals such as buying a house, starting a business, or retiring early. The recommended amount of savings for a single person is about 15% of their income.
Even if you’re managing a company, it’s still necessary to save money because businesses in Toronto also have higher expenditures, especially regarding the tax.
Some examples of jobs that pay well in Toronto, Canada:
Software Engineer:
A software engineer designs, develops, and tests software applications and systems. The salary for a software engineer living in Toronto is about $95,000 per year. Some of the benefits of being a software engineer are:
- You can work in various industries and sectors, such as finance, healthcare, education, entertainment, and more.
- Your job can have flexible working hours and locations, as you can work remotely or from home.
- You can have opportunities for career advancement and learning new skills.
Sales Manager:
A sales manager oversees and coordinates the sales activities and strategies of a company or a team. The average salary for a sales manager living in Toronto is about $85,000 per year. Some of the benefits of being a sales manager:
- Jobs like this allow you to earn commissions and bonuses based on your performance and results.
- You can have a direct impact on the growth and success of the company or the business.
- You can develop your leadership and communication skills.
Accountant:
An accountant prepares and analyzes financial records and reports for individuals or organizations. The average salary for an accountant in Toronto is about $60,000 per year.
- You can work in any industry or sector that requires financial management and reporting.
- You can have job security and stability, as employers consider accounting as an essential function for any business.
- You can have opportunities for professional development and certification.
Other High-Paying Jobs for People Living in Toronto
According to Grabjobs.co, here are some high-paying jobs for people living in Toronto:
- Registered Nurse: $85,000 pay per year.
- Business Analyst: $75,000 pay per year.
- Financial Advisor: $60,000 pay per year.
- Physiotherapist: $80,000 pay per year.
- Marketing Manager: $85,000 pay per year.
- Investment Representative: $80,000 pay per year.
- Operations Manager: $100,000 pay per year.
Final Thoughts About A Good Salary in Toronto, Canada
In conclusion, a good salary in Toronto depends on various factors, such as the cost of living, the industry, the position, the experience level, and the personal goals of the individual.
While Toronto offers higher salaries than the nationwide average, it also has higher expenses that can affect the quality of life. Therefore, it’s important to do some research and planning before moving or applying for a job in Toronto.
If you want to learn more about the average salary, household income, and median household income in Toronto, please click on the links. Your support helps keep this blog afloat.
