In 2024, the average Canadian earned $67,282 per year.
However, earning potential in Canada varies significantly from province to province.
To determine the best province to make money in Canada, we will analyze several factors, including average salaries, cost of living, GDP per capita, unemployment rates, and the concentration of high-paying jobs.
Methodology
To determine the best province to make money in Canada, we have analyzed the following factors:
- Average Salary: The average annual salary for each province, considering data from various sources.
- Minimum Wage: The minimum hourly wage in each province, providing a baseline for earnings.
- Cost of Living: The average monthly cost of living, including rent, for a family of four in each province.
- Cost of Housing: The average cost of housing in major cities within each province, considering both renting and buying options.
- GDP per Capita: The GDP per capita for each province, reflecting the average economic output per person.
- Unemployment Rate: The unemployment rate for each province, indicating the health of the job market.
- Concentration of High-Paying Industries: The presence of industries with high-paying jobs in each province.
- Job Availability: The availability of jobs in key industries in each province, considering current trends and future prospects.
- Income Taxes: Personal income tax rates in each province, impacting disposable income.
These factors were weighted based on their relevance to earning potential and overall financial well-being.
Higher average salaries, lower cost of living, higher GDP per capita, lower unemployment rates, and a higher concentration of high-paying industries with good job availability were given more weight in our analysis.
Average Salary by Province
Average salary information varies depending on the source.
In addition to the average annual salary, we have also included the minimum hourly wage in each province to provide a more comprehensive picture of earning potential.
| Province | Average Annual Salary (CAD) | Minimum Hourly Wage (CAD) | Source |
|---|---|---|---|
| Alberta | $73,612 | $15.00 | |
| British Columbia | $70,847 | $17.40 | |
| Manitoba | $59,391 | $15.80 | |
| New Brunswick | $59,151 | $15.30 | |
| Newfoundland and Labrador | $72,293 | $15.60 | |
| Nova Scotia | $57,378 | $15.20 | |
| Ontario | $70,160 | $17.20 | |
| Prince Edward Island | $55,358 | $16.00 | |
| Quebec | $66,218 | $15.75 | |
| Saskatchewan | $63,359 | $15.00 | |
| Yukon | $66,605 | $17.59 | |
| Northwest Territories | $79,446 | $16.70 | |
| Nunavut | $79,881 | $19.00 |
Based on this information, Alberta has the highest average annual salary, followed by Northwest Territories and Nunavut.
The Maritime provinces, including New Brunswick, Nova Scotia, and Prince Edward Island, have the lowest average salaries.
Nunavut has the highest minimum wage, while Alberta and Saskatchewan have the lowest.
Note that average salaries can be influenced by various factors, including age and industry.
According to research, people aged 25-35 are currently earning more than previous generations did at the same age.
This suggests that earning potential may be increasing for younger workers in Canada.
Read also: #5 Best Degrees to Make Money in Canada (Research)
Cost of Living by Province
The cost of living is a crucial factor in determining your earning potential.
Even with a high salary, a high cost of living can significantly impact your disposable income.
Here’s a summary of estimated monthly costs, including rent, for a family of four in different Canadian provinces:
| Province | Average Monthly Cost (CAD) |
|---|---|
| Alberta | $6,956 |
| British Columbia | $7,985 |
| Manitoba | $6,083 |
| New Brunswick | $6,243 |
| Newfoundland and Labrador | $5,911 |
| Nova Scotia | $6,528 |
| Ontario | $8,174 |
| Prince Edward Island | $6,252 |
| Quebec | $6,118 |
| Saskatchewan | $5,908 |
Ontario has the highest cost of living, followed by British Columbia. The most affordable provinces are Quebec, Newfoundland and Labrador, and Saskatchewan.
Read also: 7 Best Province To Do Business In Canada
GDP Per Capita by Province
GDP per capita is an important economic indicator that reflects the average economic output per person in a region. Higher GDP per capita generally suggests higher overall prosperity and earning potential.
| Province | 2023 GDP per Capita (CAD) | Source |
|---|---|---|
| Alberta | $72,530 | |
| British Columbia | $55,313 | |
| Manitoba | $48,141 | |
| New Brunswick | $41,885 | |
| Newfoundland and Labrador | $53,517 | |
| Northwest Territories | $94,381 | |
| Nova Scotia | $41,768 | |
| Nunavut | $93,684 | |
| Ontario | $54,737 | |
| Prince Edward Island | $41,727 | |
| Quebec | $49,023 | |
| Saskatchewan | $63,865 | |
| Yukon | $75,285 |
In 2023, Alberta had the highest GDP per capita among the provinces, followed by British Columbia and Ontario. The territories, particularly the Northwest Territories and Nunavut, have significantly higher GDP per capita than the provinces.
Unemployment Rates by Province
Unemployment rates are a key indicator of a region’s economic health and job market. Lower unemployment rates generally suggest more job opportunities and higher earning potential.
In November 2024, Saskatchewan had the lowest unemployment rate in Canada at 5.6%. Alberta also had a relatively low unemployment rate of 6.7%.
Income Taxes by Province
Income tax rates can significantly impact your take-home pay and overall earning potential. Alberta has the lowest personal income tax rates in Canada, with rates ranging from 10% to 15%.
In comparison, Nova Scotia has a Harmonized Sales Tax (HST) rate of 15% applied to most goods and services. This means that Albertans generally have more disposable income compared to residents of other provinces.
Key Industries and Job Availability in Top Provinces
Alberta
Alberta’s economy is heavily reliant on the oil and gas industry, which offers high-paying jobs in areas such as oil drilling and gas extraction, petroleum refining, and oil and gas field services.
However, Alberta also has a growing technology sector, with opportunities in clean technology, information and communications technology (ICT), and nanotechnology.
The construction sector is also experiencing growth, with numerous infrastructure projects underway, including the $1.2B Scotia Place entertainment complex in Calgary and the $1.2B renewable biofuels facility planned by Green Impact Partners.
Other key industries in Alberta include healthcare and social assistance, professional, scientific, and technical services, and transportation and warehousing.
Job availability in these sectors is generally good, with a high demand for skilled professionals.
The average home price in Calgary is in the mid-$600s, while Edmonton’s homes are more affordable, with an average price of around $440,000.
For renters, a one-bedroom apartment in Alberta ranges from $750 to $3,000. Alberta also provides significant government support for childcare expenses.
The COVID-19 pandemic had a significant impact on Alberta’s job market, particularly in the accommodation and food services sector.
However, the province has seen a strong recovery in recent months, with employment increasing across most sectors.
British Columbia
British Columbia’s economy is diverse, with key industries including technology, forestry, and tourism.
The technology sector, in particular, is experiencing rapid growth, with high demand for software developers, IT specialists, and engineers.
British Columbia also has a high concentration of clean energy jobs, with the province aiming to reduce emissions by 40% by 2030 through its CleanBC Roadmap to 2030 initiative.
Other sectors with good job availability include healthcare and social assistance, construction, and finance and insurance.
Housing prices in British Columbia are high, with the average home price in Greater Vancouver exceeding $1 million.
Rent in Vancouver is also expensive, with an average two-bedroom rent of over $1,700.
The COVID-19 pandemic had a mixed impact on British Columbia’s job market. While some sectors, such as manufacturing, experienced job losses, others, like construction and healthcare, saw increased demand.
Manitoba
Manitoba has a moderately strong economy based largely on natural resources, with key industries including agriculture, transportation, manufacturing, mining, forestry, energy, and tourism.
Manitoba also has a strong manufacturing sector, particularly in Winnipeg, which is a hub for advanced manufacturing.
The average selling price of a home in Winnipeg increased by 8.4% year-over-year to $359,200 in December 2024.
The average rent in Winnipeg increased by 4.0% year-over-year to $1,624 for December 2024.
The COVID-19 pandemic had a significant impact on Manitoba’s job market, particularly in the accommodation and food services sector. However, the province has seen a gradual recovery, with employment increasing in sectors like healthcare and transportation.
Final Thoughts
Based on our analysis, Alberta appears to be the best province in Canada to make money. It has the highest average salary, a relatively low cost of living, a high GDP per capita, and a low unemployment rate. Additionally, Alberta has a high concentration of high-paying jobs in the oil and gas industry, as well as growing technology and agriculture sectors.
British Columbia is another strong contender, with a diverse economy and a booming technology sector, as well as a high concentration of clean energy jobs.
However, the high cost of living in British Columbia, particularly in Vancouver, can offset the high earning potential.
Manitoba offers a more affordable cost of living and a diverse economy with a strong manufacturing sector.
However, its average salary and GDP per capita are lower than those of Alberta and British Columbia.
Ultimately, the best province to make money in Canada depends on your individual skills, experience, and career goals.
If you’re looking for high-paying jobs in the oil and gas industry or opportunities in technology and agriculture, Alberta is a great option. If you’re interested in a career in technology or clean energy, British Columbia might be a better fit. If you prefer a more affordable cost of living and opportunities in manufacturing, Manitoba could be a good choice.
At the end of the day, consider all factors, including salary, cost of living, job availability, income taxes, and your personal preferences, when deciding where to live and work in Canada.
In addition to financial considerations, you may also want to research the quality of life, access to healthcare and education, and cultural attractions in each province to make an informed decision.
Read also: 11 Best Cities to Make Money in Canada
