Let's talk numbers:
Financial reasons to Move to Canada
Before taking on a big immigration journey, you are probably wondering… is it even worth it?
As big fans of Canada, we could have said YES YES YES and told you hundreds of reasons why we find it an amazing place for life. Instead, let’s leave emotions aside and look at some financial facts why thousands of people worldwide want to live and work in Canada!
Table of Contents
Reason #1: Salaries are high across most industries!
Did you know that the average salary in Canada for all industries amounted to 31.96 CAD per hour in 2022? According to the Official Statistics of Canada (or known as the StatCan), full-time employees get an average wage rate per hour amounting 33.89 CAD while the part-time employees earn 22.44 CAD on average per hour. The official report was released last 6th of January 2023.
Let’s take a look at the latest average wage per industry! Currently, the report is divided into 2 categories; the good-producing sector and services-producing sector.
Goods-Producing Sector Average Hourly Wage in 2022-2023
In Canada, this sector comprises industries involved in the creation and manufacturing of tangible, physical goods. This category often includes sectors such as manufacturing, construction, agriculture, and mining.
Often workers in the good-producing sector are directly engaged in the production and processing of products, ranging from automobiles to agricultural produce and raw materials. On average, workers in this sector earn 33.44 CAD as per the 2023 StatCan report!
|
Specific Industry Hourly Wage
NOTE: This StatCan report was released last 6th of January 2023 |
2021 | 2022 (to 2023) |
|---|---|---|
| Agriculture | 20.78 CAD | 21.75 CAD |
| Forestry, fishing, mining, quarrying, oil and gas | 44.16 CAD | 44.30 CAD |
| Utilities | 47.08 CAD | 47.86 CAD |
| Construction | 32.03 CAD | 33.77 CAD |
| Manufacturing | 29.24 CAD | 31.01 CAD |
Services-Producing Sector Average Hourly Wage in 2022-2023
In this sector, the primary value is derived from delivering expertise, skills, and experiences rather than physical products. Services such as healthcare, consulting, financial planning, and entertainment fall under this category.
The services-producing sector is a critical component of a modern economy, as it often reflects a nation’s technological advancement and the shift towards knowledge-based industries. On average, workers under this industry earn approximately 31.58 CAD per hour as reported in the Official StatCan released last January 2023.
|
Specific Industry Hourly Wage
NOTE: This StatCan report was released last 6th of January 2023 |
2021 | 2022 (to 2023) |
|---|---|---|
| Wholesale and retail trade | 23.47 CAD | 24.70 CAD |
| Transportation and warehousing | 29.94 CAD | 30.37 CAD |
| Finance, insurance, real estate, rental and leasing | 37.44 CAD | 38.84 CAD |
| Finance, insurance, real estate, rental and leasing | 38.47 CAD | 41.64 CAD |
| Business, building and other support services | 23.53 CAD | 24.88 CAD |
| Educational services | 36.70 CAD | 37.50 CAD |
| Health care and social assistance | 29.55 CAD | 30.70 CAD |
| Information, culture and recreation | 31.18 CAD | 31.23 CAD |
| Accommodation and food services | 17.34 CAD | 18.50 CAD |
| Other services (except public administration) | 26.88 CAD | 27.43 CAD |
| Public administration | 39.89 CAD | 40.79 CAD |
Reason #2: Your salary will grow over time.
The government of Canada tries as much to keep up with the inflation rate. For this reason, Canada’s hourly wages increase every year! Look at this chart of average wage per hour over time, you will be able to understand and see for yourself the opportunity that awaits you! 😉
$27.57
2018
$28.32
2019
$30.03
2020
$30.67
2021
$31.96
2022-2023
NOTE: All wages are in Canadian Dollars
Another best thing is – your salary will grow, as your experience and professionalism grow. Much like in the other culture, if your Canadian employer sees your responsibility and hard work, you’ll see your salary growing. On average, you can expect an increase of 7% per year which means your salary could get twice higher from your 10 years of working in Canada!
Reason #3: Unemployment rate in Canada is less than 6%
Before we dig deeper into unemployment, let’s understand first why we should get excited about Canada’s low unemployment rate.
Canada’s low unemployment rate is good news because it means that a relatively small percentage of people who want to work are unable to find jobs. When the unemployment rate is low, it generally indicates a healthier job market with more opportunities for job seekers like you! This can lead to better financial stability for you and your family as you earn a steady income in Canada.
Let’s look at the unemployment rate of Canada over time! Note that this report was released by the Official Statistics of Canada (StatCan) last January 2023.
5.8%
2018
5.7%
2019
9.7%
2020
7.5%
2021
5.3%
2022-2023
NOTE: All population centers and rural areas.
Reason #4: Cost of life is different across the Canadian provinces and territories
If you’re considering making the leap from the Emerald Isle to the Great White North, moving to Canada can be an exciting adventure. Canada offers a diverse landscape, a high quality of life, and a welcoming atmosphere for newcomers. To help make your transition smoother, here are five useful tips:
The cost of living index is a measure of the relative cost of living in different places. It is calculated by comparing the prices of a basket of goods and services in different cities or countries. The basket of goods and services typically includes items such as food, housing, transportation, healthcare, and recreation.
The cost of living index is usually expressed as a number, with a higher number indicating a higher cost of living. For example, a city with a cost of living index of 120 is 20% more expensive to live in than a city with a cost of living index of 100.
To read the cost of living index, simply compare the index number for the city or country you are interested in to the index number for a city or country with which you are familiar. For example, if you are considering moving to Toronto, Canada, and the cost of living index for Toronto is 110, you can compare this to the cost of living index for your current city of residence. If the cost of living index for your current city is 100, then you can expect to pay 10% more for goods and services in Toronto.
Here are some tips for using the cost of living index:
- Compare the cost of living index for different cities and countries. This will give you a general idea of how expensive it is to live in different places.
- Consider your individual spending habits and lifestyle. The actual cost of living you experience will vary depending on your individual circumstances.
- Use the cost of living index to budget for a move. If you are considering moving to a new city or country, you can use the cost of living index to estimate how much you will need to spend on living expenses.
Cost of Living For Each Canadian Provinces and Territories (Based on the Numbeo Cost of Living Index 2023)
CANADIAN PROVINCES
Alberta: 77.61
British Columbia: 89.83
Manitoba: 71.21
New Brunswick: 66.27
Newfoundland and Labrador: 70.12
Nova Scotia: 69.21
Ontario: 80.47
Prince Edward Island: 66.74
Quebec: 79.06
Saskatchewan: 71.69
CANADIAN TERRITORIES
Northwest Territories: 100.00 (baseline)
Nunavut: 111.70
Yukon: 94.90
Keep in mind that this is just a general overview of the cost of living in each province and territory. The actual cost of living will vary depending on your individual circumstances, such as your lifestyle, spending habits, and location within the province or territory.
For example, the cost of living in Toronto, Ontario is much higher than the cost of living in Regina, Saskatchewan. Similarly, the cost of living in Iqaluit, Nunavut is much higher than the cost of living in Yellowknife, Northwest Territories.
*Source: https://www.numbeo.com/cost-of-living/rankings.jsp?title=2023
When choosing a place to live in Canada, it is important to consider your budget and lifestyle. If you are looking for a more affordable place to live, you may want to consider moving to a smaller city or town in a province with a lower cost of living.
Reason #5: Healthcare and education in Canada are accessible to everyone.
Let’s Talk about Healthcare! Does Canada Provide Free Healthcare?
The answer is YES! But it is important to note that not all services are covered. The Canadian healthcare system is a universal system, which means that all Canadians have access to basic healthcare services regardless of their income or employment status. To access free healthcare in Canada, you must be a Canadian citizen or permanent resident.
The public sector pays for the majority of healthcare costs, including hospital and physician services. Some services, such as prescription drugs and dental care, that are not covered by the public sector. These services are typically covered by private insurance or paid for out-of-pocket. Here is a list of some of the basic healthcare services that are covered by the public sector in Canada:
- Hospital care
- Physician services
- Diagnostic tests, such as X-rays and blood tests
- Public health services, such as immunizations and prenatal care
How Much Is the Budget of the Canadian Government for Healthcare?
Canada’s budget for free healthcare from 2018 to 2023 has been steadily increasing, as shown in the following table:
$286.6B
2018
$298.2B
2019
$308.5B
2020
$319.2B
2021
$329.9B
2022-2023
NOTE: All figures are in Canadian Dollars
Let’s Talk about Education! Does Canada Provide Free Education?
Yes, Canada provides free education for Canadian residents in 2023. Public education is free for Canadian residents from kindergarten to the end of high school. This means that school is free for children from the ages of 5 or 6 to 18 years old.
The cost of education is covered by taxes collected from the public in each province/territory. This means that all Canadian residents have access to free education, regardless of their income or employment status. There are some exceptions to the rules for free education in Canada. For example, international students and students who are attending private schools are not eligible for free education. Some students may be required to pay for certain fees, such as student fees and extracurricular activity fees.
Aside from free public education, Canadian residents are also eligible for a number of government-funded financial assistance programs to help them pay for the cost of post-secondary education. These programs include student loans, grants, and scholarships.
How Much Is the Budget of the Canadian Government for Education?
The budget of the Canadian Government for free education from 2019 to 2023 is as follows:
$28.6B
2018
$29.8B
2019
$30.9B
2020
$32B
2021
$33.1B
2022-2023
NOTE: All figures are in Canadian Dollars
Reason #6: Immigrants can get loans from Canadian banks
Immigrants to Canada have access to a variety of financial resources, including loans from Canadian banks. This makes it easier for immigrants to achieve their financial goals, such as buying a home or starting a business.
According to a 2022 report by the Canadian Bankers Association, 73% of immigrants to Canada were approved for loans in 2021. This is higher than the approval rate for Canadian-born borrowers, which was 68%. In fact, the average loan amount for immigrants in 2021 was $237,000. This is slightly lower than the average loan amount for Canadian-born borrowers, which was $245,000.
Interested in Getting a Loan from a Canadian Bank? Here Are 3 Tips!
A good credit score shows banks that you have a history of borrowing and repaying money responsibly.
A down payment is a percentage of the purchase price of a home or car that you pay upfront. Having a down payment shows banks that you are serious about the loan and that you are willing to put your own money into the purchase.
A co-signer is someone who agrees to be responsible for the loan if you default on it. If you have a good credit score and a steady income, you may be able to get a loan with a co-signer even if you don’t have a credit history in Canada.
Reason #7: You can buy your own house in Canada
Canada is a great place to live and raise a family. It offers a high quality of life, a strong economy, and a welcoming culture. One of the benefits of living in Canada is the ability to buy your own home.
“According to the Canadian Real Estate Association, the average price of a home in Canada in August 2023 was $650,140. This is up 2% from the previous year.”
While the average price of a home in Canada has been rising in recent years, it is still possible to buy a home, especially for immigrants who are willing to live outside of major cities or who are willing to buy a smaller home.
Here is the average cost of buying a home for each Canadian province and territory in August 2023, according to the Canadian Real Estate Association:
| Canada Province/Territory | Average Home Price |
|---|---|
| British Columbia | $1,082,496 |
| Alberta | $526,529 |
| Saskatchewan | $384,377 |
| Manitoba | $382,216 |
| Ontario | $875,291 |
| Quebec | $517,728 |
| New Brunswick | $274,423 |
| Nova Scotia | $400,068 |
| Prince Edward Island | $336,616 |
| Newfoundland and Labrador | $236,000 |
| Northwest Territories | $422,787 |
| Nunavut | $422,787 |
As you can see, the average cost of buying a home varies significantly depending on the province or territory. The most expensive homes are found in British Columbia, while the least expensive homes are found in Newfoundland and Labrador.
It is important to note that the average home price is just a starting point. The actual price of a home will vary depending on a number of factors, such as the location of the home, the size of the home, and the condition of the home.
