The aurora borealis over Spirit Island, Maligne Lake at Jasper National Park, Alberta, Canada
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If you’re thinking of moving countries, you aren’t alone. Maybe it’s for a better quality of life or a reaction to the elections—Henley & Partners said that inquiries by U.S. nationals into “golden visas” that buy foreign citizenship in exchange for significant investments in a country’s real estate or startup sector say, skyrocketed by 400% in election week.
Canada is the third most searched country for people looking to move or travel abroad on Numbeo, the site that analyses the cost of living and property from country to country. For Americans, unsurprisingly, it comes top due to its proximity and the fact that it shares similarities with its neighbor, followed by the U.K. and Spain.
From Banff’s National Park in the Rockies to the west to Niagara Falls in the east, Canada is well known for its miraculous outdoors, including lakes, forests, mountains, the Canadian Arctic Archipelago, and even the Okanagan desert. Here’s what to learn about how you fit in financially, with the cost of living, and what it means to be wealthy in Canada.
What Is Wealthy In Canada—The Top 1% And The Top 10%
In 2021, the top 1% of people in Canada earned about $194,000 (CAD 271,300) or more from all sources, and to be considered in the top 10% of people in that same year, you would have had to have made about $76,000 (CAD 106,700) or more.
A salary of 100,000 CAD per year is commonly seen as the benchmark of an elite income, at which point someone can live an excellent quality of life in Canadian cities. However, research suggests that more is now needed.
What Is Wealthy In Canada—Average Annual Income
Based on 2021 census data, the highest average income per annum is about $53,000 (CAD 73,800) for people aged between 45 to 59.
More generally, the average salary for someone working full-time is about $45,000 a year (CAD 63,013), although this varies according to the Canadian province. Nunavut and Northwest Territories have the highest average incomes, while New Brunswick, Nova Scotia, and Prince Edward Island have the lowest.
The annual income range for the middle class in Canada is broad, ranging from approximately $38,000 (CAD 53,359) to $98,000 (CAD 137,000). You would need to earn $168,000 (CAD 235,675) to be considered upper middle class.
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Cheakamus River in Whistler, Canada.
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What Is Wealthy In Canada—Average Net Worth
Household wealth in 2024 grew to a record-breaking $12 trillion (CAD 17 trillion), driven mainly by gains over the past 40 years in real estate and financial assets.
On average, Canadian households have a net worth above $712,000 (CAD 1 million). Still, these gains haven’t been equally felt across all ages and income cohorts—almost 60% of households see nowhere near this amount.
Cost of Living Around The World—Some Comparisons, Not Including Rent
The cost of living in Canada, on average, is not that different from that in the U.S. and is only 3% more than in France (the cost of living in the U.S. is 7% higher than in France).
The comparison globally for the cost of living:
Canada: $1023 per month for a single person not including rent.
France: $1,200 per month for one single person not including rent.
Thailand: $650 per month for a single person not including rent.
U.S.: $1,166 per month for a single person not including rent.
When factoring in rent, however, the global difference becomes far bigger between North America and Canada and places across the Atlantic in Europe. Rent in Canada is 59% higher than in France, and rent in the U.S. is 52% higher than in France.
Can Americans Move To Canada?
U.S. citizens can visit Canada for up to 180 days before needing a visa, and there are several ways to obtain one, including the Express Entry scheme, which offers a fast track to permanent immigration for skilled workers.
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Publish date : 2024-11-24 00:14:00
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