This Is The Average Salary In Canada By Age Group & Here's Who's Making The Most
Do you fall within your age group's average?
Canadian banknotes. Right: A person works on a computer.
How does your salary compare to others your age?
Job platform Indeed recently shared what the average Canadian salary looks like by age group, as well as the factors that can affect your salary.
According to Indeed, citing data released by Statistics Canada in 2022, the national average salary for all working adults in Canada is $49,300 per year, or $4,180 per month.
However, Indeed notes that factors like education, experience levels and technical skills can influence (and possibly increase) your salary.
Looking at specific age groups, the average salary for Canadians aged 16-24 is $17,300, with an average monthly salary of $1,400.
The employment platform says that this age group includes young adults who are entering the workforce and that people in this category may work full or part-time, and may also be in school.
This is the lowest age group included in Indeed's research, and also the age group making the lowest average salary.
Next, Indeed looked at the average salary for 25-34-year-olds. This age group includes adults who have completed both high school and post-secondary education, and those in this age range often have a few years of work experience.
The average salary for this age group is $46,900 per year, and a monthly average of $3,908 -- a large increase from the age group preceding it.
Following 25-34-year-olds, the average salary per year in Canada for those aged 35-44 is $63,700, with an average monthly salary of $5,308.
According to Indeed, this age group is made up of adults who are more established in their careers and are moving into more specialized and senior roles.
Next on the list, the average salary for Canadians aged 45-54 is $66,700 per year, according to Indeed, with a monthly salary of $5,558, on average.
It's worth noting that while this age group includes adults with decades of experience in their roles, who are moving into even higher positions in management and leadership, the growth in salary is smaller, "suggesting that skill development is more relevant earlier in your career."
Following them, Canadians aged 55-64 were found to have an average salary of $54,600 per year, with monthly earnings of $4,550.
This age group includes adults who would be entering their last decade of work before retiring, and Indeed says that the "decrease in salary suggests that those closer to retirement may decrease their work hours and type of work, or opt for early retirement."
Finally, the average salary for those aged 65 and over is $22,600 per year, with an average monthly salary of $1,883.
Adults in this age group would be in their final years of working, with the decrease in salary reflecting those exiting the workforce or working in a limited capacity.
Which work has the highest salary in Canada?
In October, Indeed shared 15 of the highest-paying jobs in Canada, with the positions covering several different fields of study.
As Indeed notes, industries that require specialized and extensive education pay higher salaries since fewer candidates meet the requirements of the role.
It makes sense, then, that many of the highest-paying jobs in Canada can be found in the medical field, as they require more education and specialization than other fields.
According to Indeed, one of the highest-paying jobs in the country is an anesthesiologist, with a national average salary of $358,908 per year.
Other high-paying positions include cardiologists, with a national average salary of $280,591 per year, psychiatrists ($298,065 per year), physicians ($254,847 per year) and surgeons, with an average salary of $276,646 per year.
In terms of jobs that aren't in the medical field, some of the positions listed include software architects, corporate controllers and data scientists, with national average salaries ranging from $84,630-109,021 per year.
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