The minimum salary in Canada per month ensures that all workers earn a baseline amount, which is $2,035, providing a fair standard of living and financial stability.
In today’s world where everything seems to be getting more expensive it’s really important that you know about minimum wage. Minimum wage helps to make sure workers are being paid fairly for their work. In Canada, knowing about minimum wage can also help you better manage your money.
What is Canada’s Minimum Wage?
The lowest amount of money that employers must pay their workers per hour is called minimum wage. In Canada, this amount can be different depending on where you live because each province and territory has its own rules about minimum wage. We have a minimum wage to make sure that workers get a fair amount of money for the work they do.
The Federal Minimum Wage
Since April 1, 2024 the federal minimum wage in Canada is $17.30 per hour. If you work in a job that’s regulated by the federal government, you should make at least this much. Some examples of federally regulated jobs are:
- Federal Crown corporations, like Canada Post
- Certain Indigenous government activities on First Nations reserves
- Air transportation
- Some road transportation services.
- Banking
The federal minimum wage is updated for inflation, which means it can vary over the years to help workers keep pace with the cost of living.
Average Salary in Canada for Indians
Many Indian students come to Canada for higher education because salaries here can be higher as compared to India, but do remember, Living in Canada can also be more expensive than living in India.
Average Salary in Canada According to Glassdoor is between CAD 40,000 – CAD 73,000 per year. In Indian Rupees that ranges from INR 24,54,000 – INR 44,78,550 per year. On an Average Salary in India is between INR 4 -16 Lakh Per Year.
Fastest Growing Industries in Canada 2024
Some industries in Canada are growing very quickly and creating many job opportunities, especially for professionals from India. Here are a few of these industries:
- Technology: The Canadian Government is planning to invest $20 billion in infrastructure and the tech sector. Also, they are encouraging investors to invest in Canadian AI companies. Therefore, students who opt for engineering, software development or AI courses will have tons of job opportunities after graduation.
- Healthcare: There is always a high demand for medical professionals in Canada. Most of the doctors, nurses and dentists in Canada are immigrants so there are vast opportunity for Indian students to study medical courses.
- Agriculture: According to the Royal Bank of Canada, 40% of Canadian farmers will retire by 2033. The government needs to bring workers from other countries for these works.
- Real Estate: Real estate has boomed especially after Covid-19.
Cost of Living in Canada
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Living in Canada can be expensive, especially if you live and study in a place such as Toronto or Vancouver. But you already knew that didn’t you 😉 For detailed information on the cost of living per city have a look here.
Anyhow, here are some main expenses, apart from tuition fees:
- Accomodation: You will have to find a place to live and this can be pretty expensive.
- Tuition fees: If you are a student, you will need to pay for your studies.
- Daily expenses: This includes things like food, transportation, and entertainment.
On average, you might need between CAD 1,945 and CAD 3,713 per month to cover these costs. This amount does not include tuition fees and can vary based on your lifestyle.
Cost of Studying in Canada for Indian Students
If you wish to study in Canada and are looking for a pocket-friendly option, then public universities are the ones for you. The tuition fee of these universities is usually lesser than that of private universities or colleges. Here is an approximate idea of the cost:
Undergraduate program: CAD 13,000 to CAD 20,000 per year (approximately INR 7.96 lakhs to INR 12.25 lakhs)
Postgraduate degree: CAD 17,000 to CAD 25,000 per year (approximately INR 10.41 lakhs to INR 15.32 lakhs)
Knowing the minimum wage Canada has and how much it will cost you to live and study there can help you take better financial decision making ability. If you are thinking of working or studying in Canada, here is some information that may help you budget your money better and lead comfortable life. Note that these minimum wages and other costs may change with time, so try getting the latest information.