Do you want to know how your salary compares to others in your province in the year 2020? How about others in Canada? For example, a salary of $100,000 in Alberta puts you in the 85th percentile of wage earners in the province, whereas, the same salary in Ontario puts you in the 90th percentile, and in the Northwest Territories, in the 75th percentile.
If the calculator says that your income is 90th percentile, that means your income is higher than 90% of others in your province. Enter your information to see where you stand.
Difference Between Richest Income 1% Province vs Poorest 1% Province:
Alberta vs PEI, and the income difference is $193,157 per year
What is Considered Middle Class by Province in Canada in 2020?
The middle class in Canada varies depending on how middle-class is defined. For the purposes of this analysis, I am considering that the middle-class is defined by someone in the 50% to 80% income percentile in their province. I am using provincial data as it keeps things consistent with the cost of living on a regional basis, for example, someone earning $100,000 in Toronto, Ontario isn’t nearly the same as someone earning $100,000 in Halifax, Nova Scotia. Also, keep in mind, income isn’t the same as net worth or wealth (more on that below). On that basis, here are the incomes required per province to be considered middle-class:
- Middle-class income in PEI has a salary range of $33,966 to $60,555
- Middle-class income in New Brunswick has a salary range of $33,128 to $62,213
- Middle-class income in Nova Scotia has a salary range of $34,040 to $65,805
- Middle-class income in Manitoba has a salary range of $36,581 to $68,223
- Middle-class income in Quebec has a salary range of $35,283 to $65,145
- Middle-class income in the Yukon has a salary range of $49,010 to $88,768
- Middle-class income in Nunavut has a salary range of $31,825 to $103,514
- Middle-class income in Saskatchewan has a salary range of $40,980 to $78,854
- Middle-class income in Newfoundland has a salary range of $33,977 to $71,448
- Middle-class income in BC has a salary range of $33,323 to $72,282
- Middle-class income in Ontario has a salary range of $35,887 to $74,517
- Middle-class income in Northwest Territories has a salary range of $54,161 to $115,601
- Middle-class income in Alberta has a salary range of $45,707 to $92,678
- Middle-class income in Canada has a salary range of $36,598 to $73,115
** According to this Nanos Research study, most Canadians had widely varying views on what is considered middle-class, for example, 22% of Canadians believed that $150,000 in yearly income was required to make it into middle-class, whereas 18% believed $100,000 was sufficient, and 12% believed $50,000. Again, the term is somewhat loosely defined, so, I chose the middle to higher percentile quadrant for the above statistics.
What is the difference between income, wealth and net worth?
Net worth and wealth are synonymous with one another, and the two terms can be used interchangeably. Wealth is your total assets minus your liabilities. For example:
Net Worth Formula: Assets – Liabilities (mortgage, loans, credit card debt)
Income is the amount that an individual earns on a yearly basis, otherwise knows as salary.
Someone can have a very high income, and a low net worth if they don’t invest appropriately, and conversely, they can have a lower income, and higher net worth if they invest and save their salary wisely.
The top 1% of net worth in Canada is $9,737,000,
The top 1% of income in Canada earns $250,519
You might find this article interesting: How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club
Data Sources: Statistics Canada