Is $75,000 a good salary in Toronto, Ontario in 2024? (2024)

FAQs

What is a good salary in Toronto 2024? ›

The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $75,000 a year in Toronto makes 20.9% more than the average working person in Toronto and will take home about $56,110.

$80,000 is $17,950 more than the average yearly salary of $62,050 in Toronto. A salary of $80,000 per year means that you would be taking home about $59,628 per year after taxes, or $4,969 per month to pay for things like housing, transportation, groceries, and entertainment.

Comfortable Living: For a more comfortable lifestyle with room for savings or entertainment, aim for a combined annual income of at least $50,000 (increased from $42,000 in 2023). This allows for a more balanced life in most Canadian locations.

Summary of cost of living in Toronto, Canada: A family of four estimated monthly costs are 4,096.1$ (5,621.7C$) without rent. A single person estimated monthly costs are 1,119.8$ (1,536.9C$) without rent.

If you make $75,000 a year living in the region of Ontario, Canada, you will be taxed $21,698. That means that your net pay will be $53,302 per year, or $4,442 per month.

$75,000 is $10,500 more than the average yearly salary of $64,500 in Ottawa. A salary of $75,000 per year means that you would be taking home about $56,110 per year after taxes, or $4,676 per month to pay for things like housing, transportation, groceries, and entertainment.

What percentage of Americans make over $75K? Only 12.3% of Americans make in the $75,000 to $99,999 range. An additional 16.4% make between $100,000 and $149,000. However, a large portion of Americans (16.2%) earn in the $50,000 to $74,999 range.

What is considered a high salary in Ontario? ›

The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $72,000 a year in Toronto makes 16% more than the average working person in Toronto and will take home about $54,150.

The top 10% of Canadians had incomes over $80,400

Meanwhile, the bottom 90% had an average income of $28,000.

$75k a year salary is not uncommon. Many people make that income. When I look at that statscan chart for CMAs Ontario, Toronto has 75k at about the 75-80th percentile of individual incomes. There's like a million people making that much in the GTA, and a lot more making less.

The 'Rule of 40' and a Good Salary

Therefore, if we deduce Toronto's average rental costs hover around CAD 2,200 per month, the required annual income to sustain this comfortably would be approximately CAD 66,000.