Is $25,000 a good salary in Toronto, Ontario in 2024? (2024)

FAQs

Is $25,000 a good salary in Canada ? ›

$25,000 is $37,050 less than the average yearly salary of $62,050 in Toronto. A salary of $25,000 per year means that you would be taking home about $21,526 per year after taxes, or $1,794 per month to pay for things like housing, transportation, groceries, and entertainment.

A salary of $30,000 per year means that you would be taking home about $25,192 per year after taxes, or $2,099 per month to pay for things like housing, transportation, groceries, and entertainment. The average household income in Toronto is $121,200.

To live on $25,000 a year after taxes, you would have roughly $2,083 a month to pay for everything —food, rent, medical bills, other necessities and leisure activities. That doesn't leave a lot of room for error. Something as simple as a car breakdown could tip your budget into the red.

A single person needs a yearly salary of $45,000 and up (after taxes) to live comfortably in Canada, while a family of four needs roughly $90,000 to $100,000. Factors will affect this, such as the lifestyle and region you live in.

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. The average household income in Toronto is $121,200.

Top 10% The top 10% percent of income earners are those who are considered to be upper middle class as well. The threshold amount for the top 10% is $125,945. This amount is only slightly higher than the top threshold for middle-class income, which is $106,717.

A family of four estimated monthly costs are 4,087.1$ (5,621.7C$) without rent. A single person estimated monthly costs are 1,117.3$ (1,536.9C$) without rent. Toronto is 31.4% less expensive than New York (without rent). Rent in Toronto is, on average, 53.3% lower than in New York.

What is a good salary in Canada? If you can make $18/hour as a single person working full time, that's a good salary. If you can earn an average of $60,000/year or $5000/month you will live a solid middle class lifestyle.

Can you live off 40k a year in Toronto? ›

$40,000 is $22,050 less than the average yearly salary of $62,050 in Toronto. A salary of $40,000 per year means that you would be taking home about $32,417 per year after taxes, or $2,701 per month to pay for things like housing, transportation, groceries, and entertainment.

Additionally, the monthly cost of living in Canada is estimated to be INR 68,792 (C$1,132 per month), excluding rent. Monthly expenses with rent are estimated to be $1,708 per month per person and $3,911 for a family of four.

For example, the poverty guideline is $30,000 per year for a family of four. This standard applies in the 48 contiguous states and the District of Columbia.

The general rule of thumb is to keep your mortgage payment between 25-33% of your total monthly income. Here's what that looks like if you make 25K a year: 25% of your monthly income: About $521 total monthly mortgage payment. 33% of your monthly income: About $688 total monthly mortgage payment.

Mortgage experts recommend spending no more than 28 percent of your gross monthly income on a housing payment. So if you make $25K per year, you can likely afford around $580 per month for a house payment.

Top 2% As of the end of 2022, in order to be in the top 2% of income earners, you need to earn a minimum of $190,000 per year. This would mean you would fall into the category of upper middle class. Many careers that earn incomes of those in the top 1% are also found for those in the top 2%.

Cost of living in Canada for a couple

However, the cost of living for a couple may be high for young couples – it averages down to around $3,500 a month. It is advisable to have around $50,000 for a year of living in Canada as partners.