There are plentiful benefits to enjoy by moving to Montreal. The city boasts a rich culture and friendly French and English-speaking people.
However, this multi-lingual city is costly, and you will need an income to sustain yourself. What is a good salary in Montreal?
A single person earns a good salary in Montreal by making at least $26,900 annually. If you earn between $2,990 and $3,740 per month, you’re a good earner and will live comfortably in the city. A couple with two kids may need to earn almost double a single person’s salary.
This article is an ultimate read as I’ll discuss how much you can earn in Montreal and the various salaries for different professions.
What is a good salary in Montreal?
A monthly salary of between $2,990 and $3,740 is considered a good salary in Montreal. With this income, you can pay for basic expenses and save a good amount.
This amount corresponds to an annual salary of at least $26,950 after taxes. Anyone earning above $3,740 per month is a good earner in Montreal.
This salary is ideal for a single person, but a family of four will need twice the amount to live a good life in the city.
Expect to earn more if you’re a dentist or doctor in Montreal. The annual salaries for these professions range between $69,360 and $72,300.
Nurses and office managers are also good earners, with a yearly income of $32,646 and $35,680.
If you’re single and earning a monthly salary of $2,990, here is what your monthly expenses will look like.
Housing
A one-bedroom is enough for a single, and you can rent one at $800 a month in the city’s suburbs like Montréal-Nord and Vieux-Rosemont.
The utility bills such as water, electricity, air conditioning, heating, and garbage will cost you around $245 per month.
Health insurance
There are two types of health insurance in Canada: private and public healthcare. The annual cost of public insurance is $530, corresponding to $45 per month.
I recommend private health insurance if you’re an ex-pat. You can use it internationally since its coverage is broad.
Food and groceries
The cost of food and groceries in Montreal depends on someone’s eating habits. On average, you can spend $224 per month on food when cooking in the house. The cost may be higher if you opt to eat out.
For instance, an average meal may cost $10 in a restaurant within the CBD. I recommend buying food in bulk outside the CBD because the food stores there are cheaper.
Monthly disposable income
Depending on your spending habits, the monthly disposable income for a single person is an average of $597 per month.
This amount covers weekend getaways, clothes, shoes, eating out, and much more. You can also afford some entertainment like watching movies or camping activities.
Savings
Saving takes a lot of discipline, but it’s easy if you’re investment-minded. A single person in Montreal can save up to $600 per month. This amount will not lower your quality of life if you earn $3,740 per month.
Lets us now look at how life in Montreal will be for a family of four earning $3,740 per month.
- Housing – A two or three-bedroom house in the CBD goes for $1,121 per month and $1,500 outside the CBD.
- Utility bills – Water, electricity, internet, heating, and garbage will cost around $350 per month.
- Food and groceries – Setting aside $1,100 per month is enough for three meals daily.
- Healthcare – This will cost approximately $117 per month.
- Savings – It’s possible to save $300 per month.
- Transportation – You can spend up to $500 a month getting around.
What is the minimum salary in Montreal?
Currently, the minimum wage salary in Montreal is $14 per hour.
This amount must be given to every worker, whether part-time or full-time. Employers must pay their workers a wage that equates to or is more than the minimum wage rate, or they go against Canadian labor laws.
However, employers cannot adjust their workers’ salaries when the minimum wage rate increases. Nothing should affect the workers’ minimum wage, not even benefits such as accommodations or automobiles their employers may provide.
What is the average salary in Montreal?
The average monthly salary in Montreal is $2,077, an increase of $62 from June 2022. This amount corresponds to $24,924 per year.
Most experienced employees earn about $54,085 per year, while those in entry-level positions make $24,715. Professionals such as doctors, nurses, and surgeons make an average salary of $44,500 per year.
Most starting salaries in Montreal are $24,718, especially for government employees, and $46,000 for experienced employees in all sectors. However, Montreal’s average salaries may differ depending on the company, field, and location.
Here is a list of the average salaries for most professions in Montreal:
| Profession | Average annual salary |
|---|---|
| Financial analyst | $55,076 |
| Auditor | $27,553 |
| Architect | $57,800 |
| Teacher | $46,304 |
| Chemical engineer | $54,100 |
| Electrician | $39,920 |
| Detective | $24,536 |
Is $75,000 a good salary in Montreal?
An annual salary of $75,000 in Montreal is above the city’s average of $40,079, and it is a good salary for a family of four. This is about $ 6,250 per month, making it an ideal income for a modest life. This is how your life will look like with this income.
- Rent: You can comfortably afford a two or three-bedroom house in the CBD at $2,000 to $2,500 per month.
- Food and groceries: A couple with two kids will spend $1,500.
- Utilities: Electricity, garbage, water, and Internet will cost $550.
- Transportation: $650
- Health insurance: $160
- Clothing: $50
- Savings: $1,200
Suppose you are single and earning $75,000. In that case, you can afford a luxurious life in the expensive suburbs of Montreal by paying all your essential bills, taking weekend getaways, and saving for investments.
The amount is still above the average salary margin in Montreal and will be enough for a family of four. They can travel, enjoy weekend getaways, eat out often, and save at least $1,200 per month.
Taxation in Montreal
There are different types of taxes in Montreal. Taxes on a person’s worldwide income are charged to everyone at the provincial and federal levels.
Non-residents in the city are taxed only on their Canadian income and any gains from a property sale.
If you’ve stayed in Canada for over 183 days, you’re a resident and must pay your taxes promptly.
The federal income tax rates range between 15 and 33 percent, while provincial taxes are between 15 and 27.75 percent. This tax is deducted from a person’s salary, business profit, or investment.
Tax on employment income is deducted directly from the salary to the tax authorities.
The deadline for filing your tax returns in Montreal is April 30th, but partners who operate a joint business enjoy an extension up to June 15th.
There are penalties if you fail to pay and file your returns on time.
Does the gender pay gap affect salaries in Montreal?
Yes, the gender pay gap is one factor that determines salaries in Montreal.
Women are paid less than men in most sectors. However, many organizations are trying to ensure the gap is completely closed as soon as possible so women can enjoy equal rights in the workplace.
The finance and insurance sectors lead in the gender pay gap in Montreal and other major Canadian cities.
The best-paying jobs in Montreal
Being Canada’s largest city, Montreal offers plentiful opportunities to job seekers. The city’s cost of living is also affordable. Even though it has increased recently, it’s not as high as in other cities.
If you’re a job seeker, here are some of the best-paying jobs in the city.
- Architect – There is a huge need for more buildings and retrofitted offices in Montreal thanks to the city’s steadily rising economy.
Architects are in high demand here. Be ready to earn between $60,000 and $120,000 per year.
- Product manager – Companies are constantly improvizing new products to meet the needs of their customers and attract more sales.
This is where vacancies for product managers come in. If you are one, be ready to earn $82,200 per year.
- Communication Director – The success of any business is strongly tied to its communication power. A lack of proper communication channels significantly hinders a company from growing.
Currently, there is a massive demand for communication directors in Montreal, thanks to the many companies in the city.
Professionals in this field can earn up to $187,000 per year or more, depending on their experience.
- Accountant – The role of an accountant is to advise on expenditures and help companies understand their financial position. An experienced accountant in the city makes at least $167,000 yearly.
- Optometrist – An optometrist is a professional doctor who offers eye care services. Their work is detailed as they are skilled in diagnosing and treating all eye conditions.
At the entry-level position, an optometrist in Montreal earns $300,000 annually. The amount may increase depending on the institution that employs them and their experience.
- Business analyst – The role of a business analyst is to help companies make informed decisions. In this field, you can earn $82,400 per year.
What benefits do employees in Montreal get?
Employee benefits are a must not only in Montreal but the whole country. The benefits are subdivided into two: mandatory and supplementary. Let’s briefly look at the two types so you know what to expect.
1. Mandatory benefits
According to Canadian labor laws, employers must give these benefits to employees.
Legislated leaves
Canada has the largest number of government-regulated and legislated leaves in the world. These leaves are job-protected, meaning the employer is prohibited from firing employees when they are away from work.
These leaves vary by province and are governed based on provincial or federal mandates. The following are the legislated leaves in Montreal.
Parental leave
This leave is given to either parental or adoptive parents and is payable for a maximum of 35 weeks. The beneficiaries must claim the benefits within 12 months at a rate of 55 percent of the parent’s average weekly earnings.
If the parental leave is extended up to 61 weeks, the parents should take the benefits within 18 months at a rate of 33 percent of their average weekly earnings.
The terms for the extension of parental leave include hospitalization of the newborn or adopted child and sickness of the mother. To qualify for this leave, you must have worked at least 600 hours in the previous year.
Maternity/paternity leave
This leave is given to a pregnant mother (biological or surrogate) for only 15 weeks. The mother can claim benefits from the 12th week to the delivery week or up to the 17th week after delivery.
Employment insurance
The maximum insurable earnings in Montreal is $57,000 at a rate of 55 percent. The maximum benefit period for employment insurance varies from 14 to 45 weeks, depending on the rate of unemployment in a region or the last claim of an employee.
The employment insurance benefit entitles an employee to income replacement due to the following:
- Sickness
- Parental leave
- Maternity
- Compassionate care leave
2. Supplementary Leaves
These benefits are not a must, but they come in handy for motivating employees. Here’s an overview of supplementary leaves.
Voluntary benefits
Larger companies mostly offer these benefits to motivate their employees and boost production. Most employees in Montreal have noted the positive impact of providing this benefit. Voluntary benefits include virtual wellness, getaways, pet insurance, and more.
Flexible benefits
Larger companies also offer these benefits to their workers, which come in handy in addressing generational differences in the workforce and motivating employees.
The benefits are based on what’s important to the employees, and they could be anything from disability coverage to life insurance, travel incentives, workplace nurseries, and gym memberships.
Conclusion
Any salary ranging between $2,990 and $3,740 per month is good in Montreal. The amount will cater to food, rent, transport, and utility bills.
If you’re skilled and looking for a new start, don’t hesitate to move to Montreal because the city offers plentiful opportunities to skilled people.