Can you save in Canada? For those who undertake a trip with the Working Holiday Canada visa, one of the main interests, in addition to getting to know the country, traveling, and living the experience, is knowing how much they can save!
Based on the minimum wage in Canada and taking into account general expenses, in this article we are going to tell you how much you can save in this country. But first, we recommend that you review the cost of living in Canada, so you understand where the numbers that we will detail below come from.
How much is spent per month in Canada?
Now, if you followed our advice and took the time to read the article that talks about the cost of living in Canada, we could summarize the monthly expenses in the following items:
- Accommodation: CAD 800 (USD 588)
- Transportation: CAD 100 (USD 73)
- Lunch: CAD 400 (USD 294)
- Extra expenses: CAD 200 (USD 147)
Total expenses in Canada CAD 1500 (USD 1,102).
These expenses are approximate, as we always say, everything depends on the type of life they lead, the job they get, their ability to save, etc. but to get an idea of how much it costs to live in Canada it is more than enough.
What is the minimum wage in Canada?
The minimum hourly wage in Canada is set by each province. For the purposes of this article, we are going to take as a reference the salary established for British Columbia, which is where Vancouver is located.
The established minimum wage is CAD 16.75 (USD 12.31) per hour, according to what the British Columbia government reports.
If they have a 40-hour weekly job, they will receive a salary of CAD 2,680 (USD 1,969) per month, from which they will have to deduct the corresponding taxes.
At this point, keep in mind that taxes vary depending on the job and salary. For the salary we use as an example, the taxes to be deducted are approximately 14.8%, therefore, your net salary will be CAD 2,283 (USD 1,677).
Once again, we clarify that the value of taxes varies depending on the salary and the work they do. You can use this tax calculator to find out how much will be deducted from your salary.
Average salary in Canada CAD 2,134 (USD 1,677).
How much can you save per month in Canada?
And here we come to the most important part of the article! We are sure that all of you want to know how much you can save per month in Canada. Nobody wants to be surprised when they reach the end of the month, so it is important to analyze expenses, salary and thus determine the savings capacity.
Currently, the average salary of a Canadian worker is CAD 2,283 (USD 1,677). If we subtract the CAD 1,500 (USD 1,102) of expenses from this value, we are left with a total monthly savings of C AD 783 (USD 575).
These are average and estimated numbers to give you an idea of how much you can save in Canada. They will vary depending on your lifestyle and work, but you can use them as a reference.
Monthly savings in Canada CAD 783 (USD 575).
This was all the information about the cost of living in Canada! Any questions or contributions you have can leave us your comment on the article!!