six figure

What is a Six-Figure Salary in Canada?

Canada is a country with a wide range of opportunities. Thriving industries with good jobs popping up in every city. The average annual income of Canadians is $55,000, according to Canada stats

Cities like Vancouver and Montreal even have slightly higher rates. They are ranging between 65,000 – 70,000. By global standards average salary in Canada is good. But for some of us, good is just not enough especially considering just how expensive it is to live in Canada. 

Having daydreams of luxury living is not such a bad idea, but you need a job that corresponds with your ambitions. In this article, we are going to explore the highest-paying jobs in Canada. 

What is a Six-Figure Salary in Canada?

In Canada, Six-figure jobs are careers that pay between 99,000 to 999,000 annually. It looks and sounds quite outlandish, but many jobs around you offer that much. 

Traditionally, the usual suspects have always been healthcare, finance, construction, oil & gas, and mining. While these are still thriving, we will also explore some careers that have emerged in the modern era.

High-Paying Jobs in Canada – Healthcare

Historically, some of the top-paying jobs in Canada are in the health sector. According to IMF data, Canada has about 5mill people over the age of 70. The average age of the country is 41. Such an aging population is susceptible to chronic illnesses and terminal diseases. Hence, there is a big market for health care products and services. 

Canada’s health care workers per-capita figures are deficient. So, most jobs in this sector are bound to be lucrative as the government and the industry struggle to address shortages and keep up with demand,

Here are a few of the high-paying positions in the Canadian health care industry. 

  1. Physicians & Surgeons 

Physicians are the professionals who are responsible for diagnosing and treating a range of physiological and mental ailments. They diagnose patients and prescribe medication. Surgeons are a sub-group of physicians. They are doctors who have specialized skills to perform specific operations. 

To become a qualified doctor, you have to complete a medical degree. You will also need certification from professional bodies like the College of Family Physicians of Canada (CFPC) or the Royal College of Physicians and Surgeons of Canada (RCPSC). 

The scarcity of Physicians in Canada is almost at an emergency level. Given their importance, the Canadian government makes efforts to get migrant doctors to augment the inadequate quantity of locally-trained doctors.

As a result of the scarcity, long years of training, and highly specialized skills required, Doctors are one of Canada’s best-paid professionals right now. 

How much do Doctors/Physicians Make in Canada?

Although they earn a living running checks, Doctors rarely check price tags when they shop. The median salary for Doctors/Physicians in Canada is about $150,000. 

2. Registered Nurse

Nurses are healthcare professionals that are trained in the assessment, care of patients. This job requires detailed knowledge of medical care. Nurses are currently in high demand across North America. And coupled with the level of specialized skill needed, it is no surprise that Nursing is one of Canada’s best-paying jobs at the moment. 

To hit six figures in the Canadian Nursing space, you’ll need to have at least a master’s degree in nursing. Depending on the province you reside in, you might have to register with a professional body before you can get a job as a Nurse. 

How much do nurses make in Canada?

Sometimes, it is hard to imagine how nurses cope with crowded wards, but their bank accounts are rarely empty either. The median salary for nurses in Canada is $104,000.

3. Dentist

Dentists are medical professionals who are trained to keep your teeth and mouth healthy. They are responsible for a wide range of oral care procedures, such as tooth inspections, teeth extraction, and dental surgery. 

To venture into high-earning echelons of dentistry, you’ll need to have a master’s degree in dentistry from a recognized university. Like doctors, you’ll also have to register with the regulatory body in your province.  

How much do Dentists Make in Canada?

We all know that Dentists make use of scary-looking long equipment. But guess what, their money is just as long. The median salary of a Dentist in Canada is $110,000.

High Paying Jobs in Canada – Finance

Canada has one of the strongest financial services sectors in the world. It is one sector of the country that is not short of professionals. 

The Canadian economy has proven wealth management capabilities, a robust banking system, and a healthy insurance sector. With the advent of financial technology, finance professions in Canada have attained new levels of productivity. 

Historically, Finance jobs have always been well rewarding. And today, that hasn’t changed.

The Canadian finance industry is fully laden with lucrative jobs. However, there are specific career paths that stand tall among the lot. Let’s have a look. 

  1. Management consultant

Consultants, or finance analysts, are responsible for providing advisory services to businesses and public corporations. They are typically employed by firms that provide consulting services to other organizations. 

As a consultant, you may work with several clients at a time to help them solve problems within their organizations. The tasks may involve enhancing efficiency, productivity or plugging loss-gaps. 

To become a top consultant, you have to earn a degree and finance-related certification. It is essential to become a member of certain professional societies. This will help to build your expertise and expand your network.  

How Much Do Management Consultants Earn in Canada?

Management consultants are known to have poor work-life balance. But that’s likely the only thing poor about them.  

The average salary of Management Consultants in Canada is $150,000. 

2. Insurance professional 

Insurance involves putting some money aside to offset losses that may occur from future events. The insurance sector is very vibrant.

As an insurance agent, broker or salesman, you would be responsible for selling all types of insurance to clients. Insurance policies in Canada include vehicle, health, property, and life insurance. 

To excel at it, you will have to review your clients’ needs and inherent risks in their businesses or daily lives. You use this information to determine their premiums and ensure that all recommended policy requirements are met.

You may also choose to work as an adjuster or claim examiner. These are professionals who investigate claims, inspect the damage, review relevant documents, determine outcomes, and settle claims.

To become an insurance professional, you have to earn a finance-related degree as well as post-graduate certification. You may choose programs like MBA or CFA. 

How much Do Insurance Professionals Earn?

Insurance professionals help us prepare for the rainy day, but with an average annual salary of $120,000, they will likely never have one to prepare for.

High Paying Jobs in Canada – Engineering

Quite literally, no nation can exist without its engineers. Engineering is as old as time. And engineers in Canada have enjoyed significant success over the years. They build our homes, roads, bridges and other public utilities. They also develop and maintain machines that make civilization what it is today. 

To get a job as an engineer in Canada, you would have to get an engineering degree. Professional certifications and societies are also essential.

You’ll find engineering roles in many different industries. They are always in high demand, thanks to their ability to use science, maths, and technology to solve problems. Engineers get involved with everything from the planning to building stages of all kinds of projects, and there are several different engineering fields you can specialize in. Given their skill set, this is consistently one of the best-paying roles in Canada.  

There are so many noble jobs in the engineering industry, but we’ll only focus on a few well-paying career paths. 

  1. Structural Engineers & Miners

These are professionals who build complex structures. They are responsible for drawing up plans, selecting materials to be used. They also put necessary safety measures in place. 

An example of the works of structural engineers is mining. Mining is a very risky venture. A structural engineer helps to analyze the site and evaluate the digging procedure. They pick the appropriate equipment. They try to ensure that all mining activity goes on safely and effectively. 

Because of the risks involved and the delicate nature of their jobs, structural engineers are one of the best-paid professionals in Canada.

2. Construction Engineers

Construction engineers are professionals who build our homes and other public physical structures. They carry out activities such as bricklaying and masonry. They basically execute plans drawn up by architects and structural engineers. 

3. Aeronautic Engineers

Mechanical engineers are the ones who are responsible for manufacturing and fixing our machines. Especially machines that have moving parts. Such equipment includes cars, trucks, trains, airplanes. 

Have you seen how huge airplanes are? Now imagine how much the person who fixes the get paid. People who fix & manufacture airplanes are called Aeronautic engineers. They are some of the best-paid professionals in Canada.

How much do Engineers make in Canada?

With the level of mental tasks and physical exertion involved in their jobs, Engineers rarely smile while at work. But they sure do on their way to the bank. The average annual salary of an engineering manager in Canada is $116,000. 

High Paying Jobs in Canada – IT

Canada has built a vibrant and innovative IT industry. Individuals with the right mix of skills and experience are taking full advantage of this. 

You can find some of the most in-demand, top-paying jobs available across the country in the Canadian IT industry.

According to a report by (ISED) the Innovation, Science and Economic Development, the Canadian ICT sector comprises over 41,000 companies. And these companies employ more than 652,000 workers. This figure represents close to 3% of Canadian total national employment. 

There are many exciting career opportunities within the Canadian Information & technology sector. 

Let us have a look at some of the IT careers that offer great pay in Canada. 

  1. Computer and Information systems Manager

To fill this role, you would be responsible for overseeing technical Information systems. These areas may be related to telecommunications software, information systems, and networks. 

System managers have to set analyzing system requirements from time to time, then create policies and procedures to ensure everything runs seamlessly. 

2. Software Engineer 

They are also called software designers. Their core task is to design software programs and systems that help organizations achieve their technological goals. 

As a software engineer or designer, you will begin by understanding your employer’s or client’s needs, guiding you to design, create, and test software solutions that meet the identified needs. You may also carry out maintenance and troubleshooting activities.

To secure a lucrative position in the IT- industry, you’ll have to possess complex IT skills like programming, coding, and web design. 

How Much Do Computer Engineers Earn In Canada?

As they build and secure your computer networks, Computer Engineers also secure big bags in the process. The average salary of senior Computer Engineers in Canada is $120,000. 

Conclusion

Do you have dreams of fancy destination holidays, owning multiple homes, dining in the finest restaurants, driving luxury cars? Or are you altruistic with your ambitions? Maybe you’d like to end world hunger, homelessness or fund cancer research. Either way, a five-figure job just wouldn’t cut it. 

The great news is that with a six-figure salary and good financial management, you don’t have to be a singer or movie star to afford a storied lifestyle.

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