Top 20 Highest Paying Jobs in Canada: Experts Job Guide 2024

Latest Facts and News:

• Canada's job market shows resilience, with 37,300 new jobs added in January 2024.

• The technology sector in Canada is experiencing rapid growth, with a 3.5% increase in employment over the past year.

• Healthcare professionals continue to be in high demand, with a projected shortage of 117,600 nurses by 2030.

• The average salary in Canada has increased by 4.2% in 2024 compared to the previous year.

• Remote work opportunities have expanded, with 27% of Canadian employees now working from home full-time.

Uncover the top 20 highest paying jobs in Canada, which will bring you the most financial success and opportunity for professional growth in 2024! With high-paying sectors across Canada’s diverse markets, there are jobs available for a variety of qualifications and experience. Whether you are a student looking for your first job, a professional hoping to make a career change, or an immigrant with fresh possibilities, knowing the largest and highest earners of jobs across the country is likely to help you.

Understanding the Canadian Job Market

Globally and particularly in Canada’s key sectors — healthcare, technology, finance, and energy — there’s been a clear resilience and growth in the job market. The country has added 37,300 new jobs as of January 2024, and remote work is growing, creating a variety of opportunities across the country. Along with this, technology offers abundant high-paying jobs with a 3.5% employment growth rate in the past year, making it an upcoming school subject.

As a rule of thumb, the top 20 highest paying jobs in Canada are largely situated in certain areas, with healthcare, tech, and then finance being perennial front runners. Despite this, however, location, industry demand and educational background all significantly factor into one’s salary.

Factors Influencing High Salaries in Canada

A combination of personal qualifications plus the dynamics of the broader labour market determines compensation in Canada for highly skilled workers. Understanding these factors is crucial for professionals aiming to maximise their earning potential while working towards one of the top 20 highest paying jobs in Canada:

1. Education: When it comes to earning significant money, often you have to go just a little bit further and have higher levels of education or higher degrees, certifications, or specialisations. Medicine, law, engineering, and finance are fields that emphasise advanced credentials as a condition towards stepping into roles that require expertise. Most importantly, specialised training and certifications (e.g. Chartered Professional Accountant or Project Management Professional) would significantly increase earnings, as these candidates will appear as experts in their area.

2. Experience: As a professional learns more about their field, they earn more. In many industries, including finance, technology and healthcare, years of experience are rewarded with promotions and annual salary increases. Usually, the experience is great, and the pay is commensurate with the depth of knowledge needed and the leadership abilities required, as in senior roles, such as executive management or specialised medical professions.

3. Industry Demand: In high-demand areas like healthcare, technology, and engineering, salaries are often high. Employers are more likely to offer competitive salaries to recruit good talents when industries find themselves drowned out by talent shortages or experiencing fast growth. Things like nursing and geriatric care work opportunities are in high demand with Canada’s ageing population, and tech demand continues to grow, paying for software engineers and Data Scientists.

4. Location: Salaries vary widely, depending on the province or city, as the cost of living and industry concentration in Toronto limits demand within the province or city. Vancouver and Calgary's salaries are higher than in other cities, taking into account both the higher cost of living and the more competitive job markets within these cities. For example, in Toronto, financial professionals may earn more than their counterparts in smaller cities simply because the concentration of industries in these cities attracts financial professionals and energy experts based in Calgary may earn more. Some places have more demand for certain skills, and salary levels vary in sectors such as tech, healthcare and education.

All of these factors combine to make a map of Canada, where salaries could fluctuate dramatically from one city to the next. Education and skill requirements are assessed, industry demand is understood, and location-based salary differences are considered as professionals are able to plan their career while working in one of the top 20 highest paying jobs in Canada and make the most from their education and experience investment.

Also Read: Build Your Future with the Federal Skilled Worker Program

Top 20 Highest Paying Jobs in Canada: Updated

Find the top 20 highest paying jobs in Canada and explore Canadian salary rankings along with details about each job to explore what’s most suited for you:

1. Surgeons, Cardiologists, Anesthesiologists

• Average Salary: $200,000 - $400,000 (12052708-24105416 INR) per year

• Requirements: Long education, medical school, and correct residency.

• Job Outlook: The growing population and ageing demographics cause high demand.

2. Chief Executive (CEOs)

• Average Salary: $150,000 - $300,000 (9039531-18079062 INR) per year

• Requirements: Usually holds an advanced degree (often an MBA) and has extensive managerial experience.

• Job Outlook: High earnings potential in large companies and the tech sector, competitive.

3. Lawyers and Judges

• Average Salary: $110,000 - $300,000 (6628989-18079062 INR) per year

• Requirements: Judges usually need years of legal experience, a law degree, and a bar exam.

• Job Outlook: Consistency of high demand for corporate and civil rights lawyers.

4. Software Engineers and IT Managers

• Average Salary: $90,000 - $150,000 (5423718-9039531 INR) per year

• Requirements: ITORelated field; knowledge of programming languages.

• Job Outlook: The digital transformation across all other industries has led to its rapid growth.

5. Financial Managers and Investment Bankers

• Average Salary: $100,000 - $250,000 (6026354-15065885 INR) per year

• Requirements: Bachelor’s degree in finance, master’s degree in finance or related certifications (e.g. CFA).

• Job Outlook: In banking hub areas like Toronto and Montreal, there is high demand.

6. Pharmacists

• Average Salary: $90,000 - $120,000 (5423718-7231624 INR) per year

• Requirements: Provincial licensing and pharmacy degree.

• Job Outlook: Healthcare needs and pharmacy expansions that will require steady demand.

7. Oil and Gas Engineers

• Average Salary: $100,000 - $200,000 (6026354-12052708 INR) per year

• Requirements: Petroleum with an engineering degree.

• Job Outlook: In oil-rich areas like Alberta.

8. Dentists

• Average Salary: $120,000 - $200,000 (7231624-12052708 INR) per year

• Requirements: Provincial licensing and dental degree.

• Job Outlook: Rising need resulting from the growing focus on oral health.

9. Airline Pilots

• Average Salary: $90,000 - $150,000 (5423718-9039531 INR) per year

• Requirements: Commercial pilot’s license and substantial training.

• Job Outlook: High pay to experienced pilots for routes on international routes with moderate demand.

10. Mining Engineers

• Average Salary: $90,000 - $160,000 (5423718-9642166 INR) per year

• Requirements: Mine or geological engineering degree.

• Job Outlook: In mineral-rich provinces like Ontario and British Columbia, there is a strong demand.

11. Engineering Managers

• Average Salary: $110,000 - $150,000 (6628989-9039531 INR) per year

• Requirements: Management experience and an engineering degree.

• Job Outlook: Potential demand in such industries as construction, technology, and automotive.

12. Psychiatrists

• Average Salary: $130,000 - $200,000 (7834260-12052708 INR) per year

• Requirements: Specialization in psychiatry and a medical degree.

• Job Outlook: Increased mental health awareness raises demand.

13. Construction Managers

• Average Salary: $90,000 - $130,000 (5423718-7834260 INR) per year

• Requirements: At least a degree in construction management or engineering.

• Job Outlook: Demand from urban centres with high development rates.

14. Human Resources Managers

• Average Salary: $80,000 - $120,000 (4821083-7231624 INR) per year

• Requirements: HR, business or related degree.

• Job Outlook: Steady demand, especially in large organisations.

15. Marketing Directors

• Average Salary: $90,000 - $160,000 (5423718-9642166 INR) per year

• Requirements: Marketing, communications or business degree.

• Job Outlook: Accent on brand growth and customer engagement industries.

16. University Professors

• Average Salary: $90,000 - $140,000 (5423718-8436895 INR) per year

• Requirements: Experience in an academic setting and a Master's or Doctorate.

• Job Outlook: In specialised areas, there is high demand for engineering, law, and medicine.

17. Real Estate Brokers

• Average Salary: $80,000 - $200,000 (4821083-12052708 INR) per year

• Requirements: Provincial accreditation and real estate license.

• Job Outlook: Real estate markets like Toronto and Vancouver are in high demand.

18. Actuaries

• Average Salary: $90,000 - $120,000 (5423718-7231624 INR) per year

• Requirements: An actuary will have a degree in actuarial science or equivalent and be certified.

• Job Outlook: Strong demand in the insurance finance sectors.

19. Physicists and Astronomers

• Average Salary: $90,000 - $150,000 (5423718-9039531 INR) per year

• Requirements: Physics or astronomy advanced degree.

• Job Outlook: Research institutions and academia need more of this product.

20. Pharmacologists

• Average Salary: $100,000 - $150,000 (6026354-9039531 INR) per year

• Requirements: Pharmacology degree with specialist training.

• Job Outlook: Demand is strong due to the advancements in the pharmaceutical industry.

Also Read: How to Get Canada Work Visa Without IELTS in 2024? Updated

Education and Qualifications for High-Paying Jobs

A definite background in education, mostly from recognised institutions, in specialised areas of study sets the basis for the top 20 highest paying jobs in Canada. Canada’s best universities, like the University of Toronto, McGill University, or the University of British Columbia, have programs designed for fields with a high salary potential, such as business, engineering, medicine and computer science. Employers are always on the lookout for graduates from these institutions as they are not only excellent in training but also maintain high standards during their training, so they stand a competitive edge in the jobs market!

Professional certifications aside from a university degree help drive up salary potential and career possibilities. The Chartered Financial Analyst (CFA) for financial analysts, Certified Public Accountant (CPA) for accountants and Project Management Professional (PMP) for project managers are just a few of the highly valued certifications in their respective industries. Not only do these credentials represent high-level expertise, but they are often required before reaching senior roles in certain fields like finance, business management, and engineering and landing paying jobs in Canada.

In healthcare, you need credentials such as a medical degree and specialities in areas like surgery or anaesthesia to earn the highest-paying jobs in Canada. Certification in cloud computing, cyber security or data science from institutes such as CompTIA, AWS, and Cisco can go a long way in adding value to the profile of any candidate and help him walk through the doors to higher paying jobs in the technology sector. In general, putting in work for advanced education and appropriate certifications are big investments that Peter makes in a huge return in the form of additional revenue potential and also entry to these increasingly lucrative work opportunities in Canada.

Importance of Continuous Learning and Professional Development

In a competitive market such as high-income jobs in Canada, you can’t afford to lose up-to-date skills through certifications and training. For an accountant, for example, certification like CPA, for an IT professional, AWS, and an engineer, PE can lead to elevated salary prospects and job security.

Industries with the Highest Paying Jobs in Canada

Key industries that power Canada's economy, including healthcare, technology, finance and energy — tend to be lucrative professions in Canada. Every one of these sectors spans the paying jobs in Canada and not only has colossal salary potential but also offers a variety of career advancement or specialisation options, making these the best-paying careers in Canada.

1. Healthcare: Unlike many other industries in Canada, healthcare is always a leading job opportunity with robust pay rates and many positions available in specialised departments. Surgeons, anesthesiologists, and psychiatrists are the highest earners or leaders. As the number of nurses, specialists, and support roles continues to grow, the demand for healthcare professionals is expected to increase with an ageing population and a projected shortage of healthcare professionals. It also has a lot of job stability as many times the economic downturns very little influence the field and so it is extremely attractive for those who are looking for a career with a lot of stability as well as an ample salary, making it one of the highest paying jobs in Canada.

2. Technology: Canada’s tech sector is growing by leaps and bounds, especially in Toronto, Vancouver, and Montreal, where Canada’s tech hubs have sprung up. Software engineering is a type of job and it has high-paying jobs in this industry, such as IT management, cybersecurity, and data science. Today, artificial intelligence, machine learning, and cloud computing are on the rise and luring more and more tech professionals than ever, resulting in making it one of the highest paying jobs in Canada. Both skill acquisition and constant learning are rewarded in the tech industry, which means that careers progress quickly, and you can move up into high-paying, advanced roles.

3. Finance: The banking, investment, and asset management professions in Toronto are all well-paying jobs in Canada’s finance industry. The highest-paid roles are those of investment bankers, financial managers, and actuaries, and they roughly require specialised education as well as CFA or CPA certifications. It is one of the most competitive industries, in which top firms can provide good compensation and benefits in order to attract top talent, earning it its place in the highest-paying jobs in Canada. Canada also has a stable economy and financially sound regulations that make it a solid industry for those looking to make lots of money and have a long-duration career.

4. Energy (Oil & Gas): However, changes in the global oil price have not deterred Canada’s energy sector, particularly in oil-rich regions such as Alberta, from continuing to be a major source of high-paying jobs. Petroleum engineers, drilling engineers, and project management are roles in this field, with payloads that promise strong salaries. It also requires special competence in engineering, environmental studies and project management. The segment has moved towards more sustainable practices, which have enabled opportunities for clean energy and impact roles in the energy industry commensurate with Canada’s soft energy resource policy.

Combining these industries creates well-paying roles that also help contribute to Canada’s economic growth as it embraces professionals who are prepared to invest in education and skill development to meet industry demands.

Regional Differences in High-Paying Jobs

Salaries and job options are quite different from Canada to Canada, with urban centres such as Toronto, Vancouver, and Calgary steadily playing the role of having some of the highest-paying jobs. Besides being economic centres, these cities also attract top talent from different sectors, including finance, healthcare, technology, and energy, drawing them to tough salaries. As the financial capital of Canada, Toronto offers superb earning opportunities in banking, investment and corporate management. The booming tech and film industries of Vancouver, paired with higher-than-average salaries for professionals in creative and technical roles, ensure that it continues to be a popular place for high-paying careers. At the same time, Calgary draws professionals into lucrative roles in energy and engineering due to its location near oil and gas resources.

While Montreal and Ottawa provide high-paying job opportunities, as they do in sectors like research, education, and government, there are other regions, such as San Francisco and Vancouver, which also offer attractive job opportunities. Factors like local demand, cost of living and industry concentration affect regional salary variations, so it is very important for job seekers to research not only the role they want but also the areas and cities that will give them the most in terms of salary.

Also Read: Build Your Future with the Federal Skilled Worker Program

Future Outlook for High-Paying Jobs in Canada

The highest paying jobs in Canada are on the rise, with new industries forecasted to drive salary growth and bring in new jobs. Both feeding into and in response to technological advances in global AI, renewable energy, and cybersecurity, industries like artificial intelligence, renewable energy, and cybersecurity are at the forefront. Canada’s fastest-growing sectors will include tech and health care, driven by an upward tick in salaries due to a demand for skilled professionals, according to Statista.

Across tech and healthcare, we expect there will be lots of roles available in software engineering, data science and cloud computing. At the same time, on the medical side, there will be a continued need for doctors, nurses, and specialised care professionals to keep up with the ageing population. Canada’s increased emphasis on environmental sustainability should also open green tech and renewable energy prospects, creating a leader in cleantech solutions. The emphasis on these growing fields for job seekers is not only important to signify the importance of continuous learning and readiness to adjust to new high-paying job roles in an increasingly dynamic job market but also signifies the compliance of workers with this modernised trend for the already familiar working disciplines.

Tips for Landing a High-Paying Job in Canada

1. Build a Strong Network: Attend industry events and leverage LinkedIn for networking.

2. Gain Relevant Experience: Consider internships and volunteer positions.

3. Invest in Certifications: Professional certifications can set you apart.

4. Polish Your Resume and Interview Skills: Tailor applications to specific roles.

Conclusion

Canada is a great place to work across a plethora of industries, such as health care, technology, finance, engineering, and energy. These sectors are very different, and each has different demands and rewards for roles, with many of them developing very quickly due to new technology, an older population and changing economic priorities. This diversity in high-paying positions gives job seekers a chance to explore multiple job paths that fit their skills, educational background, and desired career in the highest paying jobs in Canada.

Job seekers can become more competitive in the job market by investing in education, staying up to date with industry trends, and building a solid professional network that unlocks the doors to these rewarding roles. Whether it's by advanced degrees, specialised training, or professional certifications, any serious indicating placemats will develop constantly. Moreover, networking — be it in person or on platforms such as LinkedIn — can help to widen your network and offer insightful leads towards these highly sought-after positions, which makes a huge difference whilst job seeking. Aspiring professionals can navigate their way through Canada’s job market if they are dedicated and persistent and have implemented some strategic career planning.