Have you ever wondered how much you need to make per hour at your job to have a decent annual salary? Let’s take a round number like $30 per hour.
Have you thought to yourself: $30 an hour is how much a year?
Luckily for you, we’ve already done the math! If you make $30 per hour based on a 40-hour work week, your annual salary would be about $62,400 before taxes.
Is that enough for you to live off of?
According to Statistics Canada, the average annual salary for Canadians is $54,630 per year.
So if you make $30 an hour, you’re slightly above the average salary level in the country. In this article, I will what $30 an hour looks like and what types of jobs make this type of salary.
Is $30 an Hour a Good Annual Salary in Canada?
If you make $30 an hour in Canada, your annual salary is already above average and firmly in the middle class. In most cities across the country, a salary of $62,400 before taxes is enough to be comfortable as a single person.
How did we get to a total of $62,400? Assuming a 40-hour work week, $30 an hour brings in about $1,200 per week. Multiply this by 52 weeks and we get $62,400.
We all have our own costs and debts that we need to pay off. Whether it is a mortgage or student loans or a new car, these debts are the primary reason many of us need to work. If you are able to find a job that pays you at least $30 an hour, it’s safe to say you’ll be able to live comfortably while also paying off your debts.
So even in the most expensive cities in Canada like Toronto or Vancouver, a job that pays $30 an hour is considered to be better than average. More than half the country makes less than $30 an hour and while everyone’s financial situation is different, $30 an hour is a generous wage for many people in Canada.
It might not be as lucrative as a $50 an hour job, but it’s still a solid annual salary.
How Much is $30 an Hour on an Annual Basis?
I already broke down the math for an annual salary of $30 an hour. But as we all know, our income is taxed by the government so our take-home pay is far less than a simple calculation. After taxes, a salary of $62,400 is reduced to about $44,500 in Ontario and just over $45,000 in British Columbia.
Different Provinces have different tax rates, so it is not surprising to see different net incomes for the same hourly wage. If we divide these figures by 12, you would earn about $3,708.33 per month in Ontario and $3,758.33 in British Columbia.
We can break this down even further to see that you would make about $855.77 per week or about $121.92 per day in Ontario. In BC, a wage of $30 an hour would make you about $867.31 or $123.56 per day after taxes.
Is it enough to live in these expensive cities? It is, but your salary will clearly go further in other cities in Canada.
Which Jobs Earn $30 an Hour in Canada?
So now you might be wondering: which jobs in Canada will pay $30 an hour? Luckily for you, there is a long list of jobs that will pay $30 an hour in Canada, and many do not even require a University education.
Quick tip: To search for jobs that pay $30 an hour or more on a site like Indeed and put in the type of job you are looking for and then set the Salary Estimate filter to something above $30.
If you are looking to earn $30 an hour, a majority of office jobs will start at around this wage. Government clerks and medical equipment technicians are just two examples of a long list of Canadian jobs with this starting wage. Some of these positions will require some sort of University education or special training, so prepare to complete this before applying to these jobs.
These days, there are plenty of jobs that pay $30 an hour that can be performed remotely as well. The pandemic really changed how we view offices and many companies switched to remote and virtual work.
Related Financial Geek Article: 9 Legit Ways You Can Make $1,500 a Month From Home
If you are a homebody, jobs like customer service representative and corporate assistant can earn you $30 an hour and can usually be performed from anywhere!
Conclusion: $30 an Hour is How Much a Year in Canada
Let’s be honest, compared to most other countries in the world, a wage of $30 an hour is considered a fortune. Everything is relative, so let’s keep in mind that nearly 10% of the world’s population survives on just $1.90 per day. Per day!
That means a wage of $30 an hour is more than 100 times what 10% of the world earns in a single day.
Of course, these are not apples-to-apples comparisons. Most citizens who live in poverty are not concerned with things like car payments or cell phone bills.
Here in Canada, these things are a necessity to many of us while in many regions of the world they are a luxury. Let’s keep everything in perspective: an above-average wage of $30 an hour in Canada is enough to live comfortably in one of the most livable countries in the world.
Starting with a $30-an-hour salary is a great way to improve your financial position. Remember, no matter how much you earn you should always be practicing good money habits.
Always only spend what you can afford, and try and save some of your earnings on a regular schedule. Pay your bills on time and live comfortably within your means! If you can follow these simple rules, $30 an hour will be plenty for you to live off!
Geek, out.
