What are the top twenty highest-paying jobs in Toronto? Continue reading to learn how to upskill or plan your career into one of Toronto’s highest paying jobs.
Toronto is frequently referred to as Canada’s business and financial capital. It is also one of North America’s largest financial hubs and a top ten global financial center, with an annual GDP growth rate of 2.4 percent since 2009.
Despite the fact that Toronto, like the rest of the country, struggled financially in 2020 as a result of COVID-19, the city is quickly recovering, and the job outlook is beginning to look promising once more.
Are you looking to change careers in order to earn a higher salary? Are you a student looking to start working toward a high-paying job?
In any case, this guide is for you. Continue reading to find out about the highest-paying jobs in Toronto, as well as the skills and education required to obtain them.
In Toronto, what salary is considered wealthy?
The average annual salary in Toronto is C$66,000 C$66,000 C$66,000 C$66,000 C$66,000 C$66,000 C$ However because the cost of living in Toronto is so high (100% higher than the national average), some people earning this salary may still struggle to make ends meet.
Without rent, the estimated monthly costs for a family of four are around C$4,412. That doesn’t leave much if you only make C$66,000 per year, especially after taxes.
Also Read: The Top 20 Job Sites in Canada You Should Know
To live comfortably or be considered wealthy in Toronto, most people would need to earn at least C$90,000 per year. This salary makes it much easier for Toronto residents to pay their bills while still having money left over for luxuries like travel.
What Is the Highest-Paying Job in Toronto?
What types of workers earn C$90-100,000 or more per year? What types of careers should you consider if you want to work in one of Toronto’s highest-paying jobs?
If you want to be the highest-paid person in Toronto, you should become a surgeon.
Surgeons earn an annual salary of C$196,401 on average. This is more than twice the average salary in Toronto, and most people will be able to live very comfortably (and may even consider themselves wealthy) if they earn this much each year.
Not interested in a career in surgery? Regardless of your background or interests, there are a plethora of other high-paying jobs in Toronto to consider. The following are the top 20 highest paying options to consider:
Average annual salary: C$93,503 per year
Average annual salary: C$93,600 per year
Average annual salary: C$94,150 per year
- Registered Nurse
Average annual salary: C$94,603 per year
- Investment Manager
Average annual salary: C$95,915 per year
- Construction Manager
Average annual salary: C$98,253 per year
- Petroleum Engineer
Average annual salary: C$100915 per year
- Lawyer
Average annual salary: C$102,474 per year
- Programmer
Average annual salary: C$104,000 per year
- Software Engineering Manager
Average annual salary: C$110,930 per year
- Dentist
Average annual salary: C$112,229 per year
- Developer
Average annual salary: C$114,400 per year
- General Practitioner
Average annual salary: C$116,349 per year
- Software Architect
Average annual salary: C$124,005.50 per year
- Psychotherapist
Average annual salary: C$124,800 per year
- Legal Director
Average annual salary: C$129,779 per year
- Marketing Director
Average annual salary: $171,401 per year
- Medical Director
Average Annual Salary: C$327,000
- Orthodontist
Average annual salary: C$179,925 per year
- Surgeon
Average annual salary: C$196,401 per year
Toronto’s Top 5 Highest-Paying Industries
If you want to land one of the best-paying jobs in Toronto, you should know which industries pay the most. The top five highest-paying industries in Toronto are listed below, along with the top three job titles in each field and information about the industry’s job prospects now and in the future:
- Healthcare
The healthcare industry is consistently ranked among the highest-paying industries in any city (or country), and Toronto is no exception. A healthcare career is a no-brainer for those who want to have a lot of job security and earn a good salary.
Also Read: San Francisco’s Top 20 Highest Paying Jobs
The majority of positions in the healthcare industry pay very well. However, the list below highlights the top three highest-paying positions (all of which pay significantly more than the city’s average annual salary):
Top Three Job Titles
- Surgeon: The average annual salary in Canada is C$196,401.
- Orthodontists earn an average annual salary of C$179,925.
- Medical Director: $171,401 per year on average
Prospects for Employment
Job opportunities in the healthcare field appear to be very promising. There is always a high demand for qualified medical professionals who can help with all aspects of a patient’s well-being, which means that there will always be job openings for highly paid positions.
Following the last year and a half, there is an even greater need for healthcare workers who can support patients as the COVID-19 pandemic continues. If you’ve been debating a career in healthcare, this could be the push you need to take the plunge.
- Information and communication technology
Another well-paying industry in Toronto is an information technology (or IT). Although tech-related jobs in Toronto do not pay as well as in some other cities, such as San Francisco in the United States, they are still well above average.
These careers, in most cases, also come with a lot of room for advancement and upward mobility within the company. This is a huge plus for ambitious people who want to increase their earning potential over time.
Top Three Job Titles
- The average annual salary for a software architect is C$124,005.50 per year.
- Developer: The average annual salary in Canada is C$114,400.
- The average annual salary for a Software Engineering Manager is C$110,930.
Prospects for Employment
The information technology industry is one of the fastest-growing in the world, and it is especially strong in Toronto. All types of businesses require the assistance of tech-savvy individuals who can help with website and app development, website security, e-commerce, and other tasks. A career in IT is the way to go if you want to strike while the iron is hot and land a high-paying job with room for advancement.
- Finance and business
Business and finance careers are generally quite lucrative. This is especially true as one advances to management and leadership positions. The three highest-paying business/finance-related jobs to consider if you live in (or plan to relocate to) the Toronto area are as follows.
Top Three Job Titles
- Marketing Director: The average annual salary in Canada is C$140,137.
- The average annual salary for an investment manager is C$95,915 per year.
- Investment Banking Analyst: The average annual salary in Canada is C$86,145.
Prospects for Employment
There will always be a demand for business-savvy and financially savvy employees in Toronto and around the world. If you’re confident in your ability to lead a team, provide financial advice, analyze data, and manage projects, you should have no trouble finding a job in business or finance in Toronto.
- Construction
The construction industry may not be as glamorous as the finance or technology industries, but it is still a well-paying field with many opportunities for Toronto residents. This is especially true as you advance through the ranks of management. If you’re considering a career in construction, the following three are some of the highest-paying options to consider.
Top Three Job Titles
- The average annual salary for a construction manager is C$98,253 per year.
- The average annual salary for a civil engineer is C$84,000 per year.
- Plumbers earn an average annual salary of C$77,824 per year.
Prospects for Employment
Those who work in the construction industry, particularly as managers or in positions of leadership, can earn very high salaries. There is always a high demand for these types of skilled professionals. After all, Toronto is a busy, rapidly growing city, which means there are numerous commercial buildings, apartment buildings, and other structures that must be constructed and repaired.
- Legalese
Another high-paying industry in Toronto is the legal profession. There are numerous ways to earn a high salary as part of the city’s legal industry, whether you work as a lawyer, a paralegal, or something in between. If you’re passionate about the law, here are the three highest-paying legal jobs to consider:
Top Three Job Titles
- The average annual salary for a legal director is C$129,779 per year.
- Lawyers earn an average annual salary of C$102,474 per year.
- The average annual salary for a paralegal is C$78,059 year.
Prospects for Employment
In Toronto, there is a lot of money to be made in the legal field. However, there aren’t as many job opportunities in this industry as there used to be. The legal industry is highly competitive, and there are frequently more applicants than available positions. If you are passionate about the law, it may be worthwhile for you to pursue a law degree and begin looking for a job in this field; if you are undecided, you may want to consider a different path that will provide you with more job opportunities.
The Top 5 Highest-Paying Jobs in Toronto for Fresh Graduates
Some of the best-paying jobs in Toronto are inaccessible to recent university graduates. That doesn’t mean recent graduates can’t make a good living.
Also Read: Top 20 Highest-Paying Jobs in Chicago You Should Know
This list is for you if you are currently in school and trying to decide on a career path. The following are the highest-paying jobs in Toronto for recent graduates:
- Licensed Practical Nurse
True, there are a variety of careers in healthcare that pay significantly more per year than nursing. Registered nurses, on the other hand, can complete their education and enter the workforce sooner. As a result, they can begin earning money (and paying off student loan debt) earlier than those who go on to become doctors or surgeons, for example.
To become a registered nurse in Toronto, you must first obtain a bachelor’s degree in nursing or a practical nursing diploma, which typically takes four years. After graduation, you should have no trouble finding work in hospitals, healthcare clinics, nursing homes, and other facilities.
- Financial Analyst
Business analysts can also earn a good living soon after graduation. In most cases, their starting salaries are average or above-average, which is ideal for a recent graduate who is still looking for work.
There are numerous job opportunities for business analysts, especially as new companies (many of which are startups) spring up all over Toronto. Many of these businesses would benefit from the services of talented, well-trained individuals who can offer advice and help with day-to-day operations.
A degree in business management or a related field, such as finance, marketing, or sales, is required to begin working as a business analyst in Toronto. These degrees are typically completed in four years.
- Financial Consultant
In Toronto, financial advisors are always in high demand (and throughout most of the world).
As a recent graduate with a degree in finance, accounting, or a related field, you will have numerous opportunities to advise individuals and businesses on financial matters. This occupation necessitates a distinct set of skills, including the ability to analyze data and draw logical conclusions based on trends observed.
Because of the specialized skills required, most recent graduates are paid well right away. They can also enjoy significant job advancement over time, particularly if they are able to advance to a management position.
- Physiotherapist
Physiotherapists are another example of a healthcare worker who can earn a high salary immediately after graduation.
Physiotherapists play critical roles in assisting patients in recovering from injuries, rehabilitating after surgeries, and managing daily aches and pains. There is a high demand for people who can help with all of these jobs, and physiotherapists can usually find (high-paying) work as soon as they graduate.
Physiotherapists must first obtain a master’s degree in physiotherapy from an accredited school before they can begin practicing. Most programs necessitate 1,000 hours of study and hands-on experience.
It takes a little more time to become a physiotherapist. This is a lucrative and rewarding path to pursue those who have a passion for patient care and want to help others feel their best.
- Marketing Manager
Marketing coordinators can also earn an average or above-average salary immediately after graduation. With a bachelor’s degree in marketing, sales, or a related field, you’ll be a valuable asset to any company looking to expand its reach and increase its sales. When you advance to the position of marketing manager, you’ll have even more opportunities to earn a high salary and amass significant wealth for yourself and your family.
Also Read: Everything You Need to Know About Work Visas in the United Kingdom
What is the highest-paying degree in Toronto?
To be eligible for the highest-paying jobs in Toronto for recent graduates, you must first obtain a degree. The chart below explains the different types of degrees you’ll need to pursue if you want to earn a high salary right out of college:
Degree Type |
Potential Salary |
Nursing |
Average starting salary range: C$45,677 – C$87,976 per year |
Business Management |
Average starting salary range: C$47,654 – C$97,138 |
Finance |
Average starting salary range: C$34,729 – C$70,285 |
Physiotherapy |
Average starting salary range: C$46,584 – C$92,257 |
Marketing |
Average starting salary range: C$32,755 – C$55,460 |
Of course, the salaries listed above are only starting salaries for each of these degrees. The longer you stick with these careers and work toward making a name for yourself, the more money you can make over time.
This chart, too, is not exhaustive. There are numerous other degrees you can pursue that will pay well and provide a lot of job satisfaction. Don’t abandon your current plans just because your degree didn’t make the cut.
Today is the day to apply for one of the highest-paying jobs in Toronto
Now that you’ve learned more about the highest-paying industries in Toronto and the best-paying jobs in Toronto for each industry, it’s time to start honing your skills and applying. Remember the information in this guide so that you can make wise decisions in the future and position yourself for long-term success.
Do you want to streamline your job search and begin applying for high-paying positions as soon as possible? If this is the case, Careercartz helps job search opportunities and is an excellent resource. Check it out today to narrow your options and find great opportunities quickly.
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