Best Province to work as a Registered Nurse in Canada 2021 (Financially)
Best Province to work as a Registered Nurse in Canada 2021 (Financially)
Before I begin I just want to mention that money is not everything and if you are doing this job for money you will not succeed. This job is challenging and if it is not truly something you enjoy doing you will find yourself burnt out and unhappy. So I just want to emphasize that you should never do a job for financial reward, especially one in healthcare where you are in a position of power and are given so much trust amongst the general public. With that being said let’s talk about the best province for nurses to work in.
Alright so let’s talk about the best province to work in Canada for nurses in terms of finances. Now this is a difficult thing to measure just because you have to consider many different aspects not just the salary. For instance you can be making a lot per hour but if the cost of living such as rent, or food is really high then it makes no real difference as you are unable to keep that money anyways. So in this video I will go over what looks to be the best salary to cost of living ratio in Canada.
The first measure that will cost a lot of money for people is housing. Housing accounts for majority of expenses in a person’s life therefore it is the number 1 factor that we should take into account when looking at which province is the “best”. To get an accurate understanding of this, I will use “Mercer”, which is the leading provider of data for cost of living and housing for people. According to their report the most expensive cities to live in is Vancouver, Toronto, Montreal, Calgary and Ottawa.
The other factor that is important to consider income tax rates. Each province has different tax rates and since our personal income is our main source of income, then we should also consider the least and highest taxed provinces. If you’ve watched my tax video, I talk about the federal tax rate which does not change from province to province which is listed here. Now considering the average income for a nurse is 70,000 dollars to pay the 15% and 20.5% of our income.
But the rate that does change like I mentioned is are the provincial tax rate. Here is a list of the taxes for each province. Feel free to pause the video and take a look yourself. Also the links for alll of these sources will be in the description box so you can see for yourself. If you are confused how this all works, be sure to check out my other video where I explain how taxation works on income.
So as you can see, the least provincial tax rate for major provinces in Canada for our income of approximately 70,000 dollars a year is going to be:
- British Columbia (16,231)
- Ontario (17,121)
- Alberta (17,379)
- Saskatchewan (18,453)
- Manitoba (19,494)
A link for an automatic income tax calculator will be listed in the description box below if you are interested to see other provinces.
Therefore, taking into account the taxes, wage and income for nurses, the most affordable city and province to live from major provinces in Canada is Ottawa, Ontario. Now obviously this isn’t the most accurate as there are many factors that go into cost of living for instance, the area you want to live in or the type of lifestyle you have. If you choose to live in an expensive part of Ottawa, it will obviously more expensive. However this was just to give you an idea of the cost of living for different provinces and cities and hopefully give you a better idea of how much things cost in general. Let me know what your thoughts are in the comments below. Thank you for watching and I will see you in my next video.
Sources:
https://www.wealthsimple.com/en-ca/tool/tax-calculator/
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