Is $40,000 a good salary in Toronto, Ontario in 2024? (2024)

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$40,000 is $22,050 less than the average yearly salary of $62,050 in Toronto. A salary of $40,000 per year means that you would be taking home about $32,417 per year after taxes, or $2,701 per month to pay for things like housing, transportation, groceries, and entertainment. The average household income in Toronto is $121,200.

Is $40,000 a good salary in Toronto, Ontario in 2024? (3)

Updated: May 1, 2024

Average Cost of Living per Month in Toronto

The average cost of living in Toronto is $4,257/month for a single person who rents.This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.

Average cost of living

$4,257/month

Monthly net income of $40,000/year

$2,701/month

Average total income in 2020

$62,050

Average total household income in 2020

$121,200

Average Salary in Toronto

The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $40,000 a year in Toronto makes 35.5% less than the average working person in Toronto and will take home about $32,417.

Net Annual Pay:

$32,417

Income tax breakdown

Hourly Salary:

$20.51

Salary breakdown

Cost of Living Calculator

Below are the details used to generate the average Cost of Living for Toronto. Change the inputs to match your lifestyle and see how it compares to the average cost of living and a salary of $40,000.

Transit

Driver

Is $40,000 a good salary in Toronto, Ontario in 2024? (5)

Transportation

The average monthly cost for a driver in Toronto is $641.

$0$1,000

Is $40,000 a good salary in Toronto, Ontario in 2024? (6)

Groceries

The average person spends $502 on groceries per month in Toronto.

$0$1,500

Is $40,000 a good salary in Toronto, Ontario in 2024? (7)

Utilities

The average monthly cost of utilities in Toronto is $134.

$0$600

Is $40,000 a good salary in Toronto, Ontario in 2024? (8)

Leisure & Entertainment

The average person in Toronto spends $177 on leisure & entertainment per month.

$0$1,000

Is $40,000 a good salary in Toronto, Ontario in 2024? (9)

Clothing

The average person in Toronto spends $44 on clothing per month.

$0$500

Is $40,000 a good salary in Toronto, Ontario in 2024? (10)

Restaurants

The average person in Toronto spends $374 on restaurants per month.

$0$1,000

Is $40,000 a good salary in Toronto, Ontario in 2024? (11)

Other

The average person in Toronto spends $150 on miscellaneous goods and services per month.

General Disclaimer: This tool is designed for approximation purposes only and should not be used to replace a legal or accounting authority. To simplify the process, some variables are assumed to calculate the numbers included on this page. The results of this calculator should not be relied upon to determine career or tax decisions.

Your Results

Disclaimer: These numbers estimate what it costs to live in Toronto based on Numbeo data. People can live in the city for much less, while others may need much more to fund their lifestyle.

Your cost of living

$4,257/month

Monthly net income of $40,000/year

$2,701/month

Jobs in Toronto

Is $40,000 a good salary in Toronto, Ontario in 2024? (12)

Is $40,000 a good salary in Toronto, Ontario in 2024? (13)

Tactical Security Guard - Cadillac Fairview Response Team (Downtown Toronto/ GTA)

Tactical Security Guard - Cadillac Fairview Response Team (Downtown Toronto/ GTA)

Paladin Security - 116 Jobs

Toronto, ON

$18.07 - $18.73 / hour

Full-time

7 days ago

Is $40,000 a good salary in Toronto, Ontario in 2024? (14)

Is $40,000 a good salary in Toronto, Ontario in 2024? (15)

Security Team Lead - Full Time Nights - 15 York Street

Security Team Lead - Full Time Nights - 15 York Street

Paladin Security - 116 Jobs

Toronto, ON

$19.77 / hour

Full-time

23 days ago

Is $40,000 a good salary in Toronto, Ontario in 2024? (16)

Is $40,000 a good salary in Toronto, Ontario in 2024? (17)

Security Ambassador - Full Time - Mount Sinai Hospital - $26.27/ Hr

Security Ambassador - Full Time - Mount Sinai Hospital - $26.27/ Hr

Paladin Security - 116 Jobs

Toronto, ON

$26.27 / hour

Full-time

6 days ago

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Is $40,000 a good salary in Toronto, Ontario in 2024? (2024)
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