Toronto is regularly described as the business and financial capital of Canada. It’s also one of North America’s largest financial hubs and ranks as a top 10 global financial centre, with a GDP that’s grown (on average) 2.4 percent each year since 2009.
Even though Toronto, like the rest of the country, struggled financially in 2020 thanks to COVID-19, the city’s recovering quickly, and the job outlook is beginning to look promising once more.
Are you looking to make a career change so you can earn a higher salary? Are you a student who wants to begin working toward a high-earning career?
Either way, this guide is for you. Read on to learn about the highest-paying jobs in Toronto, as well as the skills and education required to obtain them.
What Salary Is Considered Rich in Toronto?
The average salary in Toronto is C$66,000 per year. However, because the cost of living in Toronto is so high (100 percent higher than the country’s national average), some people who earn this salary might still struggle to make ends meet.
For a family of 4, for example, estimated monthly costs average around C$4,412 without rent. That doesn’t leave a lot leftover if someone is only earning C$66,000 per year, especially after taxes.
To live comfortably or be considered rich in Toronto, most people would likely need to earn a salary closer to C$90-100,000 per year or more. This salary makes it a lot easier for Toronto residents to cover their bills and have money left over for other luxuries, such as travel.
What Is the #1 Highest-Paid Position in Vancouver?
What kinds of workers are earning C$90-100,000 per year or more? What kinds of careers do you need to consider if you want to hold one of the highest-paying jobs in Toronto?
If you want to hold the highest-paid position in Toronto, you’ll need to pursue a career as a surgeon.
Surgeons earn an average salary of C$196,401 per year. This is more than twice the average salary for a Toronto resident, and most people will be able to live very comfortably (and likely even consider themselves rich) earning this much each year.
Not interested in a surgical career? There are plenty of other high-paying jobs in Toronto you may want to look into, regardless of your background or interests. Listed below are the top 20 highest paying options worth considering:
20. Senior Software Engineer
Average annual salary: C$93,503 per year
👉 Browse Senior Software Engineer Jobs in Toronto on GrabJobs
19. Physiotherapist
Average annual salary: C$93,600 per year
👉 Browse Physiotherapist Jobs in Toronto on GrabJobs
18. Senior DevOps Engineer
Average annual salary: C$94,150 per year
👉 Browse Senior DevOps Engineer Jobs in Toronto on GrabJobs
17. Registered Nurse
Average annual salary: C$94,603 per year
👉 Browse Nursing Jobs in Toronto on GrabJobs
16. Investment Manager
Average annual salary: C$95,915 per year
👉 Browse Investment Manager Jobs in Toronto on GrabJobs
15. Construction Manager
Average annual salary: C$98,253 per year
👉 Browse Construction Manager Jobs in Toronto on GrabJobs
14. Petroleum Engineer
Average annual salary: C$100915 per year
👉 Browse Petroleum Engineer Jobs in Toronto on GrabJobs
13. Lawyer
Average annual salary: C$102,474 per year
👉 Browse Lawyer Jobs in Toronto on GrabJobs
12. Programmer
Average annual salary: C$104,000 per year
👉 Browse Programmer Jobs in Toronto on GrabJobs
11. Software Engineering Manager
Average annual salary: C$110,930 per year
👉 Browse Software Engineering Manager Jobs in Toronto on GrabJobs
10. Dentist
Average annual salary: C$112,229 per year
👉 Browse Dentist Jobs in Toronto on GrabJobs
9. Developer
Average annual salary: C$114,400 per year
👉 Browse Developer Jobs in Toronto on GrabJobs
8. General Practitioner
Average annual salary: C$116,349 per year
👉 Browse General Practitioner Jobs in Toronto on GrabJobs
7. Software Architect
Average annual salary: C$124,005.50 per year
👉 Browse Software Architect Jobs in Toronto on GrabJobs
6. Psychotherapist
Average annual salary: C$124,800 per year
👉 Browse Psychotherapist Jobs in Toronto on GrabJobs
5. Legal Director
Average annual salary: C$129,779 per year
👉 Browse Legal Director Jobs in Toronto on GrabJobs
4. Marketing Director
Average annual salary: $171,401 per year
👉 Browse Medical Director Jobs in Toronto on GrabJobs
3. Medical Director
Average Annual Salary: C$327,000
👉 Browse Medical Director Jobs in Vancouver on GrabJobs
2. Orthodontist
Average annual salary: C$179,925 per year
👉 Browse Orthodontist Jobs in Toronto on GrabJobs
1. Surgeon
Average annual salary: C$196,401 per year
👉 Browse Surgeon Jobs in Toronto on GrabJobs
Top 5 Highest-Paying Industries in Toronto
If you want to land one of the best-paid jobs in Toronto, it’s important to know which industries typically pay the best. Listed below are the top 5 highest-paying industries in Toronto, complete with the top 3 job titles for each field and information about the industry’s job prospects now and moving forward:
1. Healthcare
The healthcare industry regularly ranks as one of the highest-paying industries in any city (or country), and Toronto is no exception. For those who want to enjoy a lot of job security and earn a generous salary, a healthcare career is a no-brainer.
Most positions in the healthcare field pay very well. However, the list below showcases the top 3 highest-earning positions (all of which pay well over the city’s average annual salary):
Top 3 Job Titles
- Surgeon: Average annual salary C$196,401 per year
- Orthodontist: Average annual salary C$179,925 per year
- Medical Director: Average annual salary $171,401 per year
Job Prospects
Job prospects for careers in the healthcare field look very promising. There is always a high demand for qualified medical professionals who can assist with all aspects of a patient’s well-being, which means there will likely always be job openings for highly paid positions.
After the last year and a half, in particular, there is an even greater need for healthcare workers who can support patients as the COVID-19 pandemic rages on. If you were on the fence about a healthcare career, this might be the push you need to move forward with it.
👉 Browse Healthcare Jobs in Toronto on GrabJobs
2. Information Technology
The Information Technology (or IT) industry is another highly paid industry in Toronto. Although tech-related careers in Toronto don’t pay as much as they do in some other cities, such as San Francisco in the United States, they still pay well above average salaries.
These careers also, in most cases, come with a lot of opportunity for growth and upward momentum through the company. This is a major positive for ambitious individuals who want to increase their earning potential over time.
Top 3 Job Titles
- Software Architect: Average annual salary C$124,005.50 per year
- Developer: Average annual salary C$114,400 per year
- Software Engineering Manager: Average annual salary C$110,930 per year
Job Prospects
The information technology industry is one of the fastest-growing in the world and in Toronto. All kinds of businesses need help from tech-savvy individuals who can assist with website and app development, website security, e-commerce, and more. If you want to strike while the iron is hot and land a high-paying career with room for growth, a career in IT is the way to go.
👉 Browse IT Jobs in Toronto on GrabJobs
3. Business and Finance
Careers in the business and finance sector generally are quite lucrative. This is especially true as one works their way up toward management and leadership positions. The following are the 3 highest paying business/finance-related jobs worth considering if you live in (or are planning on relocating to) the Toronto area.
Top 3 Job Titles
- Marketing Director: Average annual salary C$140,137 per year
- Investment Manager: Average annual salary C$95,915 per year
- Investment Banking Analyst: Average annual salary C$86,145 per year
Job Prospects
There will always be a need for business-savvy and financially-savvy workers in Toronto, as well as throughout the world. If you’re confident in your ability to lead a team, offer financial advice, analyze data, and manage projects, there’s a good chance you’ll find a career in the business or finance field in Toronto without too much trouble.
👉 Browse Business and Finance Jobs in Toronto on GrabJobs
4. Construction
The construction industry may not be as glamorous as the finance or tech industry, but it’s still a high-paying field that offers a lot of great jobs to the people of Toronto. This is especially true when you work your way up into a management position. If you’re thinking about a career in construction, the following 3 are some of the highest-paying options to consider working toward.
Top 3 Job Titles
- Construction Manager: Average annual salary C$98,253 per year
- Civil Engineer: Average annual salary C$84,000 per year
- Plumber: Average annual salary C$77,824 per year
Job Prospects
Those who work in the construction industry, specifically as managers or in leadership roles, can earn very generous salaries. There’s also always a strong need for these kinds of skilled professionals. After all, Toronto is a busy, rapidly growing city, which means there are lots of commercial buildings, apartment buildings, and other structures that need to be built and repaired.
👉 Browse Construction Jobs in Toronto on GrabJobs
5. Legal
The legal industry is another high-paying industry in Toronto. Whether you work as a lawyer, a paralegal, or anything in between, there are lots of ways to earn a high salary as part of the city’s legal industry. Here are the 3 highest-paying legal jobs worth considering if you’re passionate about the law:
Top 3 Job Titles
- Legal Director: Average annual salary C$129,779 per year
- Lawyer: Average annual salary C$102,474 per year
- Paralegal: Average annual salary C$78,059 per year
Job Prospects
There’s a lot of money to be made in the legal field in Toronto. At the same time, though, there also aren’t as many job opportunities in this industry as there once were. The legal industry is very competitive, and there are often more applicants than there are jobs available. If you’re passionate about the law, it may be worth it for you to pursue a law degree and start seeking a job in this field; if you’re on the fence, though, you may want to consider a different path that comes with more job opportunities.
👉 Browse Legal Jobs in Toronto on GrabJobs
Top 5 Highest-Paying Jobs in Toronto for Fresh Graduates
Some of the best-paid jobs in Toronto aren’t accessible to those who have recently graduated from university. That doesn’t mean new graduates can’t still earn a decent living, though.
If you’re currently in school and trying to decide which career path to choose, this list is for you. Broken down below are the highest-paying jobs in Toronto for fresh graduates:
1. Registered Nurse
True, there are quite a few careers in the healthcare field that yield higher annual salaries than nursing. However, registered nurses can graduate from school and enter the workforce sooner. This, in turn, allows them to start earning money (and paying off student loan debt) earlier than those who go on to pursue careers as doctors or surgeons, for example.
To become a registered nurse in Toronto, you’ll need to earn a bachelor’s degree in nursing or a practical nursing diploma, which takes about 4 years on average. Once you graduate, you’ll likely find plenty of job opportunities in hospitals, healthcare clinics, nursing homes, and other facilities.
👉 Browse Nursing Jobs in Toronto on GrabJobs
2. Business Analyst
Business analysts are also able to earn a decent living shortly after graduation. In most cases, their starting salaries fall into the average or above-average range, which is great for a fresh graduate who’s still working to gain job experience.
There are lots of job opportunities for business analysts, especially as new companies (many of them startups) begin popping up throughout Toronto. Plenty of these businesses can benefit from talented, well-trained individuals who can provide advice and assist with day-to-day operations.
To start working as a business analyst in Toronto, you’ll need to earn a degree in business management or a related field, such as finance, marketing, or sales. These degrees typically take about 4 years to complete.
👉 Browse Business Analyst Jobs in Toronto on GrabJobs
3. Financial Advisor
Financial advisors are always in high demand in Toronto (and throughout most of the world).
As a fresh graduate with a degree in finance, accounting, or a related field, there are lots of opportunities to advise individuals and businesses on their financial decisions. This particular career requires a unique set of skills, including an ability to analyze data and draw logical conclusions based on the trends you notice.
Because of the special skills required, most fresh graduates earn high salaries right away. They can enjoy lots of job growth over time, too, especially if they’re able to work their way up to a management role.
👉 Browse Financial Advisor Jobs in Toronto on GrabJobs
4. Physiotherapist
Physiotherapists are also good examples of healthcare workers who can earn a high salary right after graduating.
Physiotherapists play key roles in helping patients recover from injuries, rehabilitate after surgeries, and manage everyday aches and pains. There’s a strong demand for individuals who can assist with all of these jobs, and physiotherapists can typically find (high-paying) work as soon as they leave school.
Before they can start practicing, physiotherapists must earn a master’s degree in physiotherapy from an accredited school. Most programs require about 1,000 hours of study and hands-on training.
It takes a bit longer to become a physiotherapist. However, for those who have a passion for patient care and want to help others feel their best, this is a lucrative and rewarding path to pursue.
👉 Browse Physiotherapist Jobs in Toronto on GrabJobs
5. Marketing Coordinator
Marketing coordinators are also able to earn an average or above-average salary right after graduating, too. With a bachelor’s degree in marketing, sales, or a related field, you’ll be a valuable asset to all kinds of businesses that are looking to expand their reach and improve their sales. Over time, when you work your way up to a marketing manager position, you’ll have even more opportunities to earn a high salary and build some serious wealth for yourself and your family.
👉 Browse Marketing Coordinator Jobs in Toronto on GrabJobs
What Degree Pays Most in Toronto?
To qualify for the highest-paying jobs in Toronto for fresh graduates, you’ll need to earn a degree first. The chart below explains the types of degrees you’ll need to work toward if you want to earn a high salary right out of school:
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, with each of these degrees, the salaries listed above are just starting salary estimates. There’s a lot more money to be made over time, the longer you stick with these careers and work toward making a name for yourself.
This chart is not all-encompassing, either. There are plenty of other degrees you can work toward that will yield a high salary and provide a great deal of job satisfaction. Don’t write off your current plans altogether just because your degree didn’t make the list.
Apply for One of the Highest-Paying Jobs in Toronto Today
Now that you know more about the highest-paying industries in Toronto and the best-paid jobs in Toronto for each industry, it’s time to start honing your skills and filling out applications. Remember the information outlined in this guide so you can make smart decisions for the future and set yourself up for long-term success.
Do you want to streamline your job search and start applying for high-paying positions right away? If so, GrabJobs’ free search tool is a great resource. Check it out today to narrow down your options and find great opportunities in no time.
