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Moving from Australia to Canada: A Financial Guide


banner image of blog Moving to Canada from Australia : Financial Guide

Last Updated On : September 03 , 2024


This article focuses on the differences in the cost of living and economic factors between Canada and Australia. Canada offers a higher pay scale and a slightly stronger overall GDP.

CAD or AUD, which capital is strong?

Understanding the currency conversion rate is crucial before relocating. The Canadian dollar (CAD) is the currency used in Canada, and while it may not be as strong as the Australian dollar (AUD), it's essential to be familiar with the exchange rate. Opening a bank account in Canada can simplify your financial operations, ensuring you're well-prepared for the move.

1 CAD = 1.09 AUD (as on Aug 2024)

Pay Scale in Canada Vs Australia

Canada is a life-changer for Australians with its cutting-edge tech cities and breathtaking landscape. Canada pays 35% more for basic utilities than Australia does. Here, we have discussed the average salary for some occupations in Australia and Canada.

Doctors

In Australia, top-level doctors may command an average salary of AUD $310,000 annually.

Australian States Median Salary Range (Annual)
Queensland between $100,000 and $106,480
New South Wales $365,000 to $385,000
Melbourne, Victoria $300,042

In Canada, Doctors average salary is between $88755.00 and $450137.00 per year.

Provinces Median Salary Range (Annual)
Yukon Territory 381,556
British Columbia 335,444
Alberta 456,307
Manitoba 497,843
Ontario 468,993

Nurses

People working as a registered nurse in Canada usually earn between $28.00/hour and $50.00/hour.

Provinces Median Salary Range ($/hour)
Nunavut 64.69
Northwest Territories 51.00
Yukon Territory 48.14
British Columbia 43.00
Alberta 46.62

The average nurse salary in Australia is $87,750 but will vary from state to state and city to city.

Australian States Median Salary Range (Annual)
Tasmania $68,000 - $97,000
Queensland $71,000 - $106,000
South Australia $62,000 - $96,000
Northern Territory $85,000 - $105,000
Victoria $54,000 - $130,000

Social Worker/ Caregiver:

People working as a social worker in Canada usually earn between $$24.04/hour and $$48.00/hour.

Provinces Median Salary Range ($/hour)
Nunavut 59.85
Northwest Territories 51.14
Yukon Territory 48.08
British Columbia 39.28
Alberta 41.68

People working as a social worker in Australia usually earn between $85,000 to $100,000.

Australian States Median Salary Range (Annual)
Tasmania $85,000
Queensland $95,000
South Australia $85717
Northern Territory $97863
Victoria $95,050

For a more detailed study of this data, visit the Canadian Wage List and the Australian Wage List for Nurses and Doctors.

Is Canada GDP is Higher than Australia?

Canada has a slightly larger economy and population compared to Australia.

Several factors support Canada's GDP, such as natural resources, especially oil and gas, manufacturing, energy, and services. Additionally, Canada is a significant trading partner with the United States, benefiting from the North American Free Trade Agreement (NAFTA) and its successor, the United States-Mexico-Canada Agreement (USMCA).

Cost of Living in Sydney and Popular Canadian Cities

New skilled workers have been moving to Australia, with Sydney being a popular choice. Toronto, Vancouver, Montreal, and Calgary are the most preferred provinces in Canada. We have discussed several factors affecting daily life, such as rent, food, transportation, groceries, etc. The highest cost is in Red, while the lowest is in Green.

Living costs in Australia are 12% higher than in Canada.

Category

Sydney, Australia Toronto, Canada Vancouver, Canada Montreal, Canada Calgary, Canada
Rent (1-bedroom apartment)

AUD 3,406

CAD 1,800 CAD 2,200

CAD 1,400

CAD 1,600
Food (inexpensive meal)

AUD 24

CAD 15 CAD 18

CAD 12

CAD 15
Transport (monthly)

AUD 225

CAD 100 CAD 95

CAD 85

CAD 95
Utilities (monthly bill)

AUD 330

CAD 150 CAD 120

CAD 100

CAD 120
Groceries (monthly bill)

AUD 190

CAD 120 CAD 130

CAD 110

CAD 130

Transferring money to Canada from Australia

Wise or WorldRemit makes transferring money from Australia to Canada easy and affordable. The company is licensed and regulated in Australia and provides minimal costs, exchange rates, fast transfers, and convenient online platforms.

Key Takeaway:

While Canada offers a higher earning potential and lower cost of living in certain areas, the financial implications of relocation are multifaceted. Individuals must carefully weigh the pros and cons, considering their individual circumstances and long-term financial goals.

F.A.Q.

As of August 2024, 1 Canadian dollar (CAD) equals 1.09 Australian dollars (AUD). While the AUD might be considered slightly stronger, it's crucial to understand the current exchange rates when relocating.
Generally, the cost of living is about 12% higher in Australia than in Canada. This is reflected in various expenses like rent, groceries, and utilities.
While salaries vary between professions and locations, Canada generally offers higher pay scales for many occupations compared to Australia.
Toronto, Vancouver, Montreal, and Calgary are among the most popular destinations for skilled workers moving from Australia to Canada.
Canada has a slightly larger economy and higher overall GDP than Australia, driven by factors like natural resources, manufacturing, and trade agreements like USMCA.
Canada's GDP is fueled by various industries, including oil and gas extraction, manufacturing, energy production, and services.
Opening a bank account in Canada is highly recommended when relocating. It simplifies financial transactions, salary deposits, and overall money management within the country.