Updated 25 October 2026
Quick answer: In Canada in 2026, the minimum wage is C$18.15/hour (about $2,248 a month full time); an average earner keeps 74% of their pay after income tax and social security; mortgage rates are about 5.14%; the state pension age is 65. The table below puts 8 everyday money measures for Canada side by side and ranks each one against the other countries in our data, using official figures from national statistics offices, central banks, the OECD and Eurostat.
Against the other countries in our data, Canada stands out here: its state pension (as a share of pay), 45.1% of net pay, is the 10th lowest of 50 countries. It sits nearer the middle for state pension age and tax on an average wage. It has no inheritance tax for children.
Canada at a Glance
| Measure | Canada | Rank |
|---|---|---|
| Minimum wage | C$18.15/hour (≈ $2,248/month) | 9th highest of 38 |
| Tax on an average wage | 25.6% (keeps 74%) | 18th highest of 38 |
| Pay rise forecast 2027 | 3.2% (inflation 3.1%) | 8th lowest of 29 |
| Mortgage rate | 5.14% (5-year fixed, big bank, Oct 2026) | 7th highest of 31 |
| State pension age | 65 | 15th highest of 39 |
| Pension (share of pay) | 45.1% of net pay | 10th lowest of 50 |
| Bank deposit protection | C$100,000 per person, per bank | — |
| Inheritance tax (children) | None | — |
Rank compares Canada with the other countries in each dataset; "highest" means the largest value. "—" means the measure isn't ranked.
Minimum Wage in Canada (2026)
The legal minimum wage in Canada is C$18.15/hour. For a month of full-time work that is about $2,248 at current exchange rates, 9th highest of 38 countries in our comparison. Federally regulated sectors from 1 April 2026; provinces set their own rates.
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Income Tax and Take-Home Pay in Canada
A single worker on the average wage in Canada (about $82,000 at purchasing-power parity) pays 25.6% of gross pay in income tax and employee social security, so they keep 74%. That is 18th highest of 38 countries, against an OECD average of 25.1%.
Income tax and employee social security take 25.6% of pay at the average wage, 22.1% at two-thirds of it and 31.1% at 1.67 times it. Including employer contributions, the total tax wedge is 32.1% of labour costs.
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Pay Rises in Canada: 2027 Forecast
Employers in Canada expect to raise salaries by 3.2% in 2027 (median of the major pay surveys), after 3.4% in 2026. With inflation at 3.1% (Sep), that is a real rise of about 0.1 points.
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Mortgage Rates in Canada (2026)
The typical mortgage rate in Canada is 5.14% (5-year fixed, big bank, Oct 2026), 7th highest of 31 countries.
BMO's standard 5-year fixed from 7 October; the best broker rates are around 4.1% to 4.4%. Bank of Canada rate 2.25%.
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Retirement Age in Canada
The state pension age in Canada is 65 for people reaching it in 2026; the earliest you can claim is 60 (CPP, reduced). Future change: none legislated. CPP can start from 60 to 70; Old Age Security from 65, deferrable to 70.
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How Much the State Pension Pays in Canada
A full-career average earner in Canada can expect a mandatory pension worth about 45.1% of their previous net pay, 10th least generous of 50 countries (OECD average 63.2%). Low earner (half the average wage): 56%. High earner (twice the average): 25%. Including common voluntary private pensions, an average earner would get 71%.
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How Much of Your Money Is Protected in Canada
Bank deposits in Canada are protected up to C$100,000 per depositor, per bank (about $71,500), under the CDIC scheme. Per eligible category. Money in payment apps and e-money wallets is usually not covered.
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Inheritance Tax in Canada
Canada has no inheritance tax for children. Assets are treated as sold at death, so capital gains tax is due on the gain; transfers to a spouse are deferred.
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Canada vs Brazil, Mexico and United States
The same measures for Canada and its nearest neighbours in our data, side by side.
| Measure | Canada | Brazil | Mexico | United States |
|---|---|---|---|---|
| Minimum wage | C$18.15/hour (≈ $2,248/month) | R$1,621/month (≈ $321/month) | MX$315.04/day (≈ $510/month) | $7.25/hour (≈ $1,257/month) |
| Tax on an average wage | 25.6% (keeps 74%) | — | 13.2% (keeps 87%) | 24.3% (keeps 76%) |
| Pay rise forecast 2027 | 3.2% (inflation 3.1%) | 4.5% | 4.9% | 3.4% (inflation 3.7%) |
| Mortgage rate | 5.14% (5-year fixed, big bank, Oct 2026) | 11.19% (Caixa lowest rate, 2026) | 10.8% (bank fixed rates, 2026) | 7.32% (30-year fixed, 22 Oct 2026) |
| State pension age | 65 | 65 men / 62 women | 65 | 67 |
| Pension (share of pay) | 45.1% of net pay | 97.5% of net pay | 79.6% of net pay | 51.3% of net pay |
| Bank deposit protection | C$100,000 per person, per bank | R$250,000 per person, per bank | 400,000 UDIs (≈ MX$3.5m) per person, per bank | $250,000 per person, per bank |
| Inheritance tax (children) | None | top rate 8% | None | top rate 40% |
Compare Canada With Other Countries
See every country side by side in Compare Countries 2026: Wages, Tax, Mortgages and Pensions, or compare Canada with nearby countries in our data: Brazil, Mexico and the United States.
Related Guides
Figures checked against the official sources listed in each linked guide in October 2026. Exchange-rate conversions are approximate. This page is for information and isn't financial or legal advice.
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