Top Canadian provinces to build wealth
- The top Canadian province to build wealth is Ontario, with the lowest income tax rates as well as the most job opportunities.
- Alberta residents receive the highest average monthly salaries, which also leaves them with the largest disposable income in Canada.
- The cost of living in New Brunswick is the lowest, enabling residents to save more.
A recent study by CasinooftheKings ranked the top ten Canadian provinces to build wealth while maintaining low living costs. The analysis considered the average monthly net salary, cost of living, minimum and maximum income tax rates, and the total number of job opportunities in each province. All indicators were combined into a weighted composite score, and provinces were ranked in descending order, with higher scores indicating better opportunities for wealth-building.
| Province | Disposable income | Minimum income tax rates | Maximum income tax rates | Number of jobs (in 1000s) | Composite score |
| Ontario | $896 | 5.05% | 13.16% | 7802.24 | 97.80 |
| Alberta | $1,313 | 10% | 15% | 2409.21 | 84.34 |
| British Columbia | $674 | 5.06% | 20.50% | 2797.62 | 62.37 |
| New Brunswick | $776 | 9.40% | 19.50% | 376.61 | 50.44 |
| Quebec | $799 | 14% | 25.75% | 4367.65 | 49.75 |
| Newfoundland and Labrador | $748 | 8.7% | 21.8% | 224.93 | 47.60 |
| Manitoba | $688 | 10.80% | 17.40% | 704.94 | 47.35 |
| Saskatchewan | $578 | 10.50% | 14.50% | 590.38 | 46.00 |
| Nova Scotia | $537 | 8.79% | 21% | 490.68 | 40.25 |
| Prince Edward Island | $409 | 9.65% | 18.75% | 83.93 | 34.06 |
Ontario ranks first among the top Canadian provinces to build wealth, with a composite score of 98. It has the lowest income tax rates in Canada—5% at the minimum and 13% at the maximum, which creates a favorable tax environment, particularly for middle-income earners. Ontario also leads the country in job opportunities, with over 7 million positions available.
Coming in second in the ranking, Alberta receives a score of 84. Residents enjoy the highest average monthly salaries in Canada at $3,259, leading to a disposable income of $1,313. Alberta’s higher income and relatively low cost of living make it especially attractive for those aiming to save.
British Columbia takes third place among the leading provinces for financial growth, with a score of 62. The province offers one of the highest average monthly salaries at $2,995. Its minimum income tax rate of 5% is among the lowest in the country, making it particularly favorable for lower-income earners.
New Brunswick ranks fourth among the leading provinces for financial growth, with a score of 50. The province has the lowest cost of living in Canada at $1,595—31% lower than British Columbia. While the job market is slightly smaller than in larger provinces, the low living costs make New Brunswick an excellent choice for those focused on maximizing savings.
Quebec takes fifth place with a composite score of 49. With over 4 million job opportunities, Quebec offers the second-largest job market after Ontario. Additionally, its cost of living at $1,793 is lower than in several higher-ranked provinces, such as Alberta and British Columbia.
Newfoundland and Labrador ranks sixth among provinces for financial stability, with a composite score of 48. The province offers a disposable income of $748, supported by moderate living costs of $1,758.
Following in seventh, Manitoba is among the top provinces to build wealth, with a score of 47. Although its minimum income tax rate is just a bit high at 10.80%, the province’s manageable cost of living at $1,729 allows residents to retain a disposable income of $688. Its mid-sized job market provides reasonable employment opportunities.
Saskatchewan comes in eighth place with a composite score of 46. It features one of the lowest maximum income tax rates at 14.5%, which benefits higher earners.
Nova Scotia ranks ninth among the top provinces for wealth-building, with a score of 40. The province offers an average salary of $2,674 yet also a higher cost of living at $2,137, which creates opportunities for those seeking career stability in smaller markets.
Rounding out the top ten, Prince Edward Island scores 34. Its cost of living at $1,676 is 21% lower than in Nova Scotia. At the same time, the province has a slightly lower average monthly salary of $2,085.
A spokesperson from CasinooftheKings commented on the study: “A counterintuitive pattern shows that peak salaries don’t automatically equate to optimal wealth-building conditions. The sweet spot appears in mid-sized markets where moderate living costs intersect with favorable tax structures, challenging traditional assumptions about financial prosperity. This nuanced dynamic suggests that savvy professionals might find better opportunities for capital growth by looking beyond conventional economic hubs to areas where the cost-living ratio creates unexpected advantages for long-term asset accumulation.”
For the detailed methodology and full research, please follow this link.