So, you’re looking for a great paying job in Canada? But you need to live the good life in Toronto or Vancouver and maybe stick some money aside for the future? You want to work for a bank that has a track record of paying well, is known as an employer of choice, so you can enjoy your job. You want to work at a bank that has stable earnings, so that this bank doesn’t go under and expose your retirement savings to all sorts of risks. Does this sound like you? If so, you’re in the right place because I have reviewed the banks on PayScale’s list of banks with the best pay and discovered 4 banks that meet these criteria and could be considered among the best paying jobs in Canada.
The bank that pays the highest salary in Canada is the Royal Bank of Canada. According to the Canadian Business Journal, RBC employees are paid an average of $81,000 per year. This is more than double what other banks pay their employees, including Scotiabank and TD Bank.
RBC has a reputation for being one of the most desirable employers in Canada. The company hires only top-notch employees and offers them competitive salaries, extensive training programs, and opportunities for advancement.
Which bank pays the highest salary in canada
Introduction
There are a lot of factors that can influence how much you earn, including your position and which bank you work for. The list below ranks Canadian banks by average salary, according to data from Payscale.com
Royal Bank of Canada (RBC)
- RBC is a Canadian bank, and the largest in Canada by market capitalization.
- It’s also the most valuable bank in Canada, with over $1 billion worth of assets.
- The Royal Bank of Canada is the only Canadian bank listed on the New York Stock Exchange (NYSE).
Toronto-Dominion Bank (TD)
TD Bank is the best paying bank in Canada, with an average salary of $120,000. The base pay is $100,000 for entry-level positions and goes up from there depending on your experience. In addition to this, TD offers a $1,000 signing bonus to new employees who remain at the company for one year, as well as a performance bonus that ranges from 0% to 50%. If you drive to work every day (or take public transit), they’ll also give you a car allowance worth between $500 and $750 per month depending on where you live.
Bank of Nova Scotia (Scotiabank)
The Bank of Nova Scotia (Scotiabank) pays a salary to employees in Canada at the level of $70,000 each year. In addition, the bank also pays out a bonus of $10,000 per year to its employees. At the end of the year when all these benefits are added up, you can expect to make a total compensation amounting to approximately $80,000 annually as an employee at Scotiabank.
Bank of Montreal (BMO)
BMO is one of the largest banks in Canada and offers a good salary. It has a very good reputation as one of the best companies to work for, which means it’ll be easier to get promoted and make more money.
BMO also offers many benefits such as paid vacation days, health care benefits, disability insurance coverage and more!
Canadian Imperial Bank of Commerce (CIBC)
Canadian Imperial Bank of Commerce (CIBC), a subsidiary of the Toronto-Dominion Bank, is the fourth largest bank in Canada. The company offers a wide range of banking services such as retail, commercial and investment banking, insurance and wealth management.
The bank has strong focus on technology, customer service and innovation. It was once named one of Canada’s Top 100 Employers by Mediacorp Canada Inc.
National Bank of Canada
National Bank of Canada is a full-service Canadian bank, with more than $126 billion in assets under management. The company ranks as the fifth largest bank in the country, with close to 2,100 branches across Canada and over 9 million clients.
In addition to its retail banking operations, National Bank also offers wealth management services through its subsidiary Natcan Advisor Network Inc., as well as investment banking services through Natcan Capital Inc. and mutual fund sales through L’Assurance Vie Inc..
The company has been criticized for being too conservative—in 2010 it paid out only 3% of profits to shareholders even though its stock price was one of the highest-performing stocks on the Toronto Stock Exchange (TSX). However, since then it has increased its dividend payout ratio from 20% to 32%, which means that for every $100 invested in National Bank’s stock today you’ll get about $3 back annually in dividends alone ($1 per quarter).
These are the highest paying banks in canada
In general, the salary for a bank employee depends on the role, location and experience. The company and bank will offer different kinds of benefits and compensation packages that are unique to their workforce. In addition to these factors, there is also a market factor which plays an important role in determining the salary for a bank employee.
The best way to know what you can get paid at your local bank would be to ask around or do some research online. There are many websites that have information on how much banks pay their employees – though keep in mind that not all banks are listed on these sites since they’re private companies with proprietary information.
Conclusion
Our survey shows that the salary ranges at different banks are usually similar, with the exception of some outliers. However, the actual pay seems to depend on other factors like performance and seniority.
