Which country is best to call home? This question is part 🌌of a long-time debate between the two largest nations of North Amer༒ica. Many people in Canada and the United States hold the view that their own country is the better place to live.

Generally, neither country knows all the facts about what the other has to offer. When considering where 🔴to establish your principal residence, it might be a🐷 good idea to take a deeper look at both.

澳洲幸运5官方开奖结果体彩网: So♏, which is ꦐbetter: Canada or the U.S.?

Economics

Canada’s 2023 gross domestic product (GDP) was $2.14 trillion, while the U.S. reported a GDP of $27.36 trillion.

Income

However, while the U.S. is a much larger economic superܫpower, the gap between average income for people in the U.S. and Canada is narrower.

The U.S. Census Bureau reports that the 2023 real median household income for U.S. families was $80,610. In Canada, the median household income in 2022 was C$70,500 (about $50,656 USD), according to the latest report.

Taxes

澳洲幸运5官方开奖结果体彩网:Taxes can also differentiate the two countries. Both countries have a progressive tax system. However, U.S. federal income tax brackets span from 10% to 37%, while in Canada, federal tax brackets range from 15% to 33%.

In the U.S. for tax year 2024, singles making over $47,150 (and no more than $100,525) annually pay 22% in taxes on the marginal amount above the previous tax bracket of 12%. Canadians making C$55,867 or less (about $40,163 USD) pay 15% in taxes on the entire amount.

Here are the 2024 tax rate and bracket tables for both countries. In Canada, individual rates are the same for single individuals and married couples.

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Cost of Living

According to one comparison site, as of Nov. 1, 2024, the cost of living (including rent expense) is 44.3% lower for Canadians in Toronto compared to the cost of living for Americans in New York City.

Toronto’s rent price is almost 60% lower than New York's. The index below looks at rent, groceries, restaurant prices, and local purchasing, which are all higher collectively in the U.S. ($ in USD).

^{To convert U.S. dollars to Canadian dollars, click .}

Family Benefits

Spending time with children is essential for parents and can represent large financial outlays. How does each country 澳洲幸运5官方开奖结果体彩网:support new mothers and fathers?

Canada

Canada has mandated leave and benefits. The government supports this through 澳洲幸运5官方开奖结果体彩网:provincial employment insurance. The program includes both mothers and fathers. Benefits paid could be up to C$638 per week (about $458 USD), per the latest information available.

U.S.

The United States is less progressive in this area. The U.S. offers some support under the 澳洲幸运5官方开奖结果体彩网:Family and Medica🤡l Leave Act (FMLA). FMLA can allow for 12 weeks of unpaid leave. Individual states also have their own laws.

Healthcare

The U.S. has the highest in the world. Per capita, expenditures on health reached $13,483 annually in 2022. This compares to an expected 2023 annual average of C$8,740 (about $6,280 USD) for Canadians.

Education

College education can be another large expense in a person’s life and puts many students deep in debt. The U.S. tops the list for countries with the most expensive university costs, with Canada coming in sixth.

For 2023-2024, the average annual tuition at a ranked, in-state public college in the U.S. was estimated at $11,260, while the average annual tuition at a private college was $41,540.

The average annual tuition at an in-state public college in Canada is estimated at C$6,500 (about $4,670 USD), while annual tuition at a private college can range from C$10,000 to C$36,000 (about $7,185 to $25,863 USD).

Climate and Culture

Both the U.S. and Canada are large countries with east and west coasts on the Atlantic Ocean and Pacific Ocean. This means that their climates and cultures vary greatly by state or province. As a whole, the U.S. is more densely populated and warmer than Canada, being nearer to the equator.

The Bottom Line

The U.S. is a larger global superpower than Canada. As such, Americans can expect to pay more for nearly every aspect of living. People in the U.S. and Canada generally have 澳洲幸运5官方开奖结果体彩网:similar annual incomes.𒀰 However, taxes are reportedly lower in the U.S., which can of𒅌fer Americans a slight take-home pay advantage.

Canadians have a somewhat stronger government-mandated family program with greater government funding 🌄for maternity leave through employment insurance programs. Canadians can also expect to pay less for healthcare.

Furthermore, education costs are loꦦwer (on average) in Canada. This could be a factor that tempts many U.S. citizens across the border when𒅌 they consider long-term family planning.