7-Figure Jobs In Canada: How To Earn A Million Dollars a Year

Statistics Canada says the average weekly wage rate is $1,200, or about $62,400 annually. Since it is only 6% of a million dollars, earning 7 figures seems unattainable.

That said, it is doable! CBC News says that about 4-6% of the population earns 7 figures annually and is expected to grow by more than half by 2023.

If your lifelong goal is to be a millionaire, take a shot with these 7-figure jobs with or without a degree!

What is 7-Figures?

In simple terms, 7 figures refer to the number of digits making up a salary or income, meaning you’re earning above $1,000,000 and below $10,000,000.

The term ‘7-figure’ pertains typically to an individual’s annual net worth, valuation, salary, or the total amount saved in the bank.

What is a 7-Figure Salary Per Month?

A 7-figure annual salary is considered a high-income level in Canada, ranging from $83,333 to $833,333 monthly. This amount is considered incredibly wealthy as it is way above the average in the country.

As you can imagine, jobs with this income are scarce or just held by the top 1% of the highest earners in Canada, but they still exist.

Many people want to achieve this salary level, and there are several ways to attain it; you just have to work extremely hard and become a sought-after expert in your field.

Here Are Some Seven-Figure Jobs

1. Corporate Lawyers

Corporate lawyers are the kings of corporate law that advise businesses or companies about their legal matters. It is one of the guaranteed 7-figure jobs in Canada because of the high specialization required in this law field of study, helping them bill high enough fees from clients.

Many factors affect the income of corporate lawyers in Canada, including the size of the law firm you’re working in, your years of experience, and the province or city you live in.

According to Career inLaw.net, Canadian corporate lawyers living in Alberta and British Columbia earn the highest at $400,000 and beyond.

If you’re eager to earn millions as a corporate lawyer employee, work for large law firms, be exceptional in corporate laws, and be a money-spinner to gain equity, profit shares, and extreme bonuses from your company.

But for you to turn the corporate lawyer profession into a lucrative million-dollar career, utilize your skills, build your own small or mid-sized firm, and work your way up. Win multiple cases in a year, and that’s when you see millions coming in.

2. Consultants

Consultants are the in-demand problem solvers of companies and businesses working across different fields, such as human resources, finances, funding, operations, sales, marketing, and management, among many others.

Among these fields, experienced consultants in the management and marketing field have shown to be the highest earning in the business earning $800,000 and above. But that can be challenging and stressful as it may take years to happen.

If you have upscaled your knowledge of the consulting business, you may start earning millions as quickly as possible by starting up your own. Take on consultation jobs and responsibilities for small to midsize clients.

3. Investment Bankers

If not owning a business, banking and finance is where the money is — that’s where investment bankers come into play. Although this profession is not for the faint of heart due to the long hours of work attached to it, the reward is worth the sacrifices.

A managing director, for instance, of an investment banking company earns from $400,000 to $600,000 to millions summing up from the basic salary, stub bonuses, end-of-year bonuses, stock-based bonuses, signing bonuses, and other benefits.

To tell you the truth, the competition in the investment banking field is pretty high, with overflowing candidates for limited positions in Canada. Start setting off your math and analytical skills if you’re planning to pursue investment banking, as you are required to calculate risk to make successful investment decisions.

4. CEOs and C-level Executives

As high-level executives, chief executive officers’ or CEOs’ paychecks are glorious. A few of the reasons for this are the crazy high performance-based bonuses they receive, either in the form of money, shares, or stocks, which are actually more than their basic salary.

Just imagine Philip Fayer, the Montreal-based CEO of the payment processor company Nuvei, who earned a humongous $140.7 million in 2021. Mind-blowing, right?

In all honesty, it takes a lot of hard work and knowledge to become a C-level executive, as companies sometimes require having a master’s or doctorate degree in the field.

You must develop great problem-solving skills, practical decision-making skills, and excellent leadership and management, as you will manage entire organizations with several departments.

More than developing your overall worth, work for a huge company earning significant revenues to have a high chance of achieving high salaries with regular over-the-top bonuses.

Related: How To Build Generational Wealth

5. Sales Executives

Basic salary plus bonuses and commissions—sounds profitable, right? This is the typical compensation package for sales executives working for large companies in Canada, and it is a 7-figure job primarily based on commissions.

Some of the most popular commission sales jobs that can earn hundreds of thousands to millions from profits are those in enterprise sales, selling high-priced products, SaaS sales, or any type of service, as long as your company is an industry leader generating million-dollar deals. For instance, an Enterprise Account Executive in Snowflake has a potential annual gross earning of $1,300,000.

If you’re looking forward to becoming a sales executive, you have to develop some personal traits like honesty, staying positive, and strong communication skills. You must also learn the field by understanding extensively what you are selling and who you are selling to.

6. Medical Professionals

Four years of undergraduate, four years of medical school, plus residency periods that can take up to seven years — it is just crazy how long medical professionals studied and trained for their specializations, deserving that 7-figure salary, plus their service is definitely needed.

Based on CanadaQBank, Ophthalmologists are one of the highest earners in the medical field in Canada, with salary averaging at $327,346 as researched by the ERI and can go all the way up to $513,565 as reported on Indeed.

However, some ophthalmologists earn 7 figures a year by focusing primarily on a large volume of surgeries and have multiple locations of Ambulatory Surgery Centers.

Other lucrative medical career professions that can earn 7-figures are those in the surgical field, like Thoracic/cardiovascular surgery, Neurosurgery, and Urology.

If you’re interested in science and technology and like helping and assisting people, the medical field could be a good career path.

Aside from becoming an expert in your specialization, you must also have excellent communication skills, strong diligence, and a remarkable technical capacity to become a great medical professional.

7-Figure Jobs Without a Degree

7. Entrepreneurs

Made in CA says roughly 3.5 million Canadians are in the entrepreneurial business. Being an entrepreneur requires no degree but requires you to be innovative and hardworking. Think of this job as an inventor because you need to design and generate a product or service that would be useful to many people.

To become a successful entrepreneur, initially study the market and decide what type of in-demand business you’d like to start. Sometimes, finding a new mentor expert in the industry you anticipate growing is best to help you develop business strategies and ideas.

You can go from e-commerce, technology, and finance to construction and manufacturing, literally any goods or services you can think of. Some of the most profitable sectors in Canada to think of as a business are food, automotive, real estate, and many more.

One of the downsides of taking the entrepreneurial career path is the high risk involved, as your business may fall through and face bankruptcy.

8. Influencers

Social media is a massive online platform for earning millions. There are more than ten ways to be profitable; one is to pursue the social media influencer job, which uses the platform to build a significant number of followers and direct them to decide on something.

If you’re tech-savvy, there are many ways to win and influence your followers to earn money, including product reviews, sponsored postings, affiliate marketing, or simply utilizing the monetization program of the social media platform you’re in.

That means the more authentic and active your followers are, the more impressive the amount you’ll receive from promotions, ads, and endorsements.

9. Actors and Actresses

Indisputably, celebrities are one of the non-degree professions that can get you crazy rich, and it’s everybody’s little secret dream job!

Some of the world’s most popular and highest-paid actors are Chris Hemsworth, Dwayne Johnson, Robert Downey Jr., and Canadian-blood celebrities James Cameron, Keanu Reeves, and Ryan Reynolds.

But do you know why these celebrities earn that much? Demand, talent, and charisma drive sponsors and producers of a show or movie to believe in them to suit a project and make money.

Start small and take on minor acting roles if you have what it takes. Climb your way to stardom through training, acting lessons, and more camera experiences.

Sometimes, pursuing a celebrity career is a get-rich-quick venture through joining reality shows or game shows, which give you both exposure and million dollars if you win. Thus, it is one of the 7-figure jobs that don’t need a degree to earn a million dollars a year quickly.

10. Professional Athletes

Do you know the Portuguese football player Christiano Ronaldo? How about the tennis players Serena Williams and Roger Federer? According to Forbes, they’re the best of their leagues and the world’s highest-paid athletes, earning millions annually.

If you are enthusiastic about sports, take these people as inspiration, start training as soon as possible, and devote considerable time and effort to becoming world-class professional athletes like them.

What you can do is always bring in your A-game. Once you become a league star, many sponsors and brand partnerships will tag along, adding up to your income for the seven-figure salary; the best part? You can still earn from sponsorships even after you finish your playing career. 

Related: Ultimate step-by-step guide to getting rich from nothing.

How to Make Seven Figures

There are multiple ways to make seven figures in the field of your choice or in the specialization you’re going to pursue. Pay attention to these tips; you’ll do just fine to establish your first million dollars.

• Build Multiple Income Streams: As the phrase suggests, “The more, the merrier”– that’s 100% true when building income streams, as it is pleasing to have cash coming in from different sources.

Some passive investment ideas worth a shot are investing in dividend stocks, Real Estate Investment Trusts or REITs, Exchange-Traded Funds, and cryptocurrencies. Try out eCommerce, blogging, and selling digital products for passive business ideas.

• Invest in Assets: As Elon Musk recommends, investing in physical assets will always be unrivalled. Try investing in farmlands, real estate, vacation properties, and small businesses, or sample investing in small-sized tangible items like antiques, gold, arts, luxury items, and other collectibles.

• Network With Other 7-Figure Professionals: Networking is simply a connection building between professionals or people of the same interests. It is most beneficial for your businesses to strengthen the brand by providing you with a high reputation, strands of connections, and increased visibility in the field. To start growing your network, seek out expert people from the workshops, conferences, and summit events you’ll attend.

• Invest in Yourself: Educating yourself will always be the foundation of achieving the 6-figure or 7-figure salary. No one becomes an expert or even a millionaire in a snap of a finger; you’ll go through a lot of learning and exploring your chosen field. One way to do it is to take free and paid online courses which issue certificates, take personal development training, and level up your communication skills.

• Gain Exposure With Social Media: As society progresses with technology, your business’ exposure on social media will be your fairy godmother who’ll help you find your prince charming or your audience.

In social media, you can advertise eye-catching posts, use trending hashtags, or apply the best SEO practices. You can also be creative and innovative by creating your YouTube channel and taking advantage of those high CPM rates.

Making 7 Figures is Achievable

Yes, making 7-figures is definitely in the cards! Although it is a vast ambition, as many call it, it is still achievable with the 7-figure jobs listed in this blog post, with or without a degree. 

As you pursue high-paying jobs or fields, sharpen your existing skills and knowledge, and revamp yourself by learning new things, especially with advanced technology, until you achieve supremacy in your area and earn millions.

More than these lucrative job paths, the proven and tested way to earn 7 figures or even more is to start working on your entrepreneur/businessman mindset, develop your own business, and manage it appropriately.

At the same time, you can also start investing in real estate, cryptocurrency, stock market, bonds, and ETFs for more passive income.

In all honesty, with just perseverance, commitment, and proper education, you’ll achieve your sweetest first million dollars without even noticing it.

FAQs

Related: Middle-Class Income in Canada