$155,850: The Price of Happiness for Canadians

A recent study by digital financial services provider Remitly suggests that money can indeed buy happiness. Using data from Purdue University and Gallup's Life Evaluation Index, the researchers found that Canada is the 14th most expensive nation in the world to purchase joy. The team calculated that Canadians need an income of $155,850 to be happy.

The study used a method called 'reverse-engineering' figures obtained from Purdue University's study on the relationship between happiness and income. They also converted local currencies into U.S. dollars for comparison purposes.

According to the report, Iceland has the highest price of happiness at $163,579, followed by Australia and Switzerland. Canada placed 14th, with a price of $113,755 or $155,850 Canadian at the time the numbers were crunched.

The study also found that individual cities in Canada had their own price points for happiness. Victoria, Vancouver, and Toronto topped the list, between $167,000 and $170,000. Saskatoon was next at just under $160,000, and Kingston placed 19th and the last of the cities surveyed, at just over $140,000.