Young Canadians Save Money as Digital Nomads

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In a bright, plant-filled coffee shop in Písac, Peru, Grayson Allen, a 30-year-old content creator from Vancouver, embodies a growing trend among young Canadians: the digital nomad lifestyle. For over two and a half years, Allen has worked remotely in countries including the U.K., Colombia, Ecuador, Mexico, and Peru. This lifestyle allows him to save money due to lower living costs abroad while continuing to pay Canadian taxes.

The high cost of living in Canada has motivated some young travelers to adopt digital nomadism as a way to save money. Countries like Portugal, Japan, and Barbados have introduced digital nomad visas to facilitate hybrid work and travel, with Canada recently announcing its own digital nomad strategy. This lifestyle became particularly popular during the COVID-19 pandemic, which saw a dramatic increase in remote work. Research indicates that digital nomadism has grown globally, with a study revealing that 40 million people worldwide identify as digital nomads. Many of these individuals come from the United States, where a report found that 17.3% of American workers see themselves as digital nomads.

The financial benefits of this lifestyle are evident in Allen’s experience. By living and working abroad, he has repaid most of his student loans from a master’s degree in the U.K. and, at one point, was saving two-thirds of his paycheque. Many Canadians, especially those in expensive cities like Vancouver, find that they are merely surviving. In contrast, digital nomadism offers a chance to save money and potentially secure a better financial future.

David Cook, an anthropologist at University College London who researches digital nomads, notes that the cost of living has always been a major consideration for digital nomads. This diverse group includes individuals with varying levels of income. While some digital nomads earn substantial amounts, others are not high-net-worth individuals but still benefit from the cost savings associated with living in more affordable countries.

Canadian digital nomads often choose to reside in countries like the U.S. or Mexico, where similar time zones make remote work more seamless. Although it remains unclear how many Canadians have adopted this lifestyle, more than 11% of the Canadian population currently lives abroad. However, the exact number of digital nomads is difficult to determine.

Data from embassies and tourism boards provide some insight. For example, Costa Rica’s tourism board reported that seven Canadians were approved for the country’s digital nomad visa between January and April 2024. Similarly, the Canadian Embassy in Portugal has observed a growing number of Canadian visa holders, particularly among digital nomads in Lisbon. 

Digital nomad visas typically have certain restrictions, such as a minimum income requirement. In Portugal, applicants must earn at least four times the country’s minimum wage. For Canadian residents or citizens, meeting these requirements is generally straightforward.

Housing costs in Canada are a significant factor driving Canadians to seek a more affordable lifestyle abroad. Azra Kassam, a 34-year-old digital content manager, found that the rising housing prices in Toronto made digital nomadism an attractive option. By working remotely from Croatia, she estimates saving about $1,000 a month. Kassam has also created a WhatsApp group aimed at digital nomads and expatriates in Croatia, boasting 500 members, including Canadians.

As the trend continues to grow, it is clear that digital nomadism offers young Canadians a viable solution to the high cost of living, allowing them to save money while enjoying the benefits of travel and remote work.