The relationship between socioeconomic factors and mental health has garnered significant attention, revealing complex connections between economic conditions and psychological well-being. This paper studies the impact of family economic conditions on the mental health of Canadian adolescents using data from the 2017-2018 wave of the Canadian Community Health Survey. To analyze this relationship, a latent variable indicative of economic conditions is created from several indicators of households’ living standard. This latent variable, along with demographic and behavioral factors, is used in an ordinal logistic regression model to evaluate its effect on mental health outcomes. The findings highlight that older adolescents and females experience notably worse mental health. Behaviors such as smoking and alcohol consumption, negatively impact mental well-being, while physical activity is positively associated. Although economic factors significantly influence mental health, they are not the primary determinants of mental well-being among Canadian adolescents.