This study examines racial/ethnic differences in mental health using data from the 1996-97 National Population Health Survey. Three hypotheses are tested. First, a socioeconomic hypothesis tests if differences in family income, education, and low income explain racial/ethnic mental health variation. Second, a social resources hypothesis tests if differences in social support explain racial/ethnic mental health variation. Finally, an interaction hypothesis tests if mental health variation stems from specific interactions of race/ethnicity with economic and social factors. Although there are socioeconomic, social resource, and interaction effects, the analysis shows that they do not fully explain racial/ethnic mental health variation. Overall, our results suggest that East and Southeast Asian, Chinese, South Asian, and black Canadians have better mental health than English Canadians. Jewish Canadians have poorer mental health than English Canadians. All other racial/ethnic groupings have similar mental health as English Canadians.