Here’s how much Canada’s top 1% of income earners made in 2014
New data from Statistics Canada provides a glimpse of Canada’s wealthiest – the 268,505 Canadians who earn more than $227,100 annually.
Canada’s top earners were mostly male, (78.3 per cent), likely to be in a relationship (81.5 per cent), with a median age of 52.
In all, the top one per cent pulled in 10.3 per cent of Canada’s total combined income; that was unchanged from 2013.
But data showed that while Canada’s rich were doing just fine, as a group their average total income barely budged between 2009 and 2014. Meanwhile, the average of all Canadian tax-filers grew by 4.2 per cent over the same period.
The average tax bill for the top earners came in at $159,500 in combined federal and provincial taxes, a 2.7 per cent hike from the year before.
The bulk of the high-income earners lived in Ontario (107,200) and increasingly Alberta (68,600). It should be noted that this data is from before the oil crash, which began its tumble in mid-2014, before hitting a 12-year low of US$28.50 in January 2016.
The oil crash hammered Alberta, where unemployment rates spiked as energy sector jobs disappeared.
Canada’s high earners should expect to pay more in federal taxes for 2016; the Trudeau Liberals bumped the tax bracket for people earning more than $200,000 to 33 per cent, an increase from the 2015 rate of 29 per cent.
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