Here’s how much Canada’s top 1% of income earners made in 2014

Canada's high-income earners paid more in tax in 2014 than the the average Canadian family made in income all year. Getty Images

Canada’s top one per cent of income earners pulled in an average of $466,700 in 2014, and paid more in taxes than the average Canadian household makes in a year.

New data from Statistics Canada provides a glimpse of Canada’s wealthiest – the 268,505 Canadians who earn more than $227,100 annually.

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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.

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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.

READ MORE: Canadian incomes continue to grow, for some more than others

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.

READ MORE: Tax rate dropping for middle class, hiked for top-earners

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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