Canada’s top one per cent made a little under $455,000 in 2013, totaling 10.3 per cent of the nation’s income.
New numbers released from Statistics Canada shows the breakdown of how much Canada’s wealthiest make, and how much they contribute in taxes, showing a steady flat-line over the past few years.
The income for society’s wealthiest grew only 1.2 per cent between 2012 and 2013 and just over 6.5 per cent from the decline seen in 2009 numbers. It still, however, remains lower than the 2007 peak of $519,500 before the international recession hit.
Income taxes filed from these individuals in 2013 totaled $151,900 on average, up $3,000 from the year before, making their contributions equal 20 per cent of all federal, provincial and territorial governments taxes.
Statistics Canada says that to officially be in the “One Per Cent”, Canadians need to earn at least $222,000 of taxable income, but it’s much more likely a man will reach that threshold than a woman. Numbers show that 80 per cent of the wealth in the One Per Cent is owned by men and 20 per cent owned by women, even though women own over 41 per cent of the country’s total income.
When looking at the top 0.1 per cent of earners – people who earn at least $707,800 – women only account for 15 per cent of the wealth.
On the provincial level, the wealthiest largely hail from Ontario and Alberta, with the eastern province holding 41.2 per cent of the country’s One Per Cent. Alberta, where the country’s oil wealth comes from, has just under a quarter of the richest few.
B.C. is in fourth place behind Quebec at 11.3 per cent.