This is how much the 1% in Canada officially makes
Nov 22 2016, 5:57 am
Statistics Canada has just released their latest info on Canada’s 1%.
Of course, ‘latest info’ in government terms means that everything we’re about to tell you is based on Canadian taxfilers in 2014. And since the average total income of Canada’s 1% (well, those who pay taxes anyway) rose 0.4% between 2013 and 2014, it’s probably safe to assume that the 1% of 2016 are making at least the same, if not slightly more.
But hey, what’s a percentage point here or there when you’re already pulling in $466,700 a year…
That’s right, according to Stats Can, that was the total average income of the top 1% of Canadian taxfilers in 2014.
Other interesting takeaways from their info include:
- The share of the country’s total income held by the top 1% is 10.3%, almost two percentage points below a 2006 peak of 12.1%.
- Canada’s top 1% taxfilers paid, on average, $159,500 in income taxes to the federal and provincial or territorial governments in 2014 (up 2.7% from 2013).
- To be considered to be in the top 1% in 2014, Canadians must have earned a total minimum income of $227,100 within the last tax year.
- There are more than 268,500 Canadians in the 1%.
- Ontario has just shy of 40% of all of Canada’s 1%.
- Alberta has the second highest number of 1% Canadian taxfilers with 25.6%.
- British Columbia (-4.0%), Saskatchewan (-3.0%) and Nova Scotia (-2.3%) all recorded declines in the amount of average income tax paid by their top 1%.