Survey Shows 1% Most Wealthy Canadians Earn 10 Times of Average

This article was last updated on April 16, 2022

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According to a recently conducted National Household Survey, it has been reported that Canadians in the top 1 per cent are paid more than $191,000 a year, giving a closer insight into how governments take money from the rich and provide to the poor. The make-up of the 1- per-cent club is overwhelmingly male, which are mostly over the age of 45 and tend to work in management jobs.

The survey revealed that Canada’s top earners are also most likely to make money through investments and self-employment income, while allows them to earn about almost seven times the national median income of $27,800. The survey has provided new useful data amid an increasing speculation over whether income-inequality is a national issue and if so, whether government shall make policy changes or not. The voluntary survey conducted by Statistics Canada minutely looks into the extent to which income in Canada is distributed from higher-income Canadians through taxes to lower-income Canadians through government transfers.

The survey showed that an estimated 70 per cent of the Canadian population receives some sort of government transfer, having a median total income from transfers around $4,100. Meanwhile, it was pointed out that that the top three, among total ten, income deciles receive 55.7 per cent of the nation’s total income and is paying 71.5 per cent of the nation’s total income tax. Similarly, the top 10 per cent of earners receive 28.1 per cent of the nation’s income, but pay 42.1 per cent of the nation’s income tax.