Whether it’s a once-in-a-lifetime invite to catch the game from a box nicer than our condo or dodging Bentley doors on our bike to work, regular glimpses of the one per cent lifestyle abound.
Fortunately, StatsCan is giving us even more insight into the lives of Canada’s elite having just released a report on trends among the country’s high-income earners. It uses data from tax filers in the year 2014 to draw conclusions about Canada’s one per cent.
You know, the 268,505 people who earn more than $227,100 annually, taking home $466,700 a year on average.
To put that into perspective, Canada’s top one per cent of earners paid more in tax in 2014 than the average Canadian family made in income all year and pulled in 10.3 per cent of Canada’s total combined income.
Some more fun facts: Canada’s one per cent are mostly male, (78 per cent), likely to be in a relationship (82 per cent), and with a median age of 52. A considerable majority live in Ontario (just under 40%) while Alberta has the second highest number of One-Percenters (26%).
While the income of top earners stayed about the same between 2009 and 2014, the average income of all Canadian tax filers grew by 4.2 per cent over the same period. The rich’s riches could even decrease given Trudeau’s top tax bracket ($200,000+) will now see 33 per cent of income deducted compared to 29 per cent previously.
The one per cent of British Columbia, Saskatchewan, and Nova Scotia all recorded declines in the amount of income tax paid, which could mean one of two things: they’re earning less or they have some good papers in Panama.
See the full report here.