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moneysense.ca, 28/01/13

The 1% get richer

The median income of Canada’s richest 1% is now 10 times higher than the median for everybody else.

By Stefania Moretti | Online only, 28/01/13

Tags: rich, RRSPs

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The top 1% of the country’s 25.5 million tax filers accounted for 10.6% of the nation’s total income in 2010, according to a new report by Statistics Canada. So how much does someone in the 1% make? At least $201,400 a year. That’s up 37% from the minimum $147,500 this upper crust would’ve needed to earn to be counted in 1982 when StatsCan first began tracking the data. Median incomes for the 1% actually come in around the $280,000 mark. But if it’s any consolation, the 1% are also paying more tax these days than they were three decades ago.
Got 1 hour, 30, 15 or even 5 minutes? Here are a number of ways to add some punch to your RRSP portfolio now. For more information on retirement savings, visit our RRSP Guide 2013.

moneysense.ca, 28/01/13

One Response to “The 1% get richer”

Christine says:

January 28, 2013 at 4:25 pm

I wonder how much of this is due to the boomer effect (i.e. there is a glut of working boomers in Canada, and people 50+ tend to make more than those people much earlier in their careers).