BUSINESS

Canada's Top 1 Per Cent See Soaring Incomes: StatsCan

The rich are taking a larger share of all income in Canada.

11/16/2017 13:08 EST | Updated 11/16/2017 13:08 EST
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OTTAWA — Canada's wealthiest one per cent saw their share of total income rise for the first time in nearly a decade in 2015, thanks to growing dividends, says Statistics Canada.

About 270,000 Canadians in this category accounted for 11.2 per cent of total income, up from 10.3 per cent in 2014. That marked the first increase since 2006.

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The average total income rose 12.2 per cent to $529,600, including $102,300 from dividend income, up from $66,700 a year earlier. Their share of total taxes rose to 22.2 per cent.

Average income for tax filers in all income brackets rose 2.6 per cent to $47,100, the largest annual increase since 2006.

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More women joined the club in one year than any time since 1989 and accounted for 23.2 per cent of top earners.

Ontario and British Columbia saw the most people join the top one cent in one year, while Alberta was the lone province to see a substantial decline due to the impact of lower oil prices.

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