1. Home
  2. >
  3. Economy
  4. >
  5. Bureau of Statistics: Canada’s...

Bureau of Statistics: Canada’s rich will get richer and the poor will get poorer in 2021 | Tax returns | The Epoch Times

[Великая Эпоха, 13 ноября 2023 г.](Reported by Epoch Times reporter Chu Fangming from Toronto)CanadaBureau of StatisticsThe latest report shows Canada’s richest people will get even richer in 2021; Bottom 50% of income earnerstax returngroup, their income fell by 1,400 yuan.

CanadaBureau of StatisticsThe latest data analysis report was published last Friday (November 10), and the report analyzes 2021 results.tax returnsituation and compare with 2020.

Statistics Canada reported that income for the top 1% of taxpayers in Canada increased 9.4% to $579,100 in 2021.

Richer people have higher income growth

In contrast, people with lower incomes saw their incomes decline. Among the entire population filing tax returns, the average total income of the bottom 50% of income earners fell by 1,400 yuan from 21,100 yuan in 2020. The Bureau of Statistics said the main reason for the decline in income was the reduction or termination of government assistance programs during the epidemic, such as the Emergency Response Benefit (CERB) and the Business Emergency Wage Support (CEWS).

While the income of the richest 1% increased by almost 10%, the income of the small group of people who were richer than them increased even more. The average total income of the top 1/1,000 people reporting tax revenue increased by 17.4% to 2.0861 million yuan, and the average total income of the top 1/10,000 people increased by 25.7% to 7.7314 million yuan.

These figures do not include capital gains, which are increases in the value of real estate, stocks and other businesses.

According to a CBC report, Steven Gordon, an economics professor at Université Laval, said that if capital gains are included, the rise in income for the richest people would be even greater because almost all types of assets are appreciating. in 2021.

Capital gains are largely concentrated among a relatively small number of people. The Bureau of Statistics said that in 2021, only about 12% of taxpayers were required to report some form of capital gain, with the average being $37,600. 5% of taxpayers made a profit of 131,100 yuan or more.

If capital gains are included, the average income of the top 1% in 2021 will be 811,800 yuan, up 20.5% from 2020; The average income of the richest 1/1000 people will be 3.23 million yuan, up 20% from 2020. 27.6%%, the average income of the top 1/10,000 people was 12.5421 million yuan, an increase of 30%.

femalerich manmore and more

Collectively, the income share of the top 1% of Canadians has increased in recent years.

The Bureau of Statistics report shows that the top 1% of the population accounted for 10.4% of total tax revenue, up from 9.4% in 2020 and the highest level since 2015.

Among the top 1% of taxpayers, 26.1% are women, up from 25.4% in 2020. The share of income earned by women in the top 1% has risen steadily since such data was first published in 1982. When the data was first available, the income share of such women was 11.4%.

rich manPay more taxes

Experts say that while wages for the rich 1% and above have risen, 2/3 of their income comes from capital gains, dividends and other non-work related income. The wages of workers in the lower strata of the population depend more on their work.

The latest data shows that 22.5% of income taxes in Canada are paid by 1% of taxpayers.

Responsible Editor: Wen Fang

Leave a Comment