Income over $89,000: you're in the top 5% - Canadian TV, Computing and Home Theatre Forums

hugh · 2007-09-24, 05:25 PM

Quote:

An annual income of $89,000 was enough to put an individual among the 1.2 million Canadians who made up the top 5% of the country's taxfiler population in 2004, according to a new study.

Similarly, an income of $181,000 was sufficient to put someone among the 237,000 people in the top 1% of the taxfiler population.
But to be part of the richest one-hundredth of a percent (0.01%) of taxfilers, Canadians had to have income of more than $2.8 million, the study found.

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I'm sure the $89,000 amount has gone up a bit since 2004 so to be comfortably in the top 5%, I suppose you would probably have to be making over $95,000.

hugh · 2007-09-24, 05:28 PM

From statscan.

Quote:

In 2004, the top 5% of the taxfiler population received 25% of income and paid 36% of taxes. In contrast, the bottom 95% of the taxfiler population received 75% of income and paid 64% of taxes.

It seems that I read somewhere that something like 80% of the Canadian population gets more back in Government spending than pays in taxes. This is why tax and spend governments are very popular because, on average, most Canadians benefit when taxes are raised!

Monobloc · 2007-09-28, 02:07 PM

I guess that puts Ontario politicians in the top 5%.

jvincent · 2007-09-28, 02:12 PM

All Ontario MPPs are already there. Their base salary is $110K. Extra perks for being in cabinet or premier.

Federal MPs make even more.

james99 · 2007-09-28, 02:21 PM

Well, I guess i'm in the top 5% which shocks me.

That being said the "Halton" Federal political riding has the highest income in the entire country. hmmmmm

jvincent · 2007-09-28, 02:54 PM

Can I borrow $10?

Icemann · 2007-09-28, 04:10 PM

Hard to believe that the top 1% is only $181K. Compared to the US we are very low.

os · 2007-09-28, 06:46 PM

That's a pretty low (and sad) figure to be in top 5%. That amount, doubled for a family, wouldn't allow someone a to get a basic house in Greater Vancouver (avg. price $1.3M). You need to be in top 0.5% to buy a house these days (with less than 50% down payment).
I think more important is the net worth, not the income.

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2007-09-28, 02:07 PM	#3
Monobloc Join Date: Jan 2005 Location: BC Posts: 464	I guess that puts Ontario politicians in the top 5%.

2007-09-28, 02:12 PM	#4
jvincent Moderator Join Date: Nov 2002 Location: Ottawa Posts: 5,371	All Ontario MPPs are already there. Their base salary is $110K. Extra perks for being in cabinet or premier. Federal MPs make even more.

2007-09-28, 02:21 PM	#5
james99 Moderator Join Date: Mar 2002 Location: Burlington Posts: 24,791	Well, I guess i'm in the top 5% which shocks me. That being said the "Halton" Federal political riding has the highest income in the entire country. hmmmmm

2007-09-28, 02:54 PM	#6
jvincent Moderator Join Date: Nov 2002 Location: Ottawa Posts: 5,371	Can I borrow $10?

2007-09-28, 04:10 PM	#7
Icemann Veteran Join Date: Aug 2004 Location: Vancouver Posts: 1,651	Hard to believe that the top 1% is only $181K. Compared to the US we are very low.

2007-09-28, 06:46 PM	#8
os Join Date: Jun 2004 Location: Vancouver, BC Posts: 1,056	That's a pretty low (and sad) figure to be in top 5%. That amount, doubled for a family, wouldn't allow someone a to get a basic house in Greater Vancouver (avg. price $1.3M). You need to be in top 0.5% to buy a house these days (with less than 50% down payment). I think more important is the net worth, not the income.