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Top 1% Of Income Tax Filers In Canada Earn More Than $500,000

According to new data from Statistics Canada, the top 1% of income tax filers across the country earned more than $500,000 in 2021.

The federal agency added that Canada’s top 1% saw their incomes grow by nearly 10% in 2021 to an average of $579,000 in earnings.

Income tax filers in the top 0.1% quotient saw their income rise 17% to an average of $2.1 million during 2021, which is the latest data available.

At the same time, Canadians at the bottom half of the income ladder saw their average earnings decrease by 6% to $21,100 in 2021 as government supports during the Covid-19 pandemic ended.

Statistics Canada added that women made up roughly 26% of the top 1% of income tax filers in 2021, up from 25% in 2020 and 11% back in 1982.