Here's How Much Money You Need To Make To Be In Canada’s Top 1%
It's a LOT!
If you've ever wondered how much the top earners in Canada make, look no further! Here's exactly how much money you need to earn to be considered rich and it varies by province.
The last time Statistics Canada shared data related to the country's richest taxpayers was in 2018, when the average income for the top 1% was a whopping $496,200 per year.
This was up from the year before when the country's richest people earned an average of $477,700 in twelve months alone.
Those in the top 0.1% earned even more, with that group making an incredible $1,669,400 on average in 2018.
The average income for Canada's wealthiest people varies depending on province too, with the top 1% in Ontario earning $514,300 in a year, while the top 1% in the Territories earn $353,500 annually on average.
Although several years have passed and a pandemic has happened since this data was published, research in 2020 found Canada's richest people actually got richer during the COVID-19 pandemic. In fact, Toronto's wealthiest family became $8 billion richer between April 2020 and January 2021.