Thursday, May 3rd, 2007. Post written by: Jim

Income of Canadian Families

According to the latest published report from stats canada, dated May 3, 2007, the median after tax income rose slightly for most canadian families for the year 2005 – I’m guess 2006 results will be published sometime in 2008.  The median after tax income for families with two or more people increased 1.6% to $56,000. For serior families (65+), the after tax income was unchanged at $40,400, while the median after tax income of single seniors remained at $19,600. The income of non-senior singles remained at $21,400. About 14% of the Canadian population lived as singles in 2005.

The average family paid $17 in tax for every $100 earned.

Apparently, the gap between the rich and the poor widens somewhat. According to statscanada, the after tax income in 2005 was $128,200 for the top 20% of families, while it was $22,800 for the bottom 20%. Since 1996, the average after tax income of the 20% increased 24% compared to 18% increase for the other families.

What’s even worth more of noting, however, is that the top 20% families also pay 60% of all personal income taxes. This is largely due to government transfers and the Canadian income tax system that redistributes income from higher income families to lower income families.

What ever happened to natural selection?

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