Sep 152017
 

Median Income Grows to $70,336

The results from last year’s national census about family incomes have been released. Below is a table showing how much we all made in 2015. Overall the median national income was $70,336. This means half of Canadian households made more than this number, and the other half made less.

Atlantic provinces and Quebec saw the lowest median incomes for some reason. There seems to be a trend for younger people to leave Newfoundland and Labrador in search of better job opportunities in other provinces. I often hear people complain that jobs pay less in B.C. than in other provinces. According to the data above, it appears B.C. is right in the middle with a rank of 7 out of 13 for household incomes. Not too bad. 🙂

 

Comparing 2015 Incomes to 2005

Keep in mind that inflation (as measured by CPI) has eroded about 19% of our money during the 10 year span between 2005 and 2015. But the data is inflation adjusted to 2015 constant dollars as a commentator pointed out below.

However income is just one aspect of personal finance and doesn’t necessary determine how well off households are. For example just about anyone who held real estate in Canada between 2005 and 2015 would have experienced tremendous growth to their home equity. This wealth could be used to either create passive income or lower their housing costs through gradually reducing the cost of their mortgage over time.

  • To be in the top 10% of all income earners in Canada you would have to make over $93,390.
  • To be in the top 5%, you’d have to earn at least $120,219
  • To be in the top 1%, you’d require an income of $234,129 or higher.

If you want to know exactly how you compare to other people of your demographic, you can plot your income on this fun interactive chart released by Statscan. 🙂 This is for individual incomes. For example, I learned that for my ripe-old-age of 30, my earnings are in the top 10% of my cohort. Not too shabby.

 

Additional key findings from the Census

  • Ontario had the slowest growth in median income since 2005.
  • Fewer children living in low income. But there are more low income seniors.
  • The incomes of 32.0% of couples were fairly equal (both earning from 40% to 60% of the couple’s total income).
  • Same-sex couples have higher incomes. For example, over 12% of male same-sex couples had household incomes over $200,000, compared with 8.4% of opposite-sex couples. (Time to find me a boyfriend, lol. Just kidding.)
  • 67% of the population aged 15 and over reported income taxes. This means about 1/3rd of Canadians didn’t pay income tax in 2015.
  • Of 14 million households, 65% are saving for retirement.

Overall this was a pretty cool look at recent Canadian household incomes. 🙂

 

Sources:
https://www.statcan.gc.ca/daily-quotidien/170913/t001a-eng.htm
http://www.cbc.ca/news2/interactives/census/2016/income/
http://www.cbc.ca/news/politics/statistics-canada-census-2016-income-hightlights-1.4287179

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Random Useless Fact

Jun 292012
 

How would you like to perform simple clerical tasks for $32/hour? Well there are lots of openings for these kinds of jobs. But the problem is not everyone knows they exist, or where to find them.

The government recently released the 2010 household income data.  The median income for single people like myself is about $25K.  This puts me in a relatively good position considering I’m making more than twice that amount right now. Which shouldn’t be a surprise because I work 2 jobs and receive investment income, whereas most unattached individuals have one job. That’s why it’s important to start building multiple income streams as early as possible. The median family however made about $70K. For a closer look at the differences between various cities, here’s the chart from Statscan.

Ottawa takes the lead with the highest median family income of $91K. Not sure if that’s because of all the generously paid politicians living in our capital city or just a coincidence (O_o). Toronto, your manufacturing sector has been hit hard recently, hang in there. And Vancouver, WTF happened? Largest decline out of all the major cities. I am so disappointed (-_-;) 

So what can we do with all this information? Well since different cities pay different wages, we can make job searching decisions based on where the money’s at.  For example in BC, we can either be a sales clerk working in Vancouver for $11/hr, or we can move to Fort st John and make $17/hr. How about Alberta? Well in Calgary we can be an admin assistant for $40K a year, or an office administrator for $43K a year. Or we can move to Wood Buffalo and make over $60,000 a year as a support clerk.

similar jobs like this one found at: https://rmwb.taleo.net/careersection/2/jobsearch.ftl

This city of 65 thousand people isn’t very big, but you can still expect many first world staples like high-speed internet, satellite tv, various hospitality services, restaurants, shopping centers, etc. The only catch is the higher cost of living. A 2 bedroom apartment goes for $2K a month, but that’s not too bad considering tax filers in Wood Buffalo had a median family income of $169,790 in 2010.

It may be hard to find work in this tough economy but great paying jobs are available out there.  For unattached and adventurous individuals these opportunities should not be missed. You just have to be willing to move. If you just want to check out Fort McMurray, but don’t want to live there permanently, take a look at their summer jobs option. The point is if you’re going to work at Starbucks anyway why not work in a Starbucks that pays more? I like my current full time job designing art and stuff, but if I were unemployed, you can bet your bottom dollar I’d be applying for jobs in those wealthy northern cities.  However, I understand this is not an option for many of my readers who might have developed roots in their current locations.