The results of the latest National Household Survey was published by Stat Can. The survey represents people’s income and household situation in 2010.
The data shows that more than 95% of the 27.3 million Canadians aged 15 and over received some form of income in 2010 which totaled $1.1 trillion. The study also points out that over half of all investment income reported in the country was received by only the highest 10% of earners. This suggests that if we want to make a lot of money, we better maximize our investments 🙂
The top 10% of Canadians made $80,400 or more. To be in the top 5%, we needed at least $102,300. And the top 1% required $191,100, nearly seven times the national median income.
Private pensions were received by 59% of seniors and the median annual amount was $11,700. However, the younger generations of today will probably not have the same luxury. By the time Generation Y reaches retirement I expect private pension benefits to be $6,000 or less in today’s dollars 😕 And that’s if we’re lucky enough to have a pension. All the more reason to save and invest while we’re still young 😀 To learn more about income levels across Canada and the rest of the world, see my new income page.
In other news, my blog was featured in this weekend’s Saturday weekend review on Canadian Budget Binder 😀 Thanks Mr. CBB and welcome all new readers.
Lastly, I have an acquaintance who is in the business of buying and selling computer games. Right now he is looking to buy games from Amazon.com but since he’s Canadian he can’t buy them on that site. So he’s looking for someone in the US to partner with and is willing to pay $5 above the purchase price 🙂 I think this is a great opportunity for any US reader looking to make some easy side income. If you’re interest, tell me in the comments below and I’ll let my acquaintance know.
Random Useless Fact:
The real estate company RE/MAX recently published a report on Canadian farmland price trends. The most expensive farms are in the Fraser Valley, BC, at $40,000 to $60,000 per acre. Jumping jellybeans! That’s a lot of money (゜o゜) In comparison Saskatchewan farmland is only $1300 to $2000 per acre.
“The study also points out that over half of all investment income reported in the country was received by only the highest 10% of earners. This suggests that if we want to make a lot of money, we better maximize our investments” Maximizing your investments is so important. Start small and work your way up. You don’t have to invest money you can’t afford right away. A lot of people assume you have to ‘go big or go home’ and thats really not the case!
That’s right. I started investing with only a few thousand dollars in mutual funds. I know better now than to pay the high fees and invest on my own terms today, but it’s all about gaining knowledge, experience, and becoming a better investor 🙂
Are these income figures gross or net? Before or after tax
Good question Dan 🙂 I think these figures are before taxes. According to the Stat Can website, the $80,400 income amount for example is alluded to as the “total income.” I assume this means total gross income as if it was the “Total income” from line 150 on a tax return 😀