Statistics Canada says most people are saving for retirement
Canadians saw their income grow by almost 11% in the decade to 2015 according to newly-released census data from Statistics Canada.
The median Canadian income rose from $63,457 in 2005 to $70,336 in 2015, although 2015 data was from before the full slowdown in the energy industry was felt.
The figures also show that more than 65.2% of households contributed to either Registered Retirement Savings Plans (RRSPs), or Tax-Free Savings Accounts (TFSAs).
Although higher-income households were more likely to make savings for their retirement overall, TFSAs were favoured by a third of those on a low income (33.3% vs. 20.1% for RRSPs and 17.6% for RRPs.)
The growth in income over the 10-year-period was 10.8%, higher than the previous ten years (9.2%). This was largely driven by the resource-rich provinces.
Nanavut and Saskatchewan saw the steepest increases in median income (36.7% and 36.5% respectively) while growth lagged in Ontario (3.8%) and Quebec (8.9%) due to the decline in manufacturing jobs.
British Columbia’s growth in median income was slightly above the national figure at 12.2% although Vancouver was one percentage point below the provincial level.
While the share of low income households increased from 14% to 14.2% over the 10-years to 2015, there was a sharper jump among seniors (up from 12% in 2005 to 14.5% by 2015).
Among the provinces, Ontario saw an uptick in low income households (from 12.9% to 14.4%) while Newfoundland and Labrador saw a 4.6 percentage point drop to 15.4% over the decade.
Men continue to dominate the share of the higher-income earner in a household at 50.7% while 17.3% of households had a female as the highest earner.
Same sex couples were more likely to be higher income earners as a greater share are in their prime working years.
The median Canadian income rose from $63,457 in 2005 to $70,336 in 2015, although 2015 data was from before the full slowdown in the energy industry was felt.
The figures also show that more than 65.2% of households contributed to either Registered Retirement Savings Plans (RRSPs), or Tax-Free Savings Accounts (TFSAs).
Although higher-income households were more likely to make savings for their retirement overall, TFSAs were favoured by a third of those on a low income (33.3% vs. 20.1% for RRSPs and 17.6% for RRPs.)
The growth in income over the 10-year-period was 10.8%, higher than the previous ten years (9.2%). This was largely driven by the resource-rich provinces.
Nanavut and Saskatchewan saw the steepest increases in median income (36.7% and 36.5% respectively) while growth lagged in Ontario (3.8%) and Quebec (8.9%) due to the decline in manufacturing jobs.
British Columbia’s growth in median income was slightly above the national figure at 12.2% although Vancouver was one percentage point below the provincial level.
While the share of low income households increased from 14% to 14.2% over the 10-years to 2015, there was a sharper jump among seniors (up from 12% in 2005 to 14.5% by 2015).
Among the provinces, Ontario saw an uptick in low income households (from 12.9% to 14.4%) while Newfoundland and Labrador saw a 4.6 percentage point drop to 15.4% over the decade.
Men continue to dominate the share of the higher-income earner in a household at 50.7% while 17.3% of households had a female as the highest earner.
Same sex couples were more likely to be higher income earners as a greater share are in their prime working years.
