Unless you're very, very rich this isn't about you. It's about the HPPs, 'higher purpose persons,' Canadians at the top 1% of the income scale. It's about those who gross just shy of half a mill per year. Morneau-class Canadians.
The incomes of Canada’s top one per cent grew at a faster pace than everyone else in 2017 – and, overall, they saw their taxes edge down, says a new study.
Statistics Canada has found that in 2017 the average total income of all tax-filers rose 2.5 per cent to $48,400 compared to the previous year.
The average income growth of the bottom half of tax filers increased 2.4 per cent to $17,200.
But those in the top one per cent saw average income growth that year of 8.5 per cent to $477,700.
And biggest surge in income growth was seen by those who made even more money.
Tax filers in Canada’s top 0.1 per cent, who made at least $740,300 in 2017, took home 17.2 per cent more income than in 2016. People in the top 0.01 per cent, who made $2.7 million or more, saw their incomes rise 27.2 per cent – making for the fourth-biggest annual increase in the last 35 years.But what about the other end? Oh.
The overall effective tax rate, however, for those in the top one per cent declined to 30.9 per cent in 2017, down from 31.3 per cent the year before, the study says.I know, I know. A drop from 31.3 to 30.9 sounds like peanuts but when you're in the top one per cent, every extra penny helps.