We Finally Seem Ready to Take on the One Per Cent

[Leimonis]

top 1% income n Canada starts at $250K. Out of it, $100K goes to taxes, so, you are left with $150K (minus pension contribution if you are lucky and the employee offers a pension plan). IMHO, not enough to provide for a family of 4 in Toronto if only one parent is working, especially given the real estate prices.

sounds like Toronto is more expensive than Kirkland Lake!

 

[JohnLarue]

sounds like Toronto is more expensive than Kirkland Lake!

thanks for the news flash
you are just figuring that out now?

 

[fall]

Crazy math.

In the meantime, as my link shows, 350,000 Canadians, the top 1% earn approx minimum of $500k, double what was posted originally. These are the only people that would be affected. Boo hoo for them.

Did you read your own link???? It says "top 1% earns, on average, $500K" It is exactly what I said: the average income of "top 1%" is $496K. Again, it is the AVERAGE among ALL top 1%. The threshold (i.e., 99th percentile) is $244,800, i.e., everyone who earns $250K is in the top 1%. The next question is "1% of what"? Definitely not of the entire population. Your article say "of taxpayers", so, at best, we are talking about 30M adults in Canada (not 35M population). But I doubt the "journalist" who wrote this article bothered to check what this 1% is of, and, since we are talking about earnings, it may be 1% of the labour force and the StatsCanada estimate of the labour force is Canada is 20M. Math is never crazy, math is either right or wrong. And my math is right.

Regardless, my point is: being in 1% (200,000-300,000 people in Canada, earning $250K+) barely allows one to provide for a family of 4 living in a moderate suburban house with annual inexpensive vacation in Florida, i.e., regular middle class. Being in 0.1% (20,000 - 30,000 people, earning $750K+) allows to live in a nice house, have nice (but under $100K) new cars every 3-5 years, fly (with a family) to Europe and Asia once or twice per year in business class and have children in private school. So, life if the upper-middle class. Only top 0.01$ (2,000 - 3,000 people, earning $2.5M+) can really be considered rich (based on their earnings, not assets). Such people usually include successful entrepreneurs and their children.grandchildren.grand-grand children/etc. Not to many people whom you could tax and they either have a mobile capital (so they can easily leave) or own a business in Canada that employs lots of people and such business will suffer and jobs will be lost.

 

[shack]

Did you read your own link???? It says "top 1% earns, on average, $500K" It is exactly what I said: the average income of "top 1%" is $496K. Again, it is the AVERAGE among ALL top 1%. The threshold (i.e., 99th percentile) is $244,800, i.e., everyone who earns $250K is in the top 1%. The next question is "1% of what"? Definitely not of the entire population. Your article say "of taxpayers", so, at best, we are talking about 30M adults in Canada (not 35M population). But I doubt the "journalist" who wrote this article bothered to check what this 1% is of, and, since we are talking about earnings, it may be 1% of the labour force and the StatsCanada estimate of the labour force is Canada is 20M. Math is never crazy, math is either right or wrong. And my math is right.

Regardless, my point is: being in 1% (200,000-300,000 people in Canada, earning $250K+) barely allows one to provide for a family of 4 living in a moderate suburban house with annual inexpensive vacation in Florida, i.e., regular middle class. Being in 0.1% (20,000 - 30,000 people, earning $750K+) allows to live in a nice house, have nice (but under $100K) new cars every 3-5 years, fly (with a family) to Europe and Asia once or twice per year in business class and have children in private school. So, life if the upper-middle class. Only top 0.01$ (2,000 - 3,000 people, earning $2.5M+) can really be considered rich (based on their earnings, not assets). Such people usually include successful entrepreneurs and their children.grandchildren.grand-grand children/etc. Not to many people whom you could tax and they either have a mobile capital (so they can easily leave) or own a business in Canada that employs lots of people and such business will suffer and jobs will be lost.

Knock yourself out.

The bottom end of the 1% starts at a little under $500K and goes up from there.

 

[fall]

Knock yourself out.

The bottom end of the 1% starts at a little under $500K and goes up from there.

Here is the official Statistics Canada link for you:
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110005501

Threshold value for top 1% income earners in 2019 was $250,300, number of people: 287,490. And here is the definition of the income threshold for you from the same source: "An income threshold is used to classify tax filers into their respective income groups. This is the level of income that divides the top portion of an income distribution from the bottom portion. For example, the threshold for the top 1% and for the bottom 99% is the 99th percentile. Similarly the threshold for the top half and the bottom half of filers is the median or the 50th percentile of the income distribution." And, based on the same official link, looking at median income you can find (after learning some basic math, of course) that the top 0.5% starts at $345,300.

Learn to read your own links, and learn the difference between the threshold and the average.