THE TOTAL INCOMES OF THE CANADIAN TOP 1% OF TAX FILERS, ROSE BY 9.4 % IN 2021.

"Earlier this month, Statistics Canada released a report looking at the income and capital gains of the wealthiest Canadians in 2021. The findings are startling.

The total incomes of the top 1 per cent of tax filers, excluding capital gains, rose by 9.4 per cent in 2021. As StatCan explains, “This [income growth] occurred in the context of COVID-19 pandemic restrictions easing, many government benefit programs winding down, the labour market recovering, and the Canadian house prices and stock market indexes increasing in 2021.”

In other words, the wealthiest benefited from both growing earned income and gains from capital, at the same time that many workers were seeing benefit reductions and paltry wage growth amid a cost-of-living crisis.

By contrast, workers’ average hourly wages grew by just 3.9 per cent between 2019 and 2021. (Average wages actually fell between 2020 and 2021 because the share of low-wage jobs recovered post-pandemic and thus affected the composition of jobs in the data sample.)

To put things in perspective, it took workers nearly a decade to see their wages grow as much as the 1 per cent managed to realize in one year. Between 2012 and 2021, average hourly wages increased by roughly 9.6 per cent... ."
https://www.readthemaple.com/canadas-top-0-01-of-earners-saw-income-growth-of-30-in-2021/
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