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Income Analysis Canada – 2014
By: Paul Young, CPA, CGAJuly 8, 2016
Disclaimer• This presentation is on view of the income for Canada
Paul Young - Presenter
Bio• CPA/CGA• 25 years of experience in Academia, Industry and Financial solutions• Youtube Channel -
https://www.youtube.com/channel/UCAArky1bAXPSuV2NLtUnyLg
Agenda• Summary• Employment / Jobs• Income Statistics by selected family types• Income statistics by after-tax income decile, economic families and persons not in an economic
family, 2014• Pension Income• Middle Income• CPP Enhancement• Household Spending• Issues• Key Comments• Other Sources
Pensions Income
Summary• The median after-tax income of Canadian economic families and
persons not in an economic family was $55,600 in 2014, up 2.6% from 2013.• The median after-tax income of economic families of two or more
people rose 2.4% from 2013 to $75,700 in 2014, while for persons not in an economic family, the median was virtually unchanged, at $29,100.
Employment / jobs
• Goods Producing account for 1/3 of GDP
• Service sector 225K jobs while the goods producing will lose 121K jobs
Income Statistics by selected family types
Income statistics by after-tax income decile, economic families and persons not in an economicfamily, 2014
Middle Income• In 2014, 20.6 million people had
employment income, up 1.8% from 2013. Alberta recorded the largest increase at 4.7%, followed by British Columbia (+2.9%).
• Median employment income for all workers was $32,800 in 2014, unchanged from 2013. Alberta had the highest median employment income at $41,000, virtually unchanged from the previous year. Newfoundland and Labrador (+6.0%) and Saskatchewan (+5.8%) registered the largest gains in median employment income compared with 2013.
• total of 11.8 million people worked both full year and full time in 2014, an increase of 2.9% from 2013. Median employment income for these workers was $50,400 in 2014. Alberta ($61,800) and Newfoundland and Labrador ($53,600) posted the highest median employment income for full-year full-time workers in 2014
CPP Enhancement
Household Spending - • Canadian households spent an average of $59,057 on goods and services in 2014, little changed from $58,576 in 2013.
• Spending on shelter accounted for 29.1% of this total, up from 27.9% a year earlier. Transportation (20.1%) and food (13.7%) accounted for virtually the same shares of consumption as in 2013.
• Provincially, households in Alberta reported the highest average spending on goods and services at $71,211, followed by households in Saskatchewan ($62,287), Ontario ($61,660) and British Columbia ($60,931). Households in Quebec reported the lowest average spending at $50,664. On average, couples with children spent $83,440 on goods and services in 2014. One-person households headed by a senior aged 65 years and older reported the lowest average spending of all household types at $26,937.
Issues facing• Sluggish Economy• High Hydro Rates• Carbon Tax/Pricing• Hikes to PST• Hikes to Corporate Taxation• Hikes to CPP• Housing prices• Wage growth
Key Comments:• Prime Minister Justin Trudeau says despite some missteps, the Liberals rallied to
make progress in advancing their agenda to help the middle class during the first seven months in power.• "Along with the middle-class tax cut, and the Canada child benefit,
this week's CPP agreement represents real progress on our mandate," Trudeau said during a news conference in Ottawa on Wednesday • Fact 1 - Source – Globe & Mail - The in-depth report published today in The New York Times,
which looks at about 20 nations, indicates that Canadians have bumped Americans out of the top spot they have long held.
• Fact 2 – Source – CNN - https://www.youtube.com/watch?v=xqLDHQ-iJU8 - America's Middle Class No Longer #1
• Fact 3 – Source – CKNW - Overall, the list has Canada at #2, behind Germany. But when it comes to quality of life, we’re number one.
Other sources:• Scandinavia / Canada -
http://www.slideshare.net/paulyoungcga/scandinavia-vs-canada-analysis-of-social-and-economic-policies• Middle Class -
http://www.slideshare.net/paulyoungcga/government-policy-for-middle-class-for-canada-june-28-2016• Pensions -
http://www.slideshare.net/paulyoungcga/pensions-for-canada-analysis-june-17-2016• Employment -
http://www.slideshare.net/paulyoungcga/employment-and-job-creation-for-canada-june-2016• http://www.slideshare.net/paulyoungcga/policies-wage-stagnation-cana
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