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What is the Top 10% Income in Canada?

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Have you ever wondered who the wealthiest people in Canada are? According to Statistics Canada, the top 10% of income earners are the ones who made at least $102,400 in 2020.

This data is tracked by age, household, and income percentiles like the top 0.5%, 2%, 5%, and 30%. So, what does it really mean to be part of Canada’s top 10% income bracket? Let’s explore and find out.

Key Takeaways

  • The top 10% of income earners in Canada made at least $102,400 in 2020.
  • Approximately 2.8 million Canadians were in the top 10% income bracket in 2020.
  • The average income for the top 10% of earners in Canada varies by province. The highest average income in Ontario is at $182,400, and the lowest in the Territories at $146,400.
  • Jobs in the medical and tech industry are the highest-paying.

What is the Top 10 Percent Income In Canada?

The top 10% of income in Canada refers to the highest earners in the country, with a minimum income of $102,400 in 2020. People in this group have incomes that put them in the top tier of Canadian society.

How Many Canadians Are In the Top 10%?

According to Statistics Canada, approximately 2.8 million Canadians were in the top 10% income bracket in 2020. This represents approximately 7.5% of the Canadian population.

How Much Do the Top 10% of Earners Make?

The top 10% of earners in Canada had a minimum income of $102,400 in 2020. However, the average income for this group is much higher, at $176,700 per year.

This is over three times the average income for all Canadians, which was $50,100 in 2020.

Related: Richest families in Canada.

What Jobs Do the Top 10% Have?

The top 10% of earners in Canada are represented in a variety of industries, including finance, law, medicine, engineering, and technology.

However, it is important to note that high-income earners can be found in almost any field, and no one career path guarantees entry into the top 10%.

Here are some of the highest-paying jobs in Canada:

Job TitleAverage SalaryDescriptionQualifications
Anesthesiologist$358,908/yearKeeps patients unconscious and safe during surgery; expert in anesthetic drugs and pain managementMedical degree, 5-year residency in anesthesiology
Psychiatrist$298,065/yearDiagnoses and treats mental health disorders; can prescribe medicationMedical degree, a residency program in mental health
Cardiologist$280,591/yearDiagnoses, treats, and helps prevent cardiovascular diseasesMedical degree, 4-5 year residency, registration with the College of Physicians and Surgeons
Surgeon$279,646/yearPerforms surgery on patients; responsible for post-surgery careMedical degree, 4-5 year residency, 2 years studying surgical specialty
Physician$254,847/yearTreats and diagnoses medical issues in family practice, hospital, or specialized clinicMedical degree, residency program
Orthodontist$209,373/yearSpecializes in treating misaligned teeth; helps in prevention and diagnosis of misaligned bite patternsDentistry degree, specialty license, registration with dental regulatory body
Software Engineering Manager$143,044/yearLeads software programs or application development.Bachelor’s degree in a relevant field and management experience
Vice President$135,578/yearManages the organization’s internal operations.Varies by industry
Director of Information Technology$117,890/yearOversees the IT department of a company.Bachelor’s degree in a relevant field and several years of IT management experience
Chief Marketing Officer$109,196/yearOversees the company’s marketing strategies and initiatives.Bachelor’s degree in a relevant field and an MBA.

Many of these top earners hold executive or leadership positions within their respective organizations and have significant expertise and experience in their fields.

Household Income In Canada By Percentile

The household income percentile in Canada is computed using the aggregate income of all members of a household, commonly known as a Census Family. Household income in Canada fluctuates greatly depending on the percentile in which a household falls.

As of the second quarter of 2022, the average household net worth was $940,558.

Top 10% Income In Canada By Province

The average income for the top 10% of earners in Canada varies by province.

According to Statistics Canada, the highest average income for the top 10% was in Ontario at $182,400 in 2020. The lowest average income for the top 10% was in the Territories, at $146,400 for the same period.

Refer to the following table:

ProvinceAverage Income of the Top 10% Earners
Ontario$182,400
Alberta$177,500
British Columbia$176,600
Quebec$171,600
Nova Scotia$161,800
Newfoundland and Labrador$160,800
New Brunswick$160,200
Prince Edward Island$159,000
The Territories$146,400

Top 10 Percent Income In Canada By City

The top 10% of earners in Canada can also be found in various cities across the country. According to Statistics Canada, the highest average income for the top 10% was in Calgary, at $597,200. Rounding out the top ten cities for the top 10% income list is Regina at $161,200.

CityAverage Income for Top 10% Earners
Toronto$199,800
Calgary$196,900
Vancouver$187,900
Montreal$181,900
Victoria$174,700
Ottawa-Gatineau (ON)$167,000
Edmonton$166,500
Quebec City$163,700
Saskatoon$164,500
Regina$161,200

What is the Average Canadian Income?

The average Canadian income varies depending on factors such as age, gender, and location.

According to Statistics Canada, the average income for all Canadians was $54,200 in 2020. But, this varies greatly by age, with the highest average income being for those aged 45–54, at $67,400.

FAQs

What are the top 5% of incomes in Canada?

The top 5% of income earners in Canada had a minimum income of $132,300 in 2020.

What is the top 20% income in Canada?

In 2022, the top 20% of household income in Canada starts at an annual income of $227,486, according to a report by the Fraser Institute.

What is the net worth of the top 10 percent in Canada?

It’s hard to get an actual figure. But Statistics Canada reported that in 2021, household wealth in Canada reached $15.1 trillion as of the third quarter, with the top 20% holding more than two-thirds (67.1%) of all net worth.

Is $120,000 a good salary in Canada?

Yes, an annual salary of $120,000 is considered decent pay in Canada because it is more than the country’s median income for people and households.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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