Canadians growing richer at a notable pace

“It may not feel like it at the moment given our oil and broader economic woes, but Canadians have been growing richer at a notable pace.

In fact, new research suggests, the proportion of the Canadian population deemed high-income has been rising at a rate that is among the fastest in the world.

Which also means Canada’s middle class is shrinking, according to the recent Pew Research Center study of 111 countries,” wrote Michael Babad for The Globe and Mail on July 17, 2015.

Babad continued, “We’ve had setbacks, of course, including the financial crisis and the current crude slump that has shocked once-strong oil-producing regions such as Alberta.

Nor should we forget that unemployment is still high, just shy of 7 per cent, as Canada struggles to return to pre-crisis levels.

But where high income earners are concerned, Canada has now caught up to the United States. The portion of the population deemed at that level was 56 per cent in 2011, as the percentage of high-income earners rose in Canada and actually dipped in the U.S.”

Read the full article here.

Raymond Matt, CFP, CLU, TEP, CHS

Post a Comment


Subscribe to: Post Comments (RSS2)