Which provinces have the highest income levels?
The median after-tax income of Canadian families and unattached individuals saw modest growth in 2023 compared to the previous year, according to a report from Statistics Canada (StatCan).
In 2023, the median after-tax income stood at $74,200—a 1.2% increase from $73,300 in 2022—after adjusting for inflation.
This increase was observed in all but three Canadian provinces and territories.
“These income differences between provinces and territories do not take into account regional factors, such as the cost of living and the age of the population,” noted StatCan.
Median market income for Canadian families and unattached individuals was $68,700 in 2023, a 1.5% increase from $67,700 in 2022.
Overall, 74% of Canadians worry they’re not saving enough, according to a previous report from H&R Block Canada.
About 10.2% of the population—approximately 4 million Canadians—were living below the poverty line in 2023, according to StatCan.
The poverty rate for seniors aged 65 and older declined to 5.0% in 2023 from 6.0% in 2022. Among individuals aged 18 to 64, the poverty rate rose slightly to 11.6% from 11.1% the previous year.
Similarly, people in senior families experienced a decrease in their poverty rate—from 4.3% in 2022 to 3.6% in 2023. Over the same period, unattached seniors also saw a decline in poverty, dropping from 13.8% to 11.5%. In contrast, those in non-senior families saw an increase, from 7.1% to 7.7%.
“Among the provinces, Quebec (7.4%) continued to have the lowest poverty rate in 2023, although it was up 0.8 percentage points from the previous year. Conversely, Nova Scotia and Saskatchewan (12.9% each) had the highest rates,” according to StatCan.
The poverty rate in the territories was relatively stable in 2023, at 22.8%, according to the report.
This rate was more than double the provincial average (10.2%), despite generally larger incomes in the territories, “reflecting the higher cost of living in the North,” noted StatCan.
People in Nunavut (43.4%) experienced the highest poverty rate, followed by those in the Northwest Territories (17.0%) and Yukon (9.9%).
Many Canadians are not saving enough for retirement, largely due to the current state of cost of living, according to a previous report from IG Wealth Management.
“Retirement can feel daunting for older employees who aren't financially prepared for life after the workforce,” said ADP.
“Employers are in a unique position to play an instrumental role in their employees' retirement savings, by either implementing an employer-sponsored plan or participating in a [government] mandated plan.”
