Description: According to Statistics Canada, 2021 was a good year for the wealthy. Canada’s top 1% of income earners saw their incomes go up by 9.4% that year, with the top 0.1% doing even better with an increase of 17.4%, pushing them to an average of nearly $2.1 million. Statistics Canada noted similar increases were seen following the financial crisis of 2008.

Date:  November 13, 2023

Source:  thestar.com

 Link: https://www.thestar.com/business/canadas-richest-1-saw-largest-leap-in-annual-income-in-years-while-lower-earners-wages/article_2f9dc18a-d812-5cf1-b6a9-565dcce174e6.html?source=newsletter&utm_email=760BE779956395955CFBBA5C497D22A3

Discussion points:

1) Were you aware of these income trends?

2) Do you see these type of trends as a potential point of concern in a democracy?

3) Page 1-5 of Wiley’s Financial Accounting: Tools for Business Decision-Making introduces us to the role of the Canada Revenue Agency (CRA). Do you think the CRA could have a role in providing the Canadian citizens with more understanding regarding top income earners and the sources of their income?