Average Annual Household Income Canada
The other day I posted an article on Average Annual RRSP Contribution in Canada for Year 2007. The maximum RRSP contribution limit was $19,000 for year 2007; however, the national median contribution that year was only $2,780. Because of such a huge discrepancy, I decided to do a search on how much an average Canadian makes each year, and came to the following discoveries.
Top Six provinces/territories with highest median household incomes are NWT, Nunavut, Yukon, Ontario, Alberta, and BC. Unless you live in territories, your best bet to earn a high income is in ON, AB, and BC. Albertan seems to enjoy a fairly huge jump in their annual salary. I wonder why such is the case. Oil sand phenomenon?
Canadian Median Household Income – Overall
| Year | 2011 | 2006 | 2001 | 1996 |
| Canada | 53,634 | 52,438 | 49,142 | |
| Northwest Territories | 80,085 | 71,475 | 72,448 | |
| Alberta | 63,988 | 58,911 | 52,166 | |
| Ontario | 60,455 | 60,164 | 55,172 | |
| Nunavut | 60,221 | 50,971 | 48,896 | |
| Yukon Territory | 60,105 | 58,215 | 60,993 | |
| British Columbia | 52,709 | 52,490 | 51,530 | |
| Manitoba | 47,875 | 46,741 | 44,025 | |
| Saskatchewan | 46,705 | 45,129 | 43,213 | |
| Nova Scotia | 46,605 | 44,764 | 42,785 | |
| Prince Edward Island | 46,553 | 45,413 | 43,702 | |
| Quebec | 46,419 | 45,371 | 42,714 | |
| New Brunswick | 45,194 | 44,818 | 42,832 | |
| Newfoundland and Labrador | 44,136 | 42,190 | 41,593 |
Reference: Census Canada
Canadian Median Household Income – Middle Class Family
| Year | 2011 | 2006 | 2001 | 1996 |
| Canada | 66,343 | 64,004 | 58,984 | |
| Northwest Territories | 90,865 | 82,322 | 79,425 | |
| Yukon Territory | 78,583 | 72,265 | 69,699 | |
| Alberta | 76,526 | 69,561 | 61,327 | |
| Ontario | 72,734 | 71,717 | 65,330 | |
| British Columbia | 65,787 | 64,607 | 62,386 | |
| Nunavut | 62,592 | 52,617 | 49,941 | |
| Manitoba | 60,754 | 58,588 | 54,435 | |
| Saskatchewan | 59,998 | 56,340 | 53,485 | |
| Quebec | 59,734 | 57,416 | 53,223 | |
| Nova Scotia | 57,078 | 53,820 | 50,502 | |
| Prince Edward Island | 56,207 | 53,908 | 51,259 | |
| New Brunswick | 54,520 | 52,602 | 49,457 | |
| Newfoundland and Labrador | 51,791 | 48,370 | 46,131 |
Reference: StatCan
Household total income – The total income of a household is the sum of the total incomes of all members of that household.
Total income refers to the total money income received from the following sources during calendar year 2005 by persons 15 years of age and over:
- wages and salaries (total)
- net farm income
- net non-farm income from unincorporated business and/or professional practice
- child benefits
- Old Age Security pension and Guaranteed Income Supplement
- benefits from Canada or Quebec Pension Plan
- benefits from Employment Insurance
- other income from government sources
- dividends, interest on bonds, deposits and savings certificates, and other investment income
- retirement pensions, superannuation and annuities, including those from RRSPs and RRIFs
- other money income
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Is household income reported in ‘gross’ dollars??
You should double check your numbers because they MAY be flawed. If the max contribution is 19k and the average was 3k it does not necessarily mean that people are under-contributing. You need to take into consideration the Pension Adjustment number from box 52 of the T4 if someone is so lucky as to have pension plan.