In 2021, the income of the top 1 percent of tax filers increased by nearly 10%, as reported by Statistics Canada.

According to Statistics Canada, the highest-earning one percent of tax filers in the country experienced a nearly 10 percent increase in their incomes in 2021. In contrast, individuals in the bottom half witnessed a decline in their average income. The agency reports that the income of the top earners, excluding capital gains, surged by 9.4 percent to reach $579,000.

Meanwhile, individuals in the top 0.1 percent observed a 17.4 percent increase in their average income, reaching nearly $2.1 million. Those in the top 0.01 percent experienced an even more substantial rise, with an average income increase of 25.7 percent, bringing their earnings to around $7.7 million.

Concurrently, individuals in the bottom half of income distribution witnessed a decline in their average income, dropping by $1,400 to $21,100 in 2021. This decrease was attributed to the conclusion of several government pandemic benefit programs.

Statistics Canada also notes that women constituted approximately 26 percent of the top one percent of income tax filers, a slight increase from 25.4 percent in 2020 and a substantial rise from 11.4 percent in 1982.

The study also examined earnings derived from the sale of a home or other asset, revealing that 12.2 percent of tax filers received capital gains. In 2021, these gains had an average value of $37,600, marking an increase from the average capital gains of $29,300 reported in 2020.