29 March 2011
Annual filing is also obligatory for parents who receive the Canada Child Tax Benefit and the Universal Child Care Benefit.
Let’s see how much Canadians actually make. Of all the 24.5 million returns filed, 18 million Canadians reported to have total income of $50,000 or less. It means that in 2009 about 75% of tax-filing Canadians earned less than $50,000 in total income.
Another 5 million Canadians reported total income of $50,000 – $100,000. In other words nearly 95% of individuals have income below $100,000 annually.
The highest income levels were the following: 880,000 Canadians reported income for about $100,000 – $150,000; 333,000 – between $150,000 and $250,000; and only 174,000 (0,7%) of tax return filing Canadians had income $250,000 or more.
For us, mortgage brokers, such numbers are not surprising. We see a lot of self-employed individuals who are allowed to write off some expenses for running their businesses. So, in the end, their Total Income (line 150) turns out to be much smaller than the real one.