“Some high-income Canadians still pay relatively little in personal income tax (PIT) as a share of their income — 28 per cent of filers with gross income above $400,000 pay an average federal PIT rate of 15 per cent or less, which is less than some middle class Canadians pay,”
reads the 2022 federal budget published Thursday.In the document, Finance Canada reveals new data based on 2019 tax data that shows that nearly 18 per cent of Canadians who earned $400,000 in gross income that year — or the 0.5 per cent — paid less than 10 per cent (and sometimes even 0 per cent) in federal tax.
Another 10 per cent of wealthy Canadians paid up to 15 per cent, which is essentially the first income tax bracket for the federal government. The remaining 72 per cent of the country’s top 0.5 per cent earners in 2019 paid over 15 per cent in federal tax.