Recently the Canadian government announced the capital gains tax increase. Along with this announcement, they included statistics on the wealth characteristics of the Canadian population which we’ve found to be misleading and inaccurate.
In this video here there is a graph depicting the net worth for the highest wealth quintile (top 20%) reporting just under $8,000,000 and increasing to around $12,000,000.
However, what we’ve found when looking at the same data source from StatsCan is that between the same period of 2015 to 2023 the net worth of the top quintile starts at $2,254,305 and increases to $3,321,739 by Q4 2023. This is significantly different from the graph presented.
At Manifold Data Mining, we care deeply about producing high-quality data and helping you interpret the numbers properly, ultimately leading to better decisions for your organization.
With our data, we can help you answer questions such as What are the characteristics of these top 20% of richest people? Where are they concentrated? What are their incomes? How do they like to spend their money? What causes do they donate to? What type of media do they consume?
Reach out to our client team to learn more about the answers our data can provide and the work we’ve done in your industry. Follow this blog as we have more to come about the capital gains tax and what it means for Canadians.