Property Values related to Income Levels
How much money do you make? How much do others make? How does this effect where you live? It's easy to look at your neighbour and think that everyone is making more. I thought this article in the Financial Post was very interesting.
Before you read further you will need to know the word of the day: Schadenfreude: pleasure derived from the misfortunes of others.
Enjoy this excerpt:So, how much do Canadians actually make? "Of the 24.5 million returns filed, 18 million Canadians reported total income of $50,000 or less. That’s not a typo. In other words, ignoring individuals who don’t file returns such as children, nearly 75% of tax-filing Canadians earned under $50,000 in total income in 2009. Add another 5 million Canadians who reported total income of between $50,000 and $100,000 and you conclude that about 95% of individuals have income below $100,000 annually.What about Canada’s highest income earners? 880,000 Canadians reported income in the range of $100,000 to $150,000, 333,000 reported incomes between $150,000 and $250,000 and a mere 174,000 of tax return filing Canadians or 0.7% had income over $250,000. So as you sit down to prepare your tax return this month and review how much income you actually earned last year, perhaps you will experience a sense of schadenfreude when you realize that your neighbour probably makes less than you think." Jamie.Golombek@cibc.comfull article at http://www.financialpost.com/personal-finance/taxes/much+Canadians+make/4497362/story.html
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