According to the Broadbent Institute, the top 10 per cent of Canadians hold 47.9 per cent of this country’s wealth while the bottom 50 per centhold less than six per cent.
Since 2005, the wealthiest 10 per cent of individual Canadians have seen a doubling of their incomes by $620,600 while the lowest 10 per cent have seen a drop of $5,100. The problem is not just inequality but that inequality has grown steadily over two decades.
Living Wage Canada points out that 70 per cent of Canadians living in poverty work but don’t make enough to cover living costs. In fact, there’s been a five-fold increase in minimum-wage work in the past 17 years in Ontario alone.
Corporate Canada is sitting on an estimated $600 billion of what former Bank of Canada governor Mark Carney called “dead money” that’s not benefiting the economy.
Canadians for Tax Fairness reports that Canada was losing $10 billion to $15 billion a year to tax havens.