Canada's median income after tax is down, latest statistics show

Inflation rate slows to 2.5 per cent in July BNN Bloomberg's Paul Bagnell has the latest as Canada’s annual rate of inflation has slowed down to 2.5 per cent.

Statistics Canada says the median family after-tax income in 2022 fell compared with 2021, after adjustment for inflation, with young people being the hardest hit.

The agency says the median family after-tax income of Canadians was $60,800 in 2022, up 2.5 per cent from 2021.

But after adjusting for an annual rate of inflation of 6.8 per cent, the figure was down four per cent from the previous year.

Statistics Canada says lone-parent families in which the parent was under 25 saw the largest decrease, falling 15.1 per cent in constant dollars to $24,690 in 2022.

People who were younger than 25 and not in a census family saw a 12.9 per cent drop to $17,650 in 2022.

Couple families younger than 25 dropped nine per cent to $45,070 in 2022.

This report by The Canadian Press was first published Aug. 19, 2024