While both highest and lowest earners saw gains, middle-income households are most burdened
The report found that households in the highest income quintile have seen the most intense rise in income before taxes dating back to the last quarter of 2019. between the top 40 per cent and the bottom 40 per cent of households in the second quarter of the year, according to Statscan ’s
The Statistics Canada release indicated the average disposable income for the highest income households ballooned at a faster-than-average pace in the second quarter of 2024 compared to the same quarter last year , as growth in investment income exceeded the increase in interest paid on mortgages and consumer credit.
“Meanwhile, many higher-paid workers, such as those in tech, finance, and professional services, have had to take a pay cut after But middle-income households saw the gap between their spending and available income grow wider, as they grappled with high housing and utility costs., and they are also feeling more pressure from inflationary price growth,” Solovieva said, explaining these factors are weighing on middle-income household savings.
WASHINGTON — TD Bank will pay approximately $3 billion in a historic settlement with U.S. authorities who said Thursday that the financial institution's lax practices allowed significant money laundering over multiple years. Madison Davenport Unpacks “It's What's Inside” Twist Ending, Advice from Amy Adams and More NEW YORK — Sean “Diddy” Combs is due to appear in Manhattan federal court Thursday for a pretrial conference in his sex trafficking and racketeering case as he pushes to get out of jail and go on trial by next spring. Combs’ lawyers are expected to ask a judge to set a trial date for next April or May and expand on their allegations that the government leaked widely watched, explosive CCTV ...
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