Statistics by subject – Income, pensions and wealth

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All (58) (25 of 58 results)

  • Articles and reports: 11F0019M2015371
    Description:

    This paper investigates whether registered pension plans (RPPs) help households prepare financially for retirement or simply substitute for other forms of private saving. This issue is addressed using a panel of 1.8 million Canadian households, from 1991 to 2010, which appear in the Longitudinal Administrative Databank. The analysis controls for correlations in savings across accounts due to unobserved tastes for saving by exploiting the fact that employer contribution rates increase discontinuously on earnings above the average industrial wage, a unique feature of occupational pensions in Canada, the effect being estimated in a Regression Kink Design.

    Release date: 2015-12-21

  • Articles and reports: 75-006-X201500114134
    Description:

    This study compares the wealth holdings of family units covered by workplace pension plans with those of other family units. It focuses on families and unattached individuals who had no significant business equity and whose major income recipient was aged 30 to 54 and employed as a paid worker. The paper also examines whether wealth differences observed between families with registered pension plan (RPP) assets and other families persist when key sociodemographic differences between the two populations are taken into account.

    Release date: 2015-01-15

  • Articles and reports: 75-006-X201400114120
    Description:

    This study examines the characteristics of Canadian workers aged 25 to 54 who are covered by defined benefit (DB) registered pension plans (RPPs) as well as those covered by defined contribution RPPs or hybrid plans. It does so by taking advantage of new data from the new Longitudinal and International Survey of Adults (LISA), first conducted in 2012.

    Release date: 2014-12-18

  • Articles and reports: 11F0019M2014355
    Description:

    This study documents the prevalence and nature of re-employment among workers who left long-term jobs in paid employment at age 50 or older. The analysis is based on a 28-year administrative panel dataset, the Longitudinal Worker File, capitalizing on its large sample size and detailed information on mobility across employers. The study examines the prevalence, time and covariates of re-employment as a paid employee and in unincorporated self-employment; the nature of paid re-employment, including job duration, mobility across industry and firm size; the distribution of average earnings in re-employment compared with the long-term job; and the covariates of low and high relative earnings in re-employment.

    Release date: 2014-01-28

  • Articles and reports: 11F0019M2013352
    Description:

    With the leading edge of the baby boom generation now in their mid-sixties, there is considerable interest in how and when these individuals will retire. To help place this issue in a broader context, this paper provides information on the employment histories of individuals who were aged 33 to 38 in 1983 and aged 60 to 65 in 2010.

    The longest observed duration of employment is used as an organizing framework, with summary measures presented on indicators such as years of employment, job turnover, annual and cumulative earnings, permanent and temporary layoffs, and years of pensionable service. Cohort members are loosely categorized as 'marginally attached workers', 'mobile workers', or 'long-term-job holders' according to their employment characteristics, with about one-tenth, one-quarter, and two-thirds of cohort members in these groups, respectively.

    Release date: 2013-10-02

  • Articles and reports: 11-622-M2013029
    Description:

    Population aging and the recent global financial crisis underscore the importance of the discussions of the adequacy of retirement preparation in Canada and the soundness of the Canadian retirement income system. The focus of this study is to examine whether the accumulated private savings of Canadian households is adequate for their retirement, given their expected entitlement to public and private pension when they retire.

    Release date: 2013-06-14

  • Articles and reports: 11-626-X2012014
    Description:

    This article in the Economic Insights series reports on the most recent statistical developments relating to the financial well-being of retirees. This summary is based on selected research done at Statistics Canada on the contribution of income, consumption, and financial wealth to the well-being of older Canadians.

    Release date: 2012-08-29

  • Articles and reports: 11-626-X2012010
    Description:

    This article in the Economic Insights series examines the income replacement rates achieved in old age by Canadians who experienced marital dissolution, through either widowhood or divorce, after age 55. It is based on results published in the research paper Income Replacement Rates Among Canadian Seniors: The Effect of Widowhood and Divorce.

    Release date: 2012-06-20

  • Articles and reports: 11F0019M2012343
    Description:

    The financial security of widowed and divorced women during their retirement years has long been a concern. This paper places this issue within the context of research on replacement rates, the extent to which family income during the working years (here, the mid-50s) is "replaced" as individuals move into their late 70s. Using a longitudinal database and fixed-effects econometric models, the paper assesses the effect of widowhood/widowerhood and divorce after age 55 on replacement rates during the retirement years.

    Release date: 2012-06-20

  • Articles and reports: 11F0027M2011074
    Description:

    Discussions of pension adequacy for elderly Canadians have used the rate at which income falls with age; the income replacement rate or the ratio of post-retirement income to pre-retirement income. Use of income streams to assess post-retirement welfare requires a standard against which adequacy of the replacement rates can be judged. Because some expenditures (for example, work-related expenses) can be expected to fall after retirement, a declining income stream does not necessarily signal financial problems for seniors. More importantly, income as normally measured captures only part of what is available to seniors if households possess assets, which in retirement are not being used to generate measured income.

    This paper uses a different metric, referred to as "potential" income. Potential income is the sum of realized income and the income that could be realized from owned assets such as mutual funds and housing. Households prepare for retirement by saving and borrowing and investing the proceeds. The assets accumulated over a lifetime may or may not be drawn down in later years. If they are not, income streams underestimate the "potential" income available to support retirement. This paper takes this potential into account when comparing the pre- and post-retirement financial status of Canadian households.

    Release date: 2011-11-21

  • Articles and reports: 11F0019M2011335
    Description:

    In this study, the income management strategies of Canadian couples are examined using data from the 2007 General Social Survey. The extent to which "older" couples, in which at least one spouse or partner is aged 45 or older, employ an allocative, pooled, or separate strategy is explored. Results show that the income management strategies used by these couples are correlated with relationship characteristics, such as common-law status, duration of relationship, and the presence of children. As well, the likelihood of using a separate approach is positively correlated with levels of educational attainment and with the amount of income received by wives or female partners.

    Release date: 2011-06-22

  • Articles and reports: 75-001-X201100211455
    Description:

    Some households provide money, goods and services directly to help other households: these interhousehold transfers add up to a sizeable flow of economic resources between households. While measured by Statistics Canada surveys, voluntary interhousehold transfers are not included in the recipient household's total income. This article examines the conceptual and measurement issues related to voluntary interhousehold transfers, and provides a profile of voluntary interhousehold transfers in Canada. It uses recent data on interhousehold transfers from income, expenditure and wealth surveys.

    Release date: 2011-05-25

  • Articles and reports: 75-001-X201100211428
    Description:

    It is often assumed that over the life course most older workers will pay off their debts and save for retirement. However, research from the United States suggests that an increasing number of seniors who are in pre-retirement or are retired are now struggling with debt. This article uses the 2009 Canadian Financial Capability Survey to look at the proportion, type and level of debt among Canadian retirees age 55 and over. It examines the socio-economic and demographic factors influencing the likelihood of carrying any debt in retirement. The financial circumstances of indebted retirees are also examined, including three indicators of financial security.

    Release date: 2011-04-27

  • Articles and reports: 11-008-X201100111431
    Description:

    Over the last two decades, the bankruptcy rate in Canada has been trending upwards, regardless of changing economic conditions; the age of people filing for bankruptcy has also been rising. Using the 2007 General Social Survey, this article identifies pre-retirees aged 45 to 64 who have experienced a bankruptcy and examines how they are preparing for retirement.

    Release date: 2011-04-21

  • Articles and reports: 11F0027M2010066
    Description:

    Using data from the Survey of Household Spending and from its predecessor, the Survey of Family Expenditures, this paper investigates the relative incomes of retirement-age and working-age Canadians from 1969 to 2006, taking into account both explicit household income and the implicit income generated by owner-occupied housing. Over this 37-year period, the explicit incomes of retirement-age households increased at a more rapid pace than those of working-age households. Implicit income from owner-occupied housing also increased rapidly during this time, matching the rate at which the explicit income of retirement-age households increased. On average, this implicit source of earnings raised the incomes of retirement-age households (aged 70 and over) by 16%. Taking both forms of income into account, the incomes of retirement-age households (aged 70 and over), relative to the incomes of working-age households (aged 40 to 49), increased from 45% in 1969 to 59% in 2006. During this period, Canadians invested in housing assets that provided additional income upon retirement.

    Release date: 2010-12-09

  • Articles and reports: 75-001-X201010811331
    Description:

    This article examines the extent to which family income of individuals in their mid-fifties is 'replaced' by other sources of income during the retirement years. It does so by tracking various cohorts of tax filers as they age from their mid-fifties to their late seventies and over. Earlier work examined this question for the 50% of the population with strong labour market attachment during their mid-fifties. This paper extends that work to include 80% to 85% of the population.

    Release date: 2010-08-27

  • Articles and reports: 11F0019M2010325
    Description:

    Homeownership affects investment, consumption, and savings decisions of households, and plays a major role in post-retirement well-being. This paper examines two questions. First, to what extent do Canadians acquire and retain homeownership at different life-course stages, particularly after retirement? Second, has the age profile of homeownership changed over generations?

    Using data from eight Canadian censuses of population, conducted between 1971 and 2006, we find a strong regularity in the age profile of homeownership across generations of Canadians. The homeownership rate rises quickly with the age of household maintainers (i.e., the person(s) who pay(s) for shelter costs) in the period before the age of 40, and continues to climb thereafter at a slower pace until reaching the plateau near age 65, when about three quarters of Canadian households own their homes. We find that the homeownership rate changes little from age 65 to 74 but starts declining after age 75. As well, we note that the level at which homeownership plateaus has risen steadily across birth cohorts since the 1970s.

    Release date: 2010-06-07

  • Articles and reports: 11-008-X201000111133
    Description:

    This Economic Fact Sheet provides data on the labour market, hourly wages, pension coverage and registered retirement savings plan (RRSPs) for women and men.

    Release date: 2010-03-08

  • Articles and reports: 11-010-X200901111022
    Description:

    New data from the Pension Satellite Account show there have been several notable shifts so far this decade in the structure of pension assets. Assets have nearly quadrupled, mostly due to higher investment income. Contributions rose steadily, but barely kept up with the increase in withdrawals as the population aged rapidly.

    Release date: 2009-11-12

  • Articles and reports: 75-001-X200910813234
    Description:

    The probability of receiving GIS benefits is strongly correlated with people's income levels at younger ages, particularly to their earnings in their 40s. Negative labour market and health occurrences, including EI receipt and disability claims, having a low income and the receipt of social assistance benefits increased the probability of GIS receipt, while having an employer pension plan or RRSPs decreased the probability.

    Release date: 2009-09-18

  • Articles and reports: 75-001-X200910713232
    Description:

    The Guaranteed Income Supplement (GIS) was established to provide low-income seniors with extra income. While simplification of the GIS application process and outreach efforts have increased take-up rates, some seniors are still missing out. This update explores the characteristics of eligible non-recipients.

    Release date: 2009-09-18

  • Articles and reports: 75-001-X200910513230
    Description:

    In 2006, 37% of the employed Canadian population was covered by a registered pension plan. Defined benefit plans have historically covered the majority of plan participants. Defined contribution plans have recently become more prominent. This article examines the increased prevalence of such plans in Canada between 1991 and 2006 and the factors influencing this trend.

    Release date: 2009-06-19

  • Articles and reports: 75-001-X200710913194
    Description:

    No agreed-upon definition exists of what constitutes high income, either in dollar cut-offs or as a percentage of the population. Researchers have used widely varying methods, producing widely varying outcomes. This paper presents various criteria for defining high income and looks at some of the characteristics and behaviours of high-income taxfilers under these definitions. Income taxes paid and effective tax rates are also examined.

    Release date: 2007-12-19

  • Articles and reports: 11-008-X200700510314
    Description:

    Home ownership is very important to the vast majority of Canadians. Young adults are no different from the general population in this respect. To what extent do young adults succeed in making this desire a reality? What are the characteristics of those young people who own their home, and what are the obstacles to home ownership? Using data from the 2006 General Social Survey on family transitions, this article answers these questions by identifying the different factors associated with home ownership among young people aged 25 to 39 who no longer live with their parents.

    Release date: 2007-12-11

  • Articles and reports: 11F0019M2006286
    Description:

    We analyze the degree to which Canadian families are covered by private pension plans and document how their savings for retirement (made through contributions to tax-assisted retirement savings programs) have evolved over the last two decades. We find that two-parent families, lone-parent families and other individuals located in the bottom quintile of the earnings distribution are not better prepared for retirement than their counterparts were in the mid-1980s or the early 1990s. On the other hand, those located in the top quintile are better prepared than their counterparts were in the mid-1980s or the early 1990s. As a result, Canadian families' preparedness for retirement, which was fairly unequal in the mid-1980s, has become even more unequal over the last two decades. This finding has important implications for the future. Recent research has shown that the maturation of the Canada and Quebec Pension Plans (C/QPPs) has led to a substantial reduction in income inequality among the elderly between the early 1980s and the mid-1990s. In the absence of offsetting trends, the growing inequality in Canadian families preparedness for retirement implies that that the distribution of family income among seniors should become more unequal in the years to come.

    Release date: 2006-09-26

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Analysis (58)

Analysis (58) (25 of 58 results)

  • Articles and reports: 11F0019M2015371
    Description:

    This paper investigates whether registered pension plans (RPPs) help households prepare financially for retirement or simply substitute for other forms of private saving. This issue is addressed using a panel of 1.8 million Canadian households, from 1991 to 2010, which appear in the Longitudinal Administrative Databank. The analysis controls for correlations in savings across accounts due to unobserved tastes for saving by exploiting the fact that employer contribution rates increase discontinuously on earnings above the average industrial wage, a unique feature of occupational pensions in Canada, the effect being estimated in a Regression Kink Design.

    Release date: 2015-12-21

  • Articles and reports: 75-006-X201500114134
    Description:

    This study compares the wealth holdings of family units covered by workplace pension plans with those of other family units. It focuses on families and unattached individuals who had no significant business equity and whose major income recipient was aged 30 to 54 and employed as a paid worker. The paper also examines whether wealth differences observed between families with registered pension plan (RPP) assets and other families persist when key sociodemographic differences between the two populations are taken into account.

    Release date: 2015-01-15

  • Articles and reports: 75-006-X201400114120
    Description:

    This study examines the characteristics of Canadian workers aged 25 to 54 who are covered by defined benefit (DB) registered pension plans (RPPs) as well as those covered by defined contribution RPPs or hybrid plans. It does so by taking advantage of new data from the new Longitudinal and International Survey of Adults (LISA), first conducted in 2012.

    Release date: 2014-12-18

  • Articles and reports: 11F0019M2014355
    Description:

    This study documents the prevalence and nature of re-employment among workers who left long-term jobs in paid employment at age 50 or older. The analysis is based on a 28-year administrative panel dataset, the Longitudinal Worker File, capitalizing on its large sample size and detailed information on mobility across employers. The study examines the prevalence, time and covariates of re-employment as a paid employee and in unincorporated self-employment; the nature of paid re-employment, including job duration, mobility across industry and firm size; the distribution of average earnings in re-employment compared with the long-term job; and the covariates of low and high relative earnings in re-employment.

    Release date: 2014-01-28

  • Articles and reports: 11F0019M2013352
    Description:

    With the leading edge of the baby boom generation now in their mid-sixties, there is considerable interest in how and when these individuals will retire. To help place this issue in a broader context, this paper provides information on the employment histories of individuals who were aged 33 to 38 in 1983 and aged 60 to 65 in 2010.

    The longest observed duration of employment is used as an organizing framework, with summary measures presented on indicators such as years of employment, job turnover, annual and cumulative earnings, permanent and temporary layoffs, and years of pensionable service. Cohort members are loosely categorized as 'marginally attached workers', 'mobile workers', or 'long-term-job holders' according to their employment characteristics, with about one-tenth, one-quarter, and two-thirds of cohort members in these groups, respectively.

    Release date: 2013-10-02

  • Articles and reports: 11-622-M2013029
    Description:

    Population aging and the recent global financial crisis underscore the importance of the discussions of the adequacy of retirement preparation in Canada and the soundness of the Canadian retirement income system. The focus of this study is to examine whether the accumulated private savings of Canadian households is adequate for their retirement, given their expected entitlement to public and private pension when they retire.

    Release date: 2013-06-14

  • Articles and reports: 11-626-X2012014
    Description:

    This article in the Economic Insights series reports on the most recent statistical developments relating to the financial well-being of retirees. This summary is based on selected research done at Statistics Canada on the contribution of income, consumption, and financial wealth to the well-being of older Canadians.

    Release date: 2012-08-29

  • Articles and reports: 11-626-X2012010
    Description:

    This article in the Economic Insights series examines the income replacement rates achieved in old age by Canadians who experienced marital dissolution, through either widowhood or divorce, after age 55. It is based on results published in the research paper Income Replacement Rates Among Canadian Seniors: The Effect of Widowhood and Divorce.

    Release date: 2012-06-20

  • Articles and reports: 11F0019M2012343
    Description:

    The financial security of widowed and divorced women during their retirement years has long been a concern. This paper places this issue within the context of research on replacement rates, the extent to which family income during the working years (here, the mid-50s) is "replaced" as individuals move into their late 70s. Using a longitudinal database and fixed-effects econometric models, the paper assesses the effect of widowhood/widowerhood and divorce after age 55 on replacement rates during the retirement years.

    Release date: 2012-06-20

  • Articles and reports: 11F0027M2011074
    Description:

    Discussions of pension adequacy for elderly Canadians have used the rate at which income falls with age; the income replacement rate or the ratio of post-retirement income to pre-retirement income. Use of income streams to assess post-retirement welfare requires a standard against which adequacy of the replacement rates can be judged. Because some expenditures (for example, work-related expenses) can be expected to fall after retirement, a declining income stream does not necessarily signal financial problems for seniors. More importantly, income as normally measured captures only part of what is available to seniors if households possess assets, which in retirement are not being used to generate measured income.

    This paper uses a different metric, referred to as "potential" income. Potential income is the sum of realized income and the income that could be realized from owned assets such as mutual funds and housing. Households prepare for retirement by saving and borrowing and investing the proceeds. The assets accumulated over a lifetime may or may not be drawn down in later years. If they are not, income streams underestimate the "potential" income available to support retirement. This paper takes this potential into account when comparing the pre- and post-retirement financial status of Canadian households.

    Release date: 2011-11-21

  • Articles and reports: 11F0019M2011335
    Description:

    In this study, the income management strategies of Canadian couples are examined using data from the 2007 General Social Survey. The extent to which "older" couples, in which at least one spouse or partner is aged 45 or older, employ an allocative, pooled, or separate strategy is explored. Results show that the income management strategies used by these couples are correlated with relationship characteristics, such as common-law status, duration of relationship, and the presence of children. As well, the likelihood of using a separate approach is positively correlated with levels of educational attainment and with the amount of income received by wives or female partners.

    Release date: 2011-06-22

  • Articles and reports: 75-001-X201100211455
    Description:

    Some households provide money, goods and services directly to help other households: these interhousehold transfers add up to a sizeable flow of economic resources between households. While measured by Statistics Canada surveys, voluntary interhousehold transfers are not included in the recipient household's total income. This article examines the conceptual and measurement issues related to voluntary interhousehold transfers, and provides a profile of voluntary interhousehold transfers in Canada. It uses recent data on interhousehold transfers from income, expenditure and wealth surveys.

    Release date: 2011-05-25

  • Articles and reports: 75-001-X201100211428
    Description:

    It is often assumed that over the life course most older workers will pay off their debts and save for retirement. However, research from the United States suggests that an increasing number of seniors who are in pre-retirement or are retired are now struggling with debt. This article uses the 2009 Canadian Financial Capability Survey to look at the proportion, type and level of debt among Canadian retirees age 55 and over. It examines the socio-economic and demographic factors influencing the likelihood of carrying any debt in retirement. The financial circumstances of indebted retirees are also examined, including three indicators of financial security.

    Release date: 2011-04-27

  • Articles and reports: 11-008-X201100111431
    Description:

    Over the last two decades, the bankruptcy rate in Canada has been trending upwards, regardless of changing economic conditions; the age of people filing for bankruptcy has also been rising. Using the 2007 General Social Survey, this article identifies pre-retirees aged 45 to 64 who have experienced a bankruptcy and examines how they are preparing for retirement.

    Release date: 2011-04-21

  • Articles and reports: 11F0027M2010066
    Description:

    Using data from the Survey of Household Spending and from its predecessor, the Survey of Family Expenditures, this paper investigates the relative incomes of retirement-age and working-age Canadians from 1969 to 2006, taking into account both explicit household income and the implicit income generated by owner-occupied housing. Over this 37-year period, the explicit incomes of retirement-age households increased at a more rapid pace than those of working-age households. Implicit income from owner-occupied housing also increased rapidly during this time, matching the rate at which the explicit income of retirement-age households increased. On average, this implicit source of earnings raised the incomes of retirement-age households (aged 70 and over) by 16%. Taking both forms of income into account, the incomes of retirement-age households (aged 70 and over), relative to the incomes of working-age households (aged 40 to 49), increased from 45% in 1969 to 59% in 2006. During this period, Canadians invested in housing assets that provided additional income upon retirement.

    Release date: 2010-12-09

  • Articles and reports: 75-001-X201010811331
    Description:

    This article examines the extent to which family income of individuals in their mid-fifties is 'replaced' by other sources of income during the retirement years. It does so by tracking various cohorts of tax filers as they age from their mid-fifties to their late seventies and over. Earlier work examined this question for the 50% of the population with strong labour market attachment during their mid-fifties. This paper extends that work to include 80% to 85% of the population.

    Release date: 2010-08-27

  • Articles and reports: 11F0019M2010325
    Description:

    Homeownership affects investment, consumption, and savings decisions of households, and plays a major role in post-retirement well-being. This paper examines two questions. First, to what extent do Canadians acquire and retain homeownership at different life-course stages, particularly after retirement? Second, has the age profile of homeownership changed over generations?

    Using data from eight Canadian censuses of population, conducted between 1971 and 2006, we find a strong regularity in the age profile of homeownership across generations of Canadians. The homeownership rate rises quickly with the age of household maintainers (i.e., the person(s) who pay(s) for shelter costs) in the period before the age of 40, and continues to climb thereafter at a slower pace until reaching the plateau near age 65, when about three quarters of Canadian households own their homes. We find that the homeownership rate changes little from age 65 to 74 but starts declining after age 75. As well, we note that the level at which homeownership plateaus has risen steadily across birth cohorts since the 1970s.

    Release date: 2010-06-07

  • Articles and reports: 11-008-X201000111133
    Description:

    This Economic Fact Sheet provides data on the labour market, hourly wages, pension coverage and registered retirement savings plan (RRSPs) for women and men.

    Release date: 2010-03-08

  • Articles and reports: 11-010-X200901111022
    Description:

    New data from the Pension Satellite Account show there have been several notable shifts so far this decade in the structure of pension assets. Assets have nearly quadrupled, mostly due to higher investment income. Contributions rose steadily, but barely kept up with the increase in withdrawals as the population aged rapidly.

    Release date: 2009-11-12

  • Articles and reports: 75-001-X200910813234
    Description:

    The probability of receiving GIS benefits is strongly correlated with people's income levels at younger ages, particularly to their earnings in their 40s. Negative labour market and health occurrences, including EI receipt and disability claims, having a low income and the receipt of social assistance benefits increased the probability of GIS receipt, while having an employer pension plan or RRSPs decreased the probability.

    Release date: 2009-09-18

  • Articles and reports: 75-001-X200910713232
    Description:

    The Guaranteed Income Supplement (GIS) was established to provide low-income seniors with extra income. While simplification of the GIS application process and outreach efforts have increased take-up rates, some seniors are still missing out. This update explores the characteristics of eligible non-recipients.

    Release date: 2009-09-18

  • Articles and reports: 75-001-X200910513230
    Description:

    In 2006, 37% of the employed Canadian population was covered by a registered pension plan. Defined benefit plans have historically covered the majority of plan participants. Defined contribution plans have recently become more prominent. This article examines the increased prevalence of such plans in Canada between 1991 and 2006 and the factors influencing this trend.

    Release date: 2009-06-19

  • Articles and reports: 75-001-X200710913194
    Description:

    No agreed-upon definition exists of what constitutes high income, either in dollar cut-offs or as a percentage of the population. Researchers have used widely varying methods, producing widely varying outcomes. This paper presents various criteria for defining high income and looks at some of the characteristics and behaviours of high-income taxfilers under these definitions. Income taxes paid and effective tax rates are also examined.

    Release date: 2007-12-19

  • Articles and reports: 11-008-X200700510314
    Description:

    Home ownership is very important to the vast majority of Canadians. Young adults are no different from the general population in this respect. To what extent do young adults succeed in making this desire a reality? What are the characteristics of those young people who own their home, and what are the obstacles to home ownership? Using data from the 2006 General Social Survey on family transitions, this article answers these questions by identifying the different factors associated with home ownership among young people aged 25 to 39 who no longer live with their parents.

    Release date: 2007-12-11

  • Articles and reports: 11F0019M2006286
    Description:

    We analyze the degree to which Canadian families are covered by private pension plans and document how their savings for retirement (made through contributions to tax-assisted retirement savings programs) have evolved over the last two decades. We find that two-parent families, lone-parent families and other individuals located in the bottom quintile of the earnings distribution are not better prepared for retirement than their counterparts were in the mid-1980s or the early 1990s. On the other hand, those located in the top quintile are better prepared than their counterparts were in the mid-1980s or the early 1990s. As a result, Canadian families' preparedness for retirement, which was fairly unequal in the mid-1980s, has become even more unequal over the last two decades. This finding has important implications for the future. Recent research has shown that the maturation of the Canada and Quebec Pension Plans (C/QPPs) has led to a substantial reduction in income inequality among the elderly between the early 1980s and the mid-1990s. In the absence of offsetting trends, the growing inequality in Canadian families preparedness for retirement implies that that the distribution of family income among seniors should become more unequal in the years to come.

    Release date: 2006-09-26

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