| #CanadaFacts
Economy
Understand how various levels of government across Canada generate revenue and where the money goes. Explore economic levers, including taxes, trade, inflation, immigration, and employment trends, and how they impact Canadians. Dive into our Canada Facts series, where fascinating insights meet reliable data, delivering everything you need to stay informed and captivated about Canada!
What does it take to join Canada’s top 1% of income earners?
Tax data from 2022 shows that the top 1% of earners had an income of at least $283,200, a 4.3% increase from $271,300 in 2021.
What are housing starts and why do they matter?
Housing starts signal demand for labor, materials, appliances, home furnishings, and mortgages, making it a key economic indicator.
How much crude oil does Canada export to the United States?
In 2023, the United States imported 3.8 million barrels per day from Canada, representing about 60% of the total crude oil it imported that year.
What is the gross domestic product of Canada?
In 2023, Canada’s GDP was $2.38 trillion, up about $40 billion or 1.2% from $2.34 trillion in 2022.
Who are Quebec’s top trade partners?
In 2024, the value of goods Quebec exchanged with its international trade partners totaled almost $226.7 billion. The United States accounted for 55% of Quebec’s international merchandise trade.
What is the median household income in Canada?
In 2022, the median after-tax household income in Canada was $70,500, a decline of 3.4% or $2,500 from $73,000 in 2021.
Who are Ontario’s top trade partners?
Combining imports and exports, the United States was Ontario’s top trade partner in 2024, with more than $438 billion of goods exchanged.
What is the median income in Canada?
The median income of individuals in Canada rose by $1,440 in 2022, reaching $43,090—an increase of 3% from the previous year.
Who are Canada’s top trade partners?
In 2023, the United States was Canada’s top trade partner with nearly $968 billion of goods and services exchanged between the two nations.
What are government deficits and do they matter?
At the end of fiscal year (FY) 2022-2023, the Canadian federal debt reached $1.17 trillion, up 2 percent or $33 billion from fiscal 2021-2022. The twenty-year period between FY 2002-2003 and FY 2022-2023 saw the federal debt increase 2.32 times.
How much debt does the Canadian federal government have?
At the end of the 2022-2023 fiscal year, the Canadian federal debt reached $1.17 trillion, up 2% or $33 billion from the previous fiscal year.
What is the CPI and how does it impact Canadians?
The CPI is one of the most commonly used measures of inflation. Produced by Statistics Canada (StatCan), the CPI compares the price of a fixed basket of goods and services — about 700 or so — Canadians typically buy.
How much money does the federal government spend?
In fiscal 2022-2023, the Canadian government spent a total of $483.1 billion, down $20.5 billion, or 4.1 per cent, from 2021–22.
How much money does the federal government collect?
In fiscal 2022-2023, the federal government’s revenue increased to $447.8 billion from $413.3 billion in 2021-2022. That represents approximately an 8% jump.