Income down in Alberta
The median income in Alberta in 2019 was down by 2.2 per cent compared to 2018 and by 6.3 per cent compared to 2014
By ATB Economics 24 March 2021 1 min read
Controlling for inflation, the median after-tax income in Alberta fell in 2019.
According to the latest Canadian Income Survey conducted by Statistics Canada, the median income of families and unattached individuals in Alberta in 2019 was $72,500, down by 2.2 per cent compared to 2018 and by 6.3 per cent compared to 2014.
The decrease since 2014 is larger for unattached individuals at 5.8 per cent compared to 1.8 per cent for families.
Nationally, median after-tax income in 2019 increased by 0.5 per cent compared to 2018 and by 4.1 per cent since 2014.
Five provinces posted increases in 2019 compared to 2018 (Prince Edward Island, Nova Scotia, New Brunswick, Quebec and British Columbia) while five posted decreases (Alberta, Saskatchewan, Manitoba, Ontario and Newfoundland).
Alberta had the highest median after-tax income for families and unattached individuals of any province in 2019. Nationally, the median was $62,900 compared to $72,500 in Alberta. New Brunswick was last among the provinces at $53,300.
The difference is explained by a variety of factors including the fact that Alberta has the highest employment rate of any province (66.0 per cent in 2019 compared to 61.9 per cent nationally) and the smallest percentage of seniors (13.3 per cent in 2019 compared to 17.5 per cent nationally). This means a larger proportion of Albertans are earning employment income and are in their prime earning years.
Higher pay in Alberta is also a key factor. In 2019, average weekly earnings in Alberta were $1,164.70 versus $1,028.50 nationally.
Having the highest median income also means that Albertans pay the highest amount of income tax. The median amount of income tax paid by Alberta families and unattached individuals in 2019 was $10,200 compared to $7,600 nationally.
Answer to the previous trivia question: At 94 per cent, British Columbia and Ontario have the highest proportion of their population aged 25-64 with a high school level education or above.
Today’s trivia question: Who was the highest paid athlete in the world in 2020?