News in brief: A look at news, facts and figures shaping the world of payroll professionals

Richest Canadians becoming richer • Professionals receiving average bonus of 24.5 per cent of salary • Canadian regulators eye better disclosure on executive pay • Nova Scotia introduces compensation disclosure act • 83 per cent of organizations use short-term incentives
|Canadian Payroll Reporter|Last Updated: 12/20/2010

Richest Canadians becoming richer


— Canada’s richest one per cent are taking more of the gains from economic growth than ever before in recorded history, according to a report by the Canadian Centre for Policy Alternatives (CCPA). The Rise of Canada’s Richest 1% looks at income trends over the past 90 years and reveals the 246,000 privileged few who rank among the country’s richest one per cent took almost one-third of all growth in incomes between 1997 and 2007. “That’s a bigger piece of the action than any other generation of rich Canadians has taken,” said Armine Yalnizyan, CCPA senior economist and the report’s author. “The last time Canada’s elite held so much of the nation’s income in their hands was in the 1920s. Even then, their incomes didn’t soar as fast as they are today.” From the beginning of the Second World War to 1977, the income share of the richest one per cent dropped from 14 per cent to 7.7 per cent, found the report. By 2007, they’d made a comeback: The richest one per cent held 13.8 per cent of incomes. The study looked at the source of incomes for the richest one per cent and found 67.6 per cent of their income comes from working wages.