Median income of families in Canada rises to $66,800

Abstract: The Canadian Income Survey of 2020 reports that the median income of Canada has risen to $66,800. Highlights:

• The Canadian Income Survey reported a rise in the country's median income.
• The median income rose by 7.1 percent or approximately 4,400 CAD.
• There has been an increase in income after paying taxes for people and families with lower incomes.

Statistics Canada has released data for the CIS or Canadian Income Survey. According to the survey, the median income of Canada has risen by 7.1 percent. There was a surge in the after-tax income in Canada for lower-income people and families. It was primarily driven by the income programs supported by the Canadian government affected by the economic shutdowns due to the pandemic. *Check your eligibility to Canada through Canada Immigration Points Calculator. Relief Programs by the Canadian Government Responding to the economic losses in the earnings due to unemployment and wages, many Canadians sought the help of existing and new measures for income support. Some of the highly beneficial programs were:

• Canada Emergency Response Benefit
• CRB or Canada Recovery Benefit
• Canada Emergency Student Benefit

The relief, as mentioned above, programs extended close to 82 billion CAD as income support to approximately 8.1 million families and individual people of Canada in 2020. The median amount of relief support for these individuals and families during the pandemic was 8,000 CAD. *Do you want to work in Canada? Y-Axis is here to guide you. Other Relief Programs Some other relief programs to aid Canadian residents were:

• Canada Child Benefit
• EI or Employment Insurance
• Old Age Security
• Canada Pension Plan
• Quebec Pension Plan

The median transfer through these relief programs for the families and individuals in Canada rose from 8,200 CAD in 2019 to 16,400 CAD in 2020. Fall in Poverty Rates The poverty rate figures for all types of family units fell in 202o, compared to what it was in 2019. The MBM or Market Basket Measure was standardized as the Official Poverty Line of Canada in June 2019. As per the MBM, a family which does not have sufficient income to buy a particular basket of goods and services is recognized as a family living below the poverty line in the Canadian community. The poverty rate among minors fell to 4.7 %. In 2019, the figure was 9.4 percent. In 2020, the number of children living in poverty was halved. Decrease in Poverty Rates in Canadian Provinces These three provinces of Canada saw a significant fall in poverty rates from 2019 to 2020.

Poverty Rates in the Provinces
Provinces	2019	2020
Saskatchewan	11.90%	6.70%
Prince Edward Island	12.30%	7.60%
Manitoba	11.50%	6.80%

  According to the reports, the poverty rate among international immigrants also declined in 2020. If you want to apply for the Canada PNP, Y-Axis is here to assist you. One of the other positive news in the findings of the CIS is the provincial incomes increased. The residents of Ontario saw a significant rise. It grew from 54,800 CAD in 2019 to 56,900 CAD in 2020. Do you want to migrate to Canada? Contact Y-Axis, World’s No. 1 Overseas Immigration Consultant. If you found this news article interesting, you may want to read IRCC aims to resume FSWP and CEC invitations