Herobanner - Logo
Hero banner - logos - mobile
Photo - 01 - IncomeandWealth

Income and Wealth

Toronto is one of the wealthiest cities in the world, yet pressures of affordability are becoming more widespread. Significantly more residents are struggling to afford the necessities of life, and food bank usage continues to soar.

10 Issues-Final_Income and Wealth
10 Issues-final_M-Income and Wealth

Now four in 10 people say their income is not enough for them, a huge increase from earlier in the pandemic.

  • Four in 10 people (40%) in the Toronto Census Metropolitan Area (CMA) said their household income is not enough for them in summer 2024, up from 27% at the onset of the pandemic and 31% in early 2023, according to data provided from the Survey on Employment and Skills.i That represents 2.7 million people across the Toronto metropolitan area who are struggling to get by, an increase of almost 700,000 since 2023.ii
  • Canada-wide, prices have increased 18% since the onset of the pandemic, with even larger increases in food prices (25%) and rent (23%).iii These increases, and particularly food and shelter costs, have a disproportionate impact on the most vulnerable.

More people are relying on food banks than ever before.

  • More than 300,000 household members have been served by Daily Bread Food Bank programs each month since February 2024. In September 2024, there were 313,000 household members served, compared to 246,000 in September 2023, an increase of 27%, and almost five times higher than September 2019 at 68,000 visits.iv 
  • The Daily Bread Food Bank is also reporting a monthly average of 13,000 new, unique individuals accessing food banks for the first time — six times more than pre-pandemic levels.iv 
  • One in 10 Torontonians relied on food banks between March 2022 and April 2023, up from one in 20 in the previous year.v

People making more than $106,700 are in the top 10% of tax-filers in Toronto, while more than half of Toronto tax-filers are making well below a living wage.

  • The top 10% of tax-filers account for 43% of total income in Toronto in 2021.vi 
  • Half of Toronto tax-filers earn below $38,500 per year, significantly under the $45,600 considered a living wage.vii 
Income and Wealth
Natasha Francis (income and wealth)

View the other issue areas

ENDNOTES:

Infographics:

1. Statistics Canada. Table 11-10-0055-01 High income tax filers in Canada - The figures cited are from 2021, the most recent year available at the time of writing. https://doi.org/10.25318/1110005501-eng

2. Tax-filing data is available from the source in the previous note. Living wage data is from Rates - Ontario Living Wage Network. The Greater Toronto Area has an hourly living wage of $25.05, based on a calculation of 52 weeks per year and 35 hours a week, which translates to $45,591 per year. These numbers serve as a valuable comparator, but should be used with caution due to the way the living wage is calculated, and tax-filer income is made up of not just employed Canadians.  

Data:

  • i Data was shared with us from Waves 1 through 7 of the Survey on Employment and Skills, which was conducted by the Environics Institute, in partnership with the Future Skills Centre and the Diversity Institute. Each Wave had a sample of at least 5,000 people, with the number of respondents from the Toronto CMA ranging from 957 in Wave 7 in summer 2024, to 919 in WAve 5 in March 2023 and 819 in Wave 1 which was in February and March 2020. Respondents were asked “Q48. Would you say your total household income is: Good enough for you, and you can save from it. Just enough for you, so that you do not have major problems. Not enough for you and you are stretched. Not enough for you and you are having a hard time.” This percentage quoted here refers to the percentage who select either of the options that include the words not enough for you. 
  • ii There were 6,804,847 people in the Toronto CMA in the most recent 2023 estimates (see Statistics Canada. Table 17-10-0148-01  Population estimates, July 1, by census metropolitan area and census agglomeration, 2021 boundaries). We assumed that population growth in 2024 was equal to the population increase in Canada, (just over 3%) to get a population estimate of the Toronto CMA in 2024 of 7,0009,436. The survey was only of people aged 18 and older, but here, we apply the estimates across the entire population for simplicity’s sake. In 2024 that translates to an estimate of 2,721,939 people who report their income is not enough for them compared to 2,109,503 in 2023, for an increase of 694,000. 
  • iii Statistics Canada. Table 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted.  https://doi.org/10.25318/1810000501-eng.  
  • iv Daily Bread Food Bank. (2024, September 19). Thanksgiving Drive goal of $4.6M and 200,000 lbs of food will help meet emergency service demands. https://www.dailybread.ca/blog/daily-bread-thanksgiving-drive-goal-of-4-6m-and-200000-lbs-of-food-will-help-meet-emergency-service-demands/ 
  • v The Daily Bread Food Bank. Who’s Hungry Report 2023. https://www.dailybread.ca/wp-content/uploads/2023/11/DB-WhosHungryReport-2023-Digital.pdf
  • vi Statistics Canada. Table 11-10-0055-01 High income tax filers in Canada - The figures cited are from 2021, the most recent year available at the time of writing. https://doi.org/10.25318/1110005501-eng
  • vii Tax-filing data is available from the source in the previous note. Living wage data is from Rates - Ontario Living Wage Network. The Greater Toronto Area has an hourly living wage of $25.05, based on a calculation of 52 weeks per year and 35 hours a week, which translates to $45,591 per year. These numbers serve as a valuable comparator, but should be used with caution due to the way the living wage is calculated, and tax-filer income is made up of not just employed Canadians.