Canada's income inequality reaches record high in Q2 2024, with wealth gap between top and bottom 40% at 47 percentage points.

Income inequality in Canada has reached its highest level since data collection began in 1999, with the wealth gap between the top and bottom 40% of households widening to 47 percentage points in Q2 2024. The top 20% of earners, holding 67.7% of total wealth, benefited most from high-interest rates, while middle-income households saw savings decline. The government aims to support lower-income Canadians amid rising living costs and ongoing financial strain.