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Income Gap in Canada Widening at ‘Dramatic’ Pace, CIBC Says

  • High-wage earners gained 350,000 jobs over the past year
  • The lower the pay grade, the worse the job market performance
Ontario Declares Second Provincial Emergency On Covid-19 Spike
Photographer: Cole Burston/Bloomberg

Canada has seen a “dramatic” widening of the income gap due to Covid-19, according one of the country’s largest banks.

That’s the conclusion of research by Canadian Imperial Bank of Commerce, which conducted an analysis of changes in employment by wage category, rather than wage type. The study found the lower the pay grade, the worse the job-market performance, which is typical during a recession. But it also found that higher-income Canadians actually experienced job gains during the crisis, which is an anomaly.