1.6.4 Personal Income
Completion requirements
Personal income includes of all money an individual receives in one year, from all sources, for any reason. Personal income fuels the economy. When our income increases, so does our spending. How we spend dictates the nation's sales, production, and
employment.
In Canada, approximately 66% of all personal income comes from wages, salaries, and other labour income (such as sales commissions). The other 33% comes from investments, capital gains, and transfer payments.
There are four types of personal income:
- Wages and salaries
- Investments
- Capital gains
- Transfer payments
In Canada, approximately 66% of all personal income comes from wages, salaries, and other labour income (such as sales commissions). The other 33% comes from investments, capital gains, and transfer payments.