In 2020, the main source of income for people aged over 65 in Canada was private pensions. Indeed, the income of seniors from these pensions amounted to more than 91 million Canadian dollars. The second largest source of income was old age security (OAS) and net federal supplements, with more than 59 million Canadian dollars.
By 2022, there were more than seven million people over the age of 65 in Canada.
Amount of income of people aged over 65 in Canada in 2020, by source
(in Canadian dollars)
Characteristic
Income in Canadian dollars
Total income
308,241,995
Private pensions
91,424,435
Old Age Security (OAS) and net federal supplements
59,162,070
Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) benefits
49,746,865
Wages, salaries and commissions
39,399,150
Dividend and interest income
33,226,685
Other income
9,598,350
Other government transfers
6,064,740
Net self-employment income
5,705,520
Registered Retirement Savings Plan (RRSP)
4,579,215
Provincial Refundable Tax Credits and Family Benefits
3,019,165
Goods and Services Tax (GST) Credit and Harmonized Sales Tax (HST) Credit
* Other income includes taxable income not reported elsewhere, such as net rental income, support payments, retiring allowances and scholarships.
Adapted from Statistics Canada, statcan.gc.ca, 2020. This does not constitute an endorsement by Statistics Canada of this product.
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StatCan. (August 9, 2022). Amount of income of people aged over 65 in Canada in 2020, by source (in Canadian dollars) [Graph]. In Statista. Retrieved September 26, 2024, from https://www.statista.com/statistics/1318513/amount-income-seniors-canada-source/
StatCan. "Amount of income of people aged over 65 in Canada in 2020, by source (in Canadian dollars)." Chart. August 9, 2022. Statista. Accessed September 26, 2024. https://www.statista.com/statistics/1318513/amount-income-seniors-canada-source/
StatCan. (2022). Amount of income of people aged over 65 in Canada in 2020, by source (in Canadian dollars). Statista. Statista Inc.. Accessed: September 26, 2024. https://www.statista.com/statistics/1318513/amount-income-seniors-canada-source/
StatCan. "Amount of Income of People Aged over 65 in Canada in 2020, by Source (in Canadian Dollars)." Statista, Statista Inc., 9 Aug 2022, https://www.statista.com/statistics/1318513/amount-income-seniors-canada-source/
StatCan, Amount of income of people aged over 65 in Canada in 2020, by source (in Canadian dollars) Statista, https://www.statista.com/statistics/1318513/amount-income-seniors-canada-source/ (last visited September 26, 2024)
Amount of income of people aged over 65 in Canada in 2020, by source (in Canadian dollars) [Graph], StatCan, August 9, 2022. [Online]. Available: https://www.statista.com/statistics/1318513/amount-income-seniors-canada-source/