Non-Government Sources of Income
Majority of seniors' income comes from non-government sources
In 2007, the majority of Alberta seniors' average total income came from non-government sources (65.6%). The majority of non-government income consisted of private pensions, employment earnings and investment income.
Approximately 66% of Alberta seniors (233,290) had some form of investment income in 2007.17 Among seniors receiving investment income, the average annual amount received was approximately $9,518.
In 2007, 57% of Alberta seniors (202,410) received income from other pensions.18
More than a quarter of Alberta seniors (27.1%) had some form of employment income in 2007 with the average annual amount earned being $31,615. Seniors who indicated they were self-employed earned an average annual income of $9,061 from self-employment. Those seniors who had income from wages, salaries and commission reported an average annual income of $43,412 from these sources.
In 2007, close to a third of Alberta seniors (30.1%) received "other income" and reported an average earning of $5,891 from this source.19
Close to one in ten Alberta seniors (8.8%) received income from Registered Retirement Savings Plans (RRSPs) in 2007. These individuals received an average annual amount of $7,619.
17 Investment income includes interest income and dividend income.
18 Other pensions include pension benefits (superannuation and private pensions) other than Old Age Security and Canada/Quebec Pension Plan benefits.
19 As defined by Statistics Canada, “other income” includes net rental income, alimony, income from a limited partnership, retiring allowances, scholarships, amounts received through a supplementary unemployment benefit plan, payments from income-averaging annuity contracts, as well as all other taxable income not included elsewhere.
