The Gap Between Rich and Poor In Canada

The Gap Between Rich and Poor In Canada

Length: 1021 words (2.9 double-spaced pages)

Rating: Excellent

Open Document

Essay Preview

More ↓
National economies are extremely complex. The level of economic development is the major indicator of the place that the country stands on the international economic scene or economic staircase. Many factors are responsible for economic growth and sustainability as well as for crisis and disruption. Nowadays, all the countries of the globe are interconnected and closely intermingled with each other in the net of international economic relations due to globalization. Therefore, Canadian citizens should prevent the gap between rich and the poor to make Canada a greater society.
Canada is a country famous for the growth of the national wealth, its transformation into financial and economic, and political leader of the capitalist world. Canada uses any opportunity to take control over new markets, to increase the production and export products and investments. Canada has become a country many people want to invest in; “people follow stability and strength, and so there's people investing in Canada like they used to invest in England, the United States and German. The world feels our affluence” (Serving Up the City to the Super-Rich 2007). Investment is an integral part of the country’s policy and making investments in an economically strong and stable country like Canada often guarantees the development and preservation of the company’s well-being. Therefore, there is tremendous amount of cash influx from foreign economies into Canada, making more investments in Canadian economy, -like this case of construction of 14 hyper-luxury condos- accompanied by buying lots of Canadian dollars, thus rising demand for it and making the value of Canadian currency grow. “There is a stealth influx of foreign capital changing the face of downtown Toronto from the waterfront to Yorkville” (Serving Up the City to the Super-Rich 2007).
In Canada today, the middle class is shrinking, while the percent of the rich and the poor continues to grow. The average work hours of Canadian working individuals in April 2009 were 36.2 hours per week, but very large percentage of 9.2% of Canadians still falls in the category of low income. Yet, the number of millionaires and billionaires is growing. In 2002, the number of persons with income of $250,000 and over were 94,020 but in 2006, the number has increased to 144,830 (Statistics Canada). As one of the results of increased number of these rich people, we can now even witness a gigantic project like this: “Welcome to Toronto's new era of wealth.

How to Cite this Page

MLA Citation:
"The Gap Between Rich and Poor In Canada." 123HelpMe.com. 14 Oct 2019
    <https://www.123helpme.com/view.asp?id=230858>.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Income Gap in Canada Essay

- Question One: It is often said that in Canada, “The rich are getting richer and the poor are getting poorer.” Respond. Be certain to differentiate between income and wealth. How has the occupy movement contributed to this debate. Inequality in Canada is a growing problem. As income rises for the rich and remains the same for the poor, a gap is forming between Canada’s highest and lowest earners. This gap has sparked outrage by some, resulting in the Occupy Movement, and apathy in others. However, it can indeed be said that in Canada “the rich are getting richer and the poor are getting poorer.” The reason for Canada’s large gap in wealth is best explained by changes in labour markets, chang...   [tags: Equality, Canada, Wealth, Rich, Poor]

Research Papers
963 words (2.8 pages)

The Gap Between Rich And Poor Essay

- The Gap Between Rich and Poor in Canada The Canadian economy is extraordinarily advanced. The amount of economic development is the primary indicator of the position that the country lies on. The international economic and commercial situation. Several factors are responsible for economic and commercial growth. Nowadays, most of the countries of the world are interconnected and tightly integrated with one another within the web of international economic relations due to globalization. One of the most severe economic difficulties for Canada in the 21st century is the enormous gap between wealthy and poor people because Canada is becoming the capitalist leader of the world, the middle class is...   [tags: Poverty, Wealth, Working class, Canada]

Research Papers
795 words (2.3 pages)

Essay on Poverty Gap Between The Rich And Poor

- Poverty: Case Study 1 In Canada there is no official, government mandated poverty line. It is generally agreed that poverty refers to the intersection of low-income and other dimensions of ‘social exclusion’, including things such as access to adequate housing, essential goods and services, health and well-being and community participation. In Canada, the gap between the rich and poor is on the rise, with four million people struggling to find decent affordable housing, (CHRA) and almost 21% of children in BC are living in poverty it is crucial to address poverty (Stats Can)....   [tags: Sociology, Poverty, Economic inequality]

Research Papers
1791 words (5.1 pages)

Comparing Poverty Between India And Canada Essay

- Poverty, every country experiences it, but it doesn’t affect every country the same. Some more developed countries might have certain policies in place to help people who are struggling to make ends meet, until they get back on their feet. It is more likely that less developed countries might not have any policies in place. I decided to compare poverty between India and Canada. They both are so opposite of each other. I knew that it would be interesting to see how both countries deal with the less fortunate....   [tags: India, Poverty, Canada, Poverty threshold]

Research Papers
895 words (2.6 pages)

The Global Divide Between the Rich and Poor Essays

- The Global Divide Between the Rich and Poor For the last five centuries, there has been a growing split throughout the world; this split has been between the "haves" and the "have-nots". These two groups can be defined two ways. One, between the rich and poor in individual countries and two, between the rich and poor countries themselves. Both definitions have seen increasing polarization over the last 500 years, but the definitive century was the last 100 years. The twentieth century held wealth and fortune beyond the dreams of many, but desperation and famine for many others....   [tags: Papers]

Research Papers
2099 words (6 pages)

Where is Robin Hood?: Disparity of Incomes Essay

- Tell me where you were born and I'll tell you your future. This is the harsh reality facing the vast majority of the world's population, particularly in developing countries where the concentration of wealth is striking. Take Bangladesh (8th most populous country on earth) for example, with a population half that of the United States but a GDP(Gross Domestic Product) that is 141 times smaller and that gap is only getting bigger. This is not the only problem however, even scarier is the growing disparity of income within countries themselves....   [tags: poor, segregation, rich, inquality]

Research Papers
1960 words (5.6 pages)

The Need to Address Poverty in Canada Essay

- Poverty is a serious issue in Canada needs to be addressed promptly. Poverty is not simply about the lack of money an individual has; it is much more than that. The World Bank Organization defines poverty by stating that, “Poverty is hunger. Poverty is lack of shelter. Poverty is being sick and not being able to see a doctor. Poverty is not having access to school and not knowing how to read. Poverty is not having a job, is fear for the future, living one day at a time”. In Canada, 14.9 percent of Canada’s population has low income as Statistics Canada reports, which is roughly about two million of Canadians in poverty or on the verge of poverty....   [tags: social issues]

Research Papers
1003 words (2.9 pages)

Essay on The Effects Of Income Inequality On Canada

- Examine the Effects of Income Inequality in Canada In capitalist society like Canada, inequality is inevitable. The hierarchy of relations are always exist and as a result, those who are on top own the industries and those who are on bottom have to sell their labors. Some scholars believe that workers eventually will be untied and overthrow the capitalism. In other word, they will create socialism in which every one is equal and individuals earn what they really need. However, our contemporary society proves that people believe in this inequality and they support it....   [tags: Poverty, Wealth, Distribution of wealth]

Research Papers
712 words (2 pages)

Essay on Differences Between Canada And Peru

- Differences in the developed and developing world are bound to create a few problems. Sometimes these problems can be identified by looking at the demographics of two countries. Canada being a developed country in North America and Peru being a developing country in South America. When comparing developed and developing countries, there are bound to be differences in the demographics when compared side to side. The table on page 6 shows the differences between Canada and Peru in 10 demographics....   [tags: Demography, Population, Birth rate]

Research Papers
2050 words (5.9 pages)

Canada's Justice System Essay

- Canada's Justice System It’s a common belief that western nations believe that their own justice system is blind, and that all people are equal before the eyes of the law. Whether or not that’s true is an entirely different scenario. Canadians take pride in our open mind approach to and acceptance of all cultures, multiculturalism is what makes this Canada so unique and great. A closer in depth analysis into Canada’s justice system will show that their acceptance of all cultures did not leak through to the confinements of its courts....   [tags: Papers]

Research Papers
1517 words (4.3 pages)

Fourteen super-luxury condo developments - with a price tag of $748 per square foot or more - are planning to open their doors in the downtown core, and the city is touting itself as a rival to New York and London. These projects go beyond anything the city has seen, at least as far as pricing goes” (Serving Up the City to the Super-Rich 2007).
Nowadays it is essential to be able to analyze global issues and challenges that exist in the world. Awareness is a necessary prerequisite to understanding. In today's world, everyone must have a degree of literacy regarding the global issues, concerns, and trends that increasingly impact our lives; every person should know some facts about global issues to be able to analyze others.
It is necessary to point out that the great economic problem for the world in the 21st century is the increasing gap between rich and poor. And unfortunately, in the face of great external effect, poor countries and its population stay powerless. As a result, in the world, some become wealthy while the rest stay poor. Besides, the division into social classes opens a new problem that arouses the rich and poor gap, and even Canada is not free of it. Like what Prof. Hulchanski, the director of University of Toronto's Centre for Urban and Community Studies states in the case of Toronto, “most of the city used to be middle-income. Now it's one-third, and the majority of that third has moved down a notch [in earnings]. The very bottom and very top increased. We're polarizing" (Serving Up the City to the Super-Rich 2007). Canada was born as a nation seeking independence in religious, political and financial spheres. The ideals of individual freedom and democratic society joined emigrants together who arrived from different countries. But, such income inequality and immigration have become the primary reasons that are causing Canadian political system polarization. This is evident with the case of this construction of 14 hyper-luxury condos and their residents who are “much more inward-looking group of people than you have in normal neighborhoods”. The economically middle and lower class people are already feeling a sense of alienation and inequalities; a Somali taxi driver said with a resigned chuckle, "Some of these condos are going for $7-million," he said with a wry grin. "You could buy my entire village for that." (Serving Up the City to the Super-Rich 2007).
Canada is considered to be the country of great opportunities but in the reality the percent of poor is still at large. Nowadays the Canada’s opportunities are just a myth. I have aimed to provide the analysis of one of global issues and challenges that exist nowadays – the rich and poor gap. In today's world everyone must have a degree of literacy regarding the global problems, issues, concerns, and trends that increasingly impact our lives. One of serious economic problems for Canada in the 21st century is the great gap between rich and poor that is constantly growing. The rich and the poor have opposite lifestyles – while the rich can afford almost everything –“BMO CEO Tony Comper spent $16 million for a Yorkville penthouse”- while the poor can afford almost nothing (Collison 2007).



Works Cited

1. Article “Serving Up the City to the Super-Rich” (2007).
2. Harvey, D. (1989). “Managerialism to Entrepreneurialism: The Transformation in Urban Governance in Late Capitalism”. Human Geography, Vol. 71, No. 1, The Roots of Geographical Change: 1973 to the Present, pp. 3-17.
3. Statistics Canada. Retrieved June 3rd, 2009, from
http://www40.statcan.gc.ca/l01/cst01/cpis03a-eng.htm?sdi=composite%20index and http://www40.statcan.gc.ca/l01/cst01/famil105a-eng.htm?sdi=income
4. Collison R. (2007). “Multimillion-dollar penthouses, roaring Aston Martin sales and Land Rovers for the wife-- welcome to Hedgistan, Canada”. Retrieved June 1st, 2009, from
http://www.nationalpost.com/news/story.html?id=75d6cbec-6d67-4ed0-809e-57b3b44cb021
Return to 123HelpMe.com