In Canada, Debt, Money

Who has the most in debt in Canada?

Over 60% of household debt was held by those under 45 years of age, and nearly one-half was held by couples with children.

Individuals who had a household income of at least $100,000 represented 31% of the population but 37% of those with debt.

In comparison, those who had a household income of at least $50,000 but less than $100,000 represented 38% of debtors but held 31% of household debt

Source: Stats Canada

It looks to me like most of the debt is held by people who have young children, and are more than likely, homeowners paying a mortgage. This makes sense. When you’re young, you have debt from school, and not much in your net worth.

As you age, you get married, maybe start a family, and buy a home.

Once you reach retirement, one hopes that your home is paid in full and you retire with a fully paid mortgage, which is why debt falls after 45.

What I find interesting is the household income of more than $100K, represents 31% of the population but 37% of debtors. This means there is a slight overspending-to-keep-up-a-façade happening.

People who make a high income also find it easier to get into debt because banks are more eager to lend to them based on their salary.

Banks are not so eager to lend to people like me. I don’t make on average, a lot of money for them. I leave it all in the company and I also tend to only take out what I need to live in dividends, so my declared income / salary each year, looks very low to banks.

The only time I got offered a huge loan was on a possible mortgage but only because it was a banker who has known me for a while; she said I qualified to her, for over half a million as a mortgage. Just me. One individual. I decided not to take on a mortgage and paid my home in cash, but basically, if you have lots of assets, banks are eager to lend more money to you than someone who doesn’t look like they have much.

This also (for me) ties true in that if your household income is $50K – $100K, you are 38% of the debt population but holding 31% of the debt. Banks are not likely to give you AS MUCH money as A home that makes at least $100K, so you own less as overall household debt.

The more you make, the more you can borrow, and the more you owe.

Also, this means that if I do the math of 38% of debt + 31% of debt = 69% of debt is held by people who make $50K – over $100K as household incomes.



Share Tweet Pin It +1

Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

You may also like

August 2020: Income Budget Roundup

Posted on September 7, 2020

Previous PostSherry's #OOTD Outfit of the Day Style & Fashion Look: "The One of the Nine Muses Look"
Next PostSherry's #OOTD Outfit of the Day Style & Fashion Look: "The Laced Up Army Look"


  1. Kari Nishimoto

    If you have household income below $50K, how do you have enough income to support a family and repay debt? This all makes sense to me.

    1. Sherry of Save. Spend. Splurge.

      You may not have enough. It depends on your expenses and how much debt, and your circumstances (how big the family is, cost of living, etc)


Leave a Reply

In a nutshell…

Save. Spend. Splurge.
[ wealth. style. minimalism. ]


MOST DEBT: cleared $60K in 18 months

MONEY: Hit $1M personal net worth At 36

NEW GOAL: $1M in invested assets


HATES: being late & lazy people

SOCIAL: Instagram @saverspender

DRINKS: homemade matcha lattes

SLEEPS: on a 100% cotton U.S.-made futon

WRITES: Books (also available on Amazon).

BEAUTY: swears by Paula’s Choice


…but you can read more about me , browse my index of posts, or get in touch with me, talk to me directly on Instagram, and of course, ask me anything here.

$35 The Wealth Building Tool

Like a Boss Library (Sherry’s Books)

Referral Codes

Free Money Surveys
[ Use this link ]

[ saverspender ]

Shopping Cashback
[ Use this link ]

Clothing Resale


Private Lending
[ 7b03f0 ]

No-Fee Banking
[ 32726976S1 ]

Discount Brokerage
[ o0soehds ]

Social media scheduler
[ saverspender ]

Blog Ad Network
[ Use this link ]


Save. Spend. Splurge. uses affiliate links from Shopstyle, and Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to or ShopStyle. In addition to these, any referrals on the page will result in revenue if used such as BlueHost.

In English: If you click on a link, I could get a small commission, typically a few cents. And if you use a referral code, I could get anywhere from $10 – $70 for it. Thank you for your kind support!

Also, I am not a professional investment advisor or money manager by any means.

I am just a woman who loves money, talking about money, and making money.

All opinions expressed on this blog are personal and for entertainment value. Take them with a grain of salt and always consult a professional when in doubt.