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- 1. Economic Depreciation and Retirement of Canadian Assets: A Comprehensive Empirical Study ArchivedJournals and periodicals: 15-549-XGeography: CanadaDescription:
This paper offers empirical evidence on the actual rates and forms of economic depreciation for a comprehensive set of assets. Using a Canadian micro database on the purchase and disposal of capital goods from Statistics Canada's Capital Expenditure Survey, the study estimates depreciation rates for 36 asset categories, which represent half of the Canadian business capital stock. Depreciation rates for the remaining assets are calibrated using the average age-price relationship from the estimation and surveyed service lives obtained from the Capital Expenditure Survey. The impact of the estimated depreciation rates on the Canadian capital stock and depreciation allowances is also presented.
Release date: 2007-09-26 - 2. A Profile of High Income Canadians ArchivedArticles and reports: 75F0002M2007006Description:
This study uses administrative tax data and the Survey of Financial Security to explore trends in the number and characteristics of high-income Canadians, as well as their wealth and effective income tax rates, from 1982 to 2004. The paper uses a range of thresholds to delineate high income and emphasizes statistics on the top 5%, 1%, 0.1% and 0.01% of tax filers.
The study found that an individual income of $89,000 was needed to be counted among the top 5% if income recipients in 2004. A family income of $154,000 would place one in the top 5% of families. The growth in incomes at the high end has been quite rapid while incomes of the majority of the population remained stable. Compared with the U.S., Canada had significantly fewer high-income recipients in 2004, and their incomes were considerably less. Higher-income individuals tend to be middle aged married males that live in the larger urban centres. While women have made up a larger portion on the top 5% of tax filers since 1982, they have not made gains in the very highest income groups. High income Canadians have roughly the same share of total wealth as they do of total income.
High income Canadians, in line with an increasing share of total income, have been paying an increasing share of total personal income taxes. Their share of total income increased from 21% to 25% between 1992 and 2004 while their share of income taxes paid increased from 30% to 36%. At the same time their effective tax rate dropped from 29% to 27%. Thus despite lower tax rates the increase in incomes was large enough, when combined with the progressive tax system, to result in an increased share of total taxes paid by high income Canadians. There is considerable heterogeneity in effective tax rates at the individual level with some high income individuals facing an effective tax rate of over 45%, while some pay as little as 10%. The proportion of tax filers, across the income distribution, who pay zero taxes decreased between 1992 and 2004.
Release date: 2007-09-24 - Surveys and statistical programs – Documentation: 13F0026M2007001Description:
This guide will be of assistance when using the public use microdata file (PUMF) of the Survey of Financial Security (SFS) conducted by the Pensions and Wealth Surveys Section of the Income Statistics Division.
Release date: 2007-09-04 - 4. Depreciation Rates for the Productivity Accounts ArchivedSurveys and statistical programs – Documentation: 15-206-X2007005Description:
This paper generates depreciation profiles for a diverse set of assets based on patterns of resale prices and retirements. In doing so, it explores the sensitivity of estimates of the growth in capital stock and capital services to alternate estimates of depreciation.
In the first instance, survival analysis techniques are used to estimate changes in valuation of assets over the course of their service life. In the second instance, a two-step procedure is utilized that first estimates the discard function for used assets (assets discarded at zero prices) and then uses the resulting estimates to correct for selection bias that arises when just positive used-asset prices are employed to estimate age-price profiles to produce depreciation rates. For the third method, a discard function and an asset efficiency function are jointly specified and estimated.
These three different methods produce depreciation profiles that follow convex patterns. Accelerated profiles are apparent for many individual assets in the machinery and equipment and structures classes.
We also compare the ex post estimates of length of life that are based on outcomes to ex ante expected lives and find they are much the same. We therefore choose ex ante lives along with information from the ex post rates on the rate of decline in an asset's value to generate a set of depreciation rates for use in the productivity accounts.
We then use our depreciation model to produce estimates of the growth in capital stock and capital services over the 1961 to 1996 period. We find that the resulting estimates of capital stock and capital services are quite similar to those previously produced.
Release date: 2007-02-12
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- 1. Economic Depreciation and Retirement of Canadian Assets: A Comprehensive Empirical Study ArchivedJournals and periodicals: 15-549-XGeography: CanadaDescription:
This paper offers empirical evidence on the actual rates and forms of economic depreciation for a comprehensive set of assets. Using a Canadian micro database on the purchase and disposal of capital goods from Statistics Canada's Capital Expenditure Survey, the study estimates depreciation rates for 36 asset categories, which represent half of the Canadian business capital stock. Depreciation rates for the remaining assets are calibrated using the average age-price relationship from the estimation and surveyed service lives obtained from the Capital Expenditure Survey. The impact of the estimated depreciation rates on the Canadian capital stock and depreciation allowances is also presented.
Release date: 2007-09-26 - 2. A Profile of High Income Canadians ArchivedArticles and reports: 75F0002M2007006Description:
This study uses administrative tax data and the Survey of Financial Security to explore trends in the number and characteristics of high-income Canadians, as well as their wealth and effective income tax rates, from 1982 to 2004. The paper uses a range of thresholds to delineate high income and emphasizes statistics on the top 5%, 1%, 0.1% and 0.01% of tax filers.
The study found that an individual income of $89,000 was needed to be counted among the top 5% if income recipients in 2004. A family income of $154,000 would place one in the top 5% of families. The growth in incomes at the high end has been quite rapid while incomes of the majority of the population remained stable. Compared with the U.S., Canada had significantly fewer high-income recipients in 2004, and their incomes were considerably less. Higher-income individuals tend to be middle aged married males that live in the larger urban centres. While women have made up a larger portion on the top 5% of tax filers since 1982, they have not made gains in the very highest income groups. High income Canadians have roughly the same share of total wealth as they do of total income.
High income Canadians, in line with an increasing share of total income, have been paying an increasing share of total personal income taxes. Their share of total income increased from 21% to 25% between 1992 and 2004 while their share of income taxes paid increased from 30% to 36%. At the same time their effective tax rate dropped from 29% to 27%. Thus despite lower tax rates the increase in incomes was large enough, when combined with the progressive tax system, to result in an increased share of total taxes paid by high income Canadians. There is considerable heterogeneity in effective tax rates at the individual level with some high income individuals facing an effective tax rate of over 45%, while some pay as little as 10%. The proportion of tax filers, across the income distribution, who pay zero taxes decreased between 1992 and 2004.
Release date: 2007-09-24
Reference (2)
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- Surveys and statistical programs – Documentation: 13F0026M2007001Description:
This guide will be of assistance when using the public use microdata file (PUMF) of the Survey of Financial Security (SFS) conducted by the Pensions and Wealth Surveys Section of the Income Statistics Division.
Release date: 2007-09-04 - 2. Depreciation Rates for the Productivity Accounts ArchivedSurveys and statistical programs – Documentation: 15-206-X2007005Description:
This paper generates depreciation profiles for a diverse set of assets based on patterns of resale prices and retirements. In doing so, it explores the sensitivity of estimates of the growth in capital stock and capital services to alternate estimates of depreciation.
In the first instance, survival analysis techniques are used to estimate changes in valuation of assets over the course of their service life. In the second instance, a two-step procedure is utilized that first estimates the discard function for used assets (assets discarded at zero prices) and then uses the resulting estimates to correct for selection bias that arises when just positive used-asset prices are employed to estimate age-price profiles to produce depreciation rates. For the third method, a discard function and an asset efficiency function are jointly specified and estimated.
These three different methods produce depreciation profiles that follow convex patterns. Accelerated profiles are apparent for many individual assets in the machinery and equipment and structures classes.
We also compare the ex post estimates of length of life that are based on outcomes to ex ante expected lives and find they are much the same. We therefore choose ex ante lives along with information from the ex post rates on the rate of decline in an asset's value to generate a set of depreciation rates for use in the productivity accounts.
We then use our depreciation model to produce estimates of the growth in capital stock and capital services over the 1961 to 1996 period. We find that the resulting estimates of capital stock and capital services are quite similar to those previously produced.
Release date: 2007-02-12
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