Weekly Real Estate News
The average Canadian family spent 43% cent of its income on taxes in 2023, according to new data from nonpartisan think-tank Fraser Institute.
Last year, the average Canadian family earned an income of $109,235 and paid in total taxes equaling $46,988. This level of spending is more than housing, food and clothing costs combined, which absorbed 35.6% of their income.
The Fraser Institute found that taxes have grown much more rapidly than any other single expenditure for the average Canadian family, with a bill that encompasses both taxes paid to the federal, provincial and local governments that include income, payroll, sales, property, carbon, health, fuel and alcohol taxes.
“Taxes remain the largest household expense for families in Canada,” said Jake Fuss, director of fiscal studies at the Fraser Institute. “Considering the sheer amount of income that goes towards taxes in this country, Canadians may question whether or not we’re getting good value for our money.”
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Socialized medicine is a HUGE contributing factor. Is the U.S. on its way to that as well? Better watch what we wish for or it may come to fruition.