Taxes paid exceed housing expense for Canadians

Posted On: Saturday, August 26, 2017

Fraser Institute weighs in on the tax burden

Taxes paid exceed housing expense for Canadians

We have taxes upon taxes built in to every economic activity.  Does it stifle the entrepreneur?  Do folks shun extra effort in their careers because so much of every raise or increase in revenue gets devoured by taxes?  Read on...  Let me know what you think!

Housing not Canadian households’ largest expense says study,

by Steve Randall 25 Aug 2017

Housing costs and other expenses such as food and clothing may have increased in recent years but the average Canadian family spent more on taxes in 2016 according to a new study by the Fraser Institute.

Average family earnings in 2016 were $83,105, the study says. Housing including rent and mortgage payments, together with food and clothing totaled $31,069 while total taxes came to $35,283.

Housing costs accounted for 22.1% of Canadian household costs while taxes took a 42.5% share. Other necessities made up 37.4%.

“Taxes help fund important public services that Canadians rely on, but the issue is the amount of taxes governments take compared to what Canadians get in return,” said Charles Lammam, director of fiscal studies at the Fraser Institute.

“With more than 42% of their income going to taxes, Canadians might ask whether they’re getting good value for their tax dollars,” added Lammam.

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Coral Robinson, Broker, RE/MAX four season realty Collingwood, Thornbury, Blue Mountain

Coral Robinson B.A., Broker

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