“With growth in the total tax bill outpacing the cost of basic necessities, taxes now eat up more family income, so families have less money available to spend, save or pay down household debt,” said Charles Lammam, director of fiscal studies at the Fraser Institute, in a statement.
The report from the Vancouver-based think tank found that last year, the average Canadian family spent 42.1 per cent of its income on taxes and 36.6 per cent on basic necessities. The average family in that year made $79,010 and paid $33,272 in total taxes while spending just $28,887 on food, clothing and shelter combined.
Easy Related Posts
12 Tips for Buying a Car With Bad Credit
Your credit history plays a major role in getting approved for a car loan. Unfortunately, ...read more
8 Behaviors That Predict a Divorce Is In Your Future
Thinking about getting married? Already married? These are 8 predictors of divorce you should think ...read more
7 Places to Look For Unclaimed Money
1 of 7 Check With Revenue Canada - They May Owe You Money How does money go missing? ...read more
5 Best Practices For a Wealthy, Happy Retirement
Preparing for retirement is an extremely important task, but one that doesn’t receive nearly the ...read more
5 Things to Do Before You Close Your Credit Card
So you’ve decided you want to close your credit card. Maybe your credit card issuer ...read more
Home Equity Lines of Credit - What You Need To Know
The money can be plentiful, relatively easy to get, and hard to resist. A home equity ...read more