Are Canadians getting enough value for their tax dollars? The emphatic answer is ‘no‘

[CdnFox]

Canadians not getting enough value for their tax dollars | Financial Post

Some highlights from the report:

 

• “In 2023, the average Canadian family earned an income of $109,235 and paid in total taxes equalling $46,988”
• “In other words, the average Canadian family spent 43.0 per cent of its income on taxes compared to 35.6 per cent on basic necessities.”
• “This is a dramatic shift since 1961 when the average Canadian family spent much less of its income on taxes (33.5 per cent) than the basic necessities (56.5 per cent). Taxes have grown much more rapidly than any other single expenditure for the average Canadian family.”
• “Since 1961, the average Canadian family’s total tax bill has increased nominally by 2,705 per cent, dwarfing increases in annual housing costs (2,006 per cent), clothing (478 per cent) and food (901 per cent).”

Absorb those statistics for even 30 seconds. The fact that the average Canadian family now pays — and has for a while — more in taxes than the necessities of life is mind-boggling. When I speak on this subject at lectures or conferences, I often test the audience to see if they know what the average Canadian family pays in taxes compared to the basic necessities of life. The guesses I get are usually way off.  When the actual right answer is given, there are often surprised looks and some audible gasps.  However, when the logic is explained in more detail, the audience mostly understands.

The simple fact is that the average Canadian family has less disposable income in their pockets than ever and increased overall taxes is a big reason for this. This leaves less money for things such as savings, entertainment, travel and better living arrangements.

 

 

We will never attract business back to canada or talented individuals as long as our taxes are this messed up. 

We are going to need to reduce taxes both federally and in most cases provincially if we're going to have any chance of being a first world country or in the top half in the G20 ever again.