Tuesday, April 28, 2009
Families spend more on taxes than basic necessities.
28th April 2009
The average Canadian family is spending more money – nearly half of its income – on taxes than on food, clothing and shelter, according to a new study from the Fraser Institute.
The Canadian Consumer Tax Index 2009 shows that despite significant income increases since 1961, the total tax bill for a family – which includes single parents – has increased at a much higher rate.
In 1961, a Canadian family earned an income of $5,000 and paid $1,675 in total taxes – 33.5% of its income.
In 2008, the average Canadian family earned an income of $71,765 and paid total taxes equaling $31,535 – 43.9% of its income.
The Toronto Sun