Average Family Spends 43 Percent of Income on Taxes, More Than on Necessities: Report
Published on July 30, 2024
The average Canadian family continues to spend more of its income on taxes than on basic necessities, a think tank says in its 2024 report. The Fraser Institute released its latest Consumer Tax Index on July 30, a program that has been tracking Canada’s tax burden since 1961. The average Canadian family in 2023 spent 43 percent of its income on taxes and 35.6 percent on basic necessities such as food, clothes, and shelter, the report found. “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,” Fraser Institute director of fiscal studies Jake Fuss said in a statement....