Are Canadian Taxes Making You Broke?
I’ve always had a nagging feeling that I spend a lot of money on taxes. Chances are, you feel the same. Between income and sales tax, property, liquor and gas tax, it’s next to impossible to know how much is actually going out the door.
Almost everything we spend money on has a tax component added on or built in. Perhaps its better not to think about it? After all, there’s not much we can actually do about it. Or, is there??!!
I don’t want to ruin your day, but I believe we should all be aware of this information.
You might want to be sitting down when you look at the recent analysis published by The Fraser Institute (click on link below). It outlines how much the average Canadian family pays in taxes each year compared with their income. Yikes! Now I know why there always seems to be so little leftover. It also shows a breakdown of the various types/amounts of taxes an average family would pay. Ok, maybe you’re not anywhere near “average” but it still gives you a sense for the magnitude vs. your other expenses.
Wouldn’t it be intriguing to know how Canada compares with other major countries? Perhaps this analysis has been done? In the meantime, I’m going to remember all the good things about living in Canada and try hard to forget how much of my pay check I give to the Government!