NEWS
 
You shell out more for taxes than basic necessities
A new study compares the numbers - and they're going up.
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We always complain about how much we're being taxed but  some hard numbers have been released to only strengthen your budgeting headache.

A study by the Fraser Institute reveals almost 42 per cent of Canadians' average yearly income goes to taxes, compared to 36 per cent for food, shelter and clothing.

Resident Scholar in Economic Policy Charles Lammam of the Fraser Institute says they considered it all: from payroll taxes, HST, vehicle taxes, property taxes to even CPP deductions.

Comparing the numbers to what Canadians paid in 1961, your average tax payout has gone up by almost 9 per cent.

He says while they didn't break things down by province, Ontario isn't in a good place.

Lammam stresses that's because not only is the province dealing with a deficit which taxes will pay down but it also wants to skim your paycheque by putting in place its own pension plan.

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2 0

We always complain about how much we're being taxed but  some hard numbers have been released to only strengthen your budgeting headache.

A study by the Fraser Institute reveals almost 42 per cent of Canadians' average yearly income goes to taxes, compared to 36 per cent for food, shelter and clothing.

Resident Scholar in Economic Policy Charles Lammam of the Fraser Institute says they considered it all: from payroll taxes, HST, vehicle taxes, property taxes to even CPP deductions.

Comparing the numbers to what Canadians paid in 1961, your average tax payout has gone up by almost 9 per cent.

He says while they didn't break things down by province, Ontario isn't in a good place.

Lammam stresses that's because not only is the province dealing with a deficit which taxes will pay down but it also wants to skim your paycheque by putting in place its own pension plan.

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