VANCOUVER, BC—Canadian families are spending more money on taxes than on food, clothing, and shelter combined, reveals a new report from the Fraser Institute, an independent, non-partisan Canadian think-tank.
The Canadian Consumer Tax Index calculates that in 2012, 42.7 per cent of an average family’s income went towards taxes (including all types of taxes imposed by federal, provincial, and local governments) while 36.9 per cent was spent on food, clothing, and shelter combined.
“Taxes are far and away the largest and fastest-increasing expense in the average household budget,” said Charles Lammam, Fraser Institute associate director and co-author of the Canadian Consumer Tax Index.
“In fact, the tax bill for the average family has grown a whopping 1,787 per cent since 1961.”
Source: Fraser Institute. Read full article. (link)