Tuesday, 12 August 2014

Canadians spend more on taxes than food, shelter: Fraser Institute

Otmane El Rhazi from CBC | Business News .

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The average Canadian family spends more on taxes than on food, shelter and clothing combined,a new study released today by the Fraser Institute, a Canadian public policy think-tank that focuses on free markets and government policies targeting consumers. 

"If you asked people to name their household's biggest expense, many would likely say housing, but in reality, the average Canadian family spends more on taxes than all basic necessities including housing," the report's author Charles Lammam said of the paper, which tracks the total tax bill of the average Canadian family from 1961 to 2013.
In 2013, the study says the average Canadian family earned $77,381 and paid $32,369 in total taxes (or 41.8 per cent of income) compared to 36.1 per cent for food, shelter and clothing combined, the paper found.

By comparison, in 1961, the average family earned approximately $5,000 and spent much more of its income on food, shelter and clothing (56.5 per cent), while $1,675 went to taxes (33.5 per cent).

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