Aug 12, 2014
By Scott Walker
If you asked Canadians what their biggest household expense is, they would probably say housing.
But a new report says it’s actually taxes.
In fact, the Fraser Institute’s Canadian Consumer Tax Index shows that we spend about 42 per cent of our income on taxes. By comparison, we shell out 36 per cent on housing, food, and clothing combined.
In 1961, the report says our tax bill was about a third of our income. Housing, food and clothing added up to about 56 per cent.
The report takes into account taxes from all three levels of government, and includes everything from income taxes to sales tax to property tax.
The report says, since 1961, our tax bills have shot up by 1,832 per cent.
The Fraser Institute concedes that taxes fund necessary government services. But it questions whether Canadians are getting the best value for their tax dollars.