Canadians shell out more on taxes — federal, provincial and local, and indirect — than they do on food, shelter and clothing combined, says a report by the Fraser Institute released Monday.
The Canadian Consumer Tax Index compares how much the average taxpayer forks out today, compared with 1961, posing the question: Are Canadians getting enough bang for their bucks?
It finds taxes have grown more rapidly than any other single item of expenditure for the average family. Last year, that added up to 41.8% of income, compared to 33.5% in 1961.
Given the sheer number of indirect levies – such as the taxes on sales, property , fuel, vehicles, imports, alcohol and tobacco – it’s hardly surprising people don’t realize how much they actually pay.
But with such a hefty chunk of income being eaten up in this way, Charles Lammam, co-author of the report, said taxpayers should ask whether they’re getting value for money...