Wondering why your dollar doesn't stretch very far nowadays? Here's part of the reason.
A new study finds the average Canadian family spent more than 40% of its income on taxes last year: more than housing, food and clothing costs combined.
The Fraser Institute study found an average family earned an income of $109,235 and their total tax tab was nearly $47,000.
The average Canadian family spent 43% of its income on taxes compared to 35.6% on basic necessities.
The total tax bill for Canadians includes visible and hidden taxes (paid to the federal, provincial and local governments) including income, payroll, sales, property, carbon, health, fuel and alcohol taxes.
This is a dramatic shift since 1961, when about one-third of income went to taxes and about 56% to basic necessities..
Moreover, since 1961, the average Canadian family's total tax bill has increased nominally by 2,705%, dwarfing increases in annual housing costs (2,006%), clothing (478%) and food (901%).