A new study aims to bust the theory that Canadians pay too much tax.

The Broadbent Institute takes an open swipe at the annual Tax Freedom Day report from the Fraser Institute which calculates that Canadian families pay 40 per cent in tax, and a study by Macdonald-Laurier Institute which says the tax burden is increasing.

Broadbent says that using “more accurate statistical methods” it has calculated that the actual tax burden for a typical Canadian family is 24 per cent with income tax only for an individual worker aged 25-54 at 14 per cent.

It says that only 2 per cent of working Canadians pay more than 30 per cent in income tax with those earning $250,000 or more averaging 29 per cent.

Broadbent’s study also highlights that Canada’s tax burden in relation to GDP is lower than most of its OECD peers.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: