Housing costs and other expenses such as food and clothing may have increased in recent years but the average Canadian family spent more on taxes in 2016 according to a new study by the Fraser Institute.
Average family earnings in 2016 were $83,105, the study says. Housing including rent and mortgage payments, together with food and clothing totalled $31,069 while total taxes came to $35,283.
Housing costs accounted for 22.1% of Canadian household costs while taxes took a 42.5% share. Other necessities made up 37.4%.
“Taxes help fund important public services that Canadians rely on, but the issue is the amount of taxes governments take compared to what Canadians get in return,” said Charles Lammam, director of fiscal studies at the Fraser Institute.
“With more than 42% of their income going to taxes, Canadians might ask whether they’re getting good value for their tax dollars,” added Lammam.
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: