Canada’s 43% Income Tax Exceeds Food & Housing Costs
The tax system in Canada is draining out every dollar earned from its citizens to the government’s kitty. A recent report published by the Fraser Institute shows that Canadians pay 43% in income tax. That’s more than spending on food, housing, and clothing combined. The Canadian Consumer Tax Index 2024 edition shows that Canada’s average income is $109,235 yearly. However, $46,988 is paid in income tax, equaling 43% of their income. They’re now left with $62,247 a year to meet housing demands, food, and clothing, among other necessities. Also Read: US Oil Industry Reaches Record Volumes Despite Fewer Workers An Average Family in Canada Pays 43% in Income Tax Yearly Source: thecoinrise While basic necessities become expensive due to inflation in Canada, taxes are following the same path. Income tax in Canada pinches the most out of people’s pockets, as it’s much more expensive than food, housing, and clothing in a year. Also Read: 2 New Countries Get I...