A recent study done by the Fraser Institute shows that the average Canadian family has spent more on taxes than food and housing combined last year. The average family paid $34,154 in taxes last year including taxes passed along in the price of goods and services purchased.

The Vancouver based company estimates that the average income tax collected collected by government -provincial and federal, was $10,616 in 2015. Payroll and health taxes equaled $7,160, sales taxes at $4,973 and property taxes at $3,832. Also included in the total was taxes on profits, fuel, tobacco, liquor, natural resources, and import duties which totaled $7,573.

The Institute concluded that the total of the of taxes would have equaled 42.4% of the average Canadian family income in 2015, which is estimated at $80,593.

In comparison, the study estimates that the average Canadian family spent $30,293 on housing, food, and clothing last year which totals 37.6% of the family’s total income.

The objective of the report was to not trace the tax experience of a particular family but rather to trace the experience of an average families spending in a year.

If you’re unsure whether or not you qualify for a mortgage or want to determine how much you want to spend monthly on housing, contact me and I can refer you to a proven mortgage specialist.

 

Kari Calder

Saskatoon real estate agent

Century 21 Fusion

Kari@saskatoonrealestate.net

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