THE REGIME AND ITS AGA KHAN AFFAIR TO SPREAD FAKE NEWS Canadian families hit hard as taxes surpass the cost of living, eroding standard of living
Financial security is on the decline in Canada as taxation and inflation skyrocket, outpacing spending on all basic necessities combined.
Earlier this month Deputy Prime Minister and Minister of Finance Chrystia Freeland asserted that "Canada is the best country in the world," failing to recognize that Canada’s living standards are declining rapidly relative to other developed nations.
Freeland’s remarks came just weeks before the recent report from the Fraser Institute that found Canadians pay nearly half of their income to taxes, more than all of their basic necessities combined.
“The average Canadian family now spends more of its income on taxes (43.0%) than it does on basic necessities such as food, shelter, and clothing combined (35.6%),” said the report. By comparison, 63 years ago in 1961, 33.5% of the average family’s income went to pay taxes and 56.5% went to basic necessities.
According to the report, there has been a steady increase in taxation since that time, with noticeable jumps in 2022 and 2023.
The report highlights that federal and provincial budget deficits, which surged during the hysterical COVID-19 response, will eventually need to be repaid through taxes. However, this deferral means that if the cost of deflected taxes were considered, the average family's tax bill would be significantly higher.
As taxes have continued to outpace every other basic expenditure since 1961, it’s clear that this is only dampening the economy, with bad policy and regulatory burdens driving out innovation and investment.
Financial security is on the decline in Canada as taxation and inflation skyrocket, outpacing spending on all basic necessities combined.
Earlier this month Deputy Prime Minister and Minister of Finance Chrystia Freeland asserted that "Canada is the best country in the world," failing to recognize that Canada’s living standards are declining rapidly relative to other developed nations.
Freeland’s remarks came just weeks before the recent report from the Fraser Institute that found Canadians pay nearly half of their income to taxes, more than all of their basic necessities combined.
“The average Canadian family now spends more of its income on taxes (43.0%) than it does on basic necessities such as food, shelter, and clothing combined (35.6%),” said the report. By comparison, 63 years ago in 1961, 33.5% of the average family’s income went to pay taxes and 56.5% went to basic necessities.
According to the report, there has been a steady increase in taxation since that time, with noticeable jumps in 2022 and 2023.
The report highlights that federal and provincial budget deficits, which surged during the hysterical COVID-19 response, will eventually need to be repaid through taxes. However, this deferral means that if the cost of deflected taxes were considered, the average family's tax bill would be significantly higher.
As taxes have continued to outpace every other basic expenditure since 1961, it’s clear that this is only dampening the economy, with bad policy and regulatory burdens driving out innovation and investment.
Meanwhile, the Liberals prioritize funding things like the failed billion-dollar drug and substance use strategy that has only seen an increase in overdoses and illicit drug related harms across the nation, and proxy wars in Ukraine with recent budgetary allowances showing Canada has committed over $12.4 billion in financial assistance to Ukraine, instead of reinvesting here at home to help Canadians.
With a pandemic hiring spree bureaucracy that became turbocharged during the government-sanctioned COVID-19 pandemic response, bloating three times faster than the private sector that lagged substantially behind, it’s time for Canadians to reign in reckless government spending, advocate for smaller, more efficient government, and push for policies that restore a higher quality of life.
CANADA: IS IT ONE OF THE RICHEST GROUP, THE G7, OR IS IT PROVING ITSELF TO BE A THIRD WORLD COUNTRY?
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