How is financial stress affecting Canadians?

A national survey conducted by Leger has found that 42% of Canadians rank ‘money’ as their greatest stress. That stress is driving Canadians to lose sleep, reconsider past financial decisions, argue with partners and lie to family and friends. Women report more financial stress than men.

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Taxes versus the Necessities of Life: The Canadian Consumer Tax Index, 2016 edition

  • The Canadian Consumer Tax Index tracks the total tax bill of the average Canadian family from 1961 to 2015. Including all types of taxes, that bill has increased by 1,939% since 1961.
  • The average Canadian family now spends more of its income on taxes (42.4%) than it does on basic necessities such as food, shelter, and clothing combined (37.6%). By comparison, 33.5% of the average family’s income went to pay taxes in 1961 while 56.5% went to basic necessities.
  • In 2015, the average Canadian family earned an income of $80,593 and paid total taxes equaling $34,154 (42.4%). In 1961, the average family had an income of $5,000 and paid a total tax bill of $1,675 (33.5%).

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