Canadians pay a whopping 42.5 per cent of their income in taxes, according to a new report by the Fraser Institute.
An average family with an income of about $83,000 paid roughly $35,000 in taxes last year, the Vancouver, B.C.-based think-tank calculated. That overall tax bill accounts for federal, provincial and local taxes, including income, payroll, sales and property taxes.
By comparison, a typical Canadian household used only 37 per cent of its income on basic necessities, according to the report. Spending on housing (including rent and mortgage payments), food and clothing amounted to $31,000 for the typical family.
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