Shocking: Total Taxes in Canada!

Have you heard of the Canadian Consumer Tax Index which tracks the tax rate the average family pays? 

The total tax bill for Canadian families has now grown to 42.3% of income in 2024vs 33.5% in 1961. 

The Canadian Consumer Tax Index Chart* indicates:

• Total taxes have increased 2,784%
• Family income has increased 2,186% 
• The Consumer Price Index increased 927% 

Your retirement can be negatively affected by increases in your total taxes as well as increases in the necessities of life such as food, shelter, and clothing. Various new proposed taxes will contribute even more to the rate of tax growth for Canadian retirees!

Call us to discuss taking control of your taxes with these solutions:

1. Invest in tax-efficient accounts
2. Invest in tax-efficient products that we recommend
3. Regularly re-evaluating your savings goals

*The Canadian Consumer Tax Index:

Taxes are rising faster than inflation and income How the Canadian Consumer Tax Index has         iincreased relative to other indices, 1961 – 2024

Source: Fraser Institute. July 2025. All expenditure items include indirect taxes. Average shelter expenditures for years prior to 1998 are estimates. The estimate is to take account of a change in the definition of shelter between the Family Expenditure Survey and the Survey of Household Expenditures. Expenditures for 2010 were estimated using the results of the 2009 Survey of Household Spending and adjusting final results for inflation. Expenditures for 2022 to 2024 were estimated using the results of the 2021 Survey of Household Spending and adjusting final results for inflation.

Your total tax bill. To compute the total tax bill of the average Canadian family, we need to add up all the various taxes that the family pays to federal, provincial, and local governments. This includes income taxes, payroll taxes, health taxes, sales taxes, property taxes, fuel taxes, carbon taxes, vehicle taxes, import taxes, alcohol and tobacco taxes, and the list goes on. ~ Canoe Financial Source: Fraser Institute. July 2025.

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