Did you know the income taxes we pay were supposed to be temporary? More on that in a moment.
I don’t care if it’s called a levy, fee, tariff, duty or plainly tax; they are all taxes, and Canadians pay more than enough.
On average, we pay 43 per cent of our annual income in taxes when all three levels of government are included.
According to the Fraser Institute, our tax bill has gone up 2,705 per cent (180 when inflation is calculated) since 1961. They tally up the bill each year and publish a report.
Comparatively, housing has gone up 2,006 per cent, food, 901 per cent and clothing 478 per cent from 1961 to 2023.
Income tax in Canada was introduced during World War I. It was supposed to be temporary to help support the war effort. The initial reception was mixed and varied across different segments of society… sounds familiar, no?
The Carbon Tax is not meant to be temporary. It started at $20 per tonne in 2019 and is projected to be $170 per tonne by 2030. At its inception, the tax brought in $2.5 billion to government coffers; last year, it contributed $6.5 billion.
Rebates back to Canadians ranged from 64 to 76 per cent over those two years.
Although not the only reason for rising gas prices, it accounted for approximately 4.6 cents per litre in 2019 and is now over 17 cents per litre. The average price went up at that time from 1.20 to 1.65 per litre across the country.
What do we get for all this money?
Health transfers, pensions and social programs, employment insurance, public debt charges, and national defence—represent the most significant portions of federal spending.
Our national debt financing is over $35 billion each year and is growing. Yet, they can’t stop spending everyone else’s money.
Can I get the bank’s approval for a $40 billion deficit in my budget? Please?
Alas, Tax-Free Day, June 13, is past, so all the money you make until the end of the year is yours.
However, the fact it is six days longer than in 2017 and a full 54 days more than our friends down under (April 20 this year) should tell you everything you need to know.
As Benjamin Franklin said, “Nothing is certain except death and taxes.”
In Canada, we’re lucky; they tax both!
Read more – Opinion: Older than Archie – Meridian Source
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