In 2024, the average Canadian family earning $147,570 will pay an estimated $65,766 in total taxes.
income taxes
An individual making C$50,000 per year faces a higher income tax rate in Ontario than in every U.S. state.
According to polling data, 80 per cent of Canadians don’t want average families to pay more than 40 per cent of their income in taxes.
The federal government raised the top income tax rate from 29 per cent to 33 per cent.
Expenditures on housing comprise less than half of what the average family pays in taxes.
Between 45 to 50 per cent of all federal revenue comes from the personal income tax.
The bottom 20 per cent of income-earning families pay 0.7 per cent of all federal and provincial personal income taxes.
By raising top tax rates, the government discourages entrepreneurship and innovation.
The top 20 per cent of income-earning households paid 61.4 per cent of the country’s personal income taxes in 2022.