Majority of Canadians believe taxes are too high

Majority of Canadians believe taxes are too high

It is an eternal concern of any society for 5 millennia. Taxes! For Park-Extension residents it is also a concern especially in view of an exploding worldwide inflation new epidemic. Park-exers join over 72% of Canadians who believe that personal taxes are too high, and 42% believe that corporate taxes are too low, according to a survey conducted for the Montreal Economic Institute (IEDM).

The results released on Tuesday 18th of October 2022, reveal that only 21% of Canadians consider that taxes for individuals are “at an acceptable level”.

“The results of this survey clearly reflect the heavy tax burden on families. In these times of economic uncertainty, few of them have the leeway to build an emergency fund or any kind of cushion. Let’s not forget that taxes are by far the main household expense,” explained Olivier Rancourt, economist at the MEI.

The vast majority of respondents (71%) indicated that they were aware that an increase in the tax burden on businesses would end up penalizing them as consumers, because it would translate into higher prices.

“Citizens expect governments to do their part to ease their tax burden. They already feel overtaxed, and suspect that trying to extract more from companies will only penalize them,” said Krystle Wittevrongel, senior public policy analyst and leader of the Alberta Project at the MEI. More than 77% of Canadians believe that the wealthiest will be tempted to go into exile or transfer their assets to more attractive countries if their taxes rise too much.

For example, the government could cut federal gas taxes and save a family about $20 every time they fuel up their minivan. The carbon tax adds about 11 cents per litre to the price of gas and it has been planned to rise to 40 cents by 2030. Even after the rebates, the federal carbon tax is costing the average household at least $299 this year, according to the Parliamentary Budget Officer.

The poll conducted by Ipsos was conducted from September 27 to October 1, 2022 among 1,027 Canadian residents aged 18 and over.