According to a new report by the Fraser Institute, more than 92.2% of Canadian families will pay higher taxes once the Canada Pension Plan tax increases are fully implemented by 2025.
The first of seven increases to CPP tax, which all working individuals must pay, begins in 2019.
The study’s co-author, Charles Lammam, broke down the tax fairly well:
“Canadian families will endure a significant tax increase and that tax bill will increase over time. The Trudeau government has talked a lot about cutting taxes for families. Based on the personal income tax changes they’ve already put in the case, we’ve found that’s not true for the vast majority of middle-class families.”
She furthermore broke down the projected cost to most families:
“We found that plus what has already been implemented will result in over 92% of all families with children in Canada paying higher taxes and they’ll be paying on average $2,200 more per year.”
Most interestingly, the report pointed out that the so-called savings the Trudeau government had originally touted regarding middle-class personal income tax cuts had been more than cancelled out by the increases in the CPP.
“The Trudeau government has repeatedly claimed to cut taxes on the vast majority of families and our findings show that’s not the case… The focus has been on the federal rate cut from 22% to 20.5% — however, the reality is they’ve introduced several other tax changes both to the personal income tax system they’ve spearheaded with the provinces, CPP, which will result in higher payroll taxes.”
This $2,200 is also not the only fee or heavy cost that Canadians are dealing with.
Compounded with the effects of the carbon tax, increases on interest rates caused by government overspending, and high housing costs nationwide, it’s no wonder Canadians are tired of our tax and spend government.
What do you think about this report? Let us know below!
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