According to a recently released poll by Angus Reid, “nearly half of all Canadians say it has grown more difficult to afford to put food on the table over the last 12 months.”
Across all tax-brackets, more than 40% of respondents found that it had gotten harder, while the lower tax-brackets found it the most difficult.
In response, Canadians chose to switch to cheaper brands, switch to less healthy food, and to cut back on how much meat they consume. Lower-income Canadians are also “four times more likely to have used a food bank in the past year.”
This is very important as one in five Canadians now rely on food banks at least once in their life. A large sudden jump in use could be a major warning signal in regards to the economy, and the sustainability of the least well of.
The results overall, are unsurprising given economically destabilizing trade disputes Canada has faced with Saudi Arabia, China, and the United States recently, as well as the loss of potentially 12,500 jobs in the energy sector.
Much of that global instability led to the recent economic growth projection cuts from the IMF.
While most of this is explained through global loss, a notable portion could also be attached to Canada’s uncompetitive tax policies.
Canadians pay a 42.5 percent of their income in taxes, according to a report by the Fraser Institute.
According to a Financial Post article looking at the Institute’s analysis, “Canadian workers across the income spectrum”, nationwide, pay significantly higher personal income taxes than Americans.
“In fact, at incomes of $50,000, $150,000 and $300,000, among all 61 provinces and states in Canada and the U.S., the ten highest combined personal marginal income tax rates are in the ten Canadian provinces.”
What do you think about poll results? Have you found it harder to put food on the table?