A Canadian Taxpayer Hell

The typical Canadian tax-paying family is on the hook for over half a million dollars in public debt and $1,833 in monthly interest on top of what you personally borrowed.
The typical Canadian tax-paying family is on the hook for over half a million dollars in public debt and $1,833 in monthly interest on top of what you personally borrowed.

zSurveys suggest that too many Canadians are barely a paycheque away from financial catastrophe. And governments are eagerly supplying the catastrophe.

The Canadian Taxpayers’ Federation just noted that since taking office in 2003, the Ontario Liberals have added $14,000 per person to the provincial debt. So what exactly is the plan to cope with this mountain of fiscal obligations?

No, no, put down that glass. Instead take out your own family financial plan. I trust that unlike the government you have one. Look at your assets, liabilities, net worth and monthly expenses. Now fill the glass with red ink and dump it all over them.

Specifically, in Ontario, if you’re in a family of four, add $56,000 to your liabilities and, assuming you pay just four per cent interest, $2,240 to your annual payments. That’s $186 a month.

Oh, phew, you say. You had me worried for a moment. But don’t pour a post-crisis cold one yet, because that’s just what’s been added since 2003. Total provincial debt is fast approaching $350 billion. At $25,700 per person, that’s $102,800 per family of four, and monthly payments of at least $342.

Except about half of Ontarian’s pay virtually all the taxes. (According to Fraser Institute figures, the bottom half of all Canadian income earners pay just 15 per cent of all taxes, while some seven per cent of Canadian families don’t earn income.) So if you’re somehow making a decent living, you must nearly double all those numbers. Add $200,000 to your family debt, and $666 in monthly interest.

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See Also:

(1) Canadian home sales fall 14% to lowest level in 5 years on mortgage rule ‘collateral damage’

(2) ‘Nunavut is in crisis:’ Canadian Arctic communities plead for resources to deal with growing suicide and violence

(3) Liberals promise to resume foreign election monitoring that had ‘withered on the vine’

(4) The NDP think they bought off the teachers, but the teachers don’t stay bought

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