CANADIANS PAYING LIFETIME TAX BURDEN

 

• Federal debt has risen substantially during the COVID-19 pandemic and is projected to continue rising for the foreseeable future. Large deficits come with costs and Canadians will have to pay for our borrowing today through additional taxation implemented at a later date.
• This bulletin demonstrates that Canadians aged 16 to 80 in 2025 can expect to pay an additional $332.5 billion in personal income taxes over their lifetimes (on a present value basis) to pay for the projected federal debt accumulation since 2019. On average, Canadians between the ages of 16 and 80 will each pay $10,498 in additional taxes.