Do you know the current tax rates in Ontario?
Personal Tax Rates in Ontario
"The average Canadian family now spends more of its income on taxes (44.2%) than it does on basic necessities such as food, shelter, and clothing combined (36.3%). By comparison, 33.5% of the average family’s income went to pay taxes in 1961 while 56.5% went to basic necessities."
What Can You Do?
You have different ways to reduce the impact of taxation. Your tax advisor can help you. Insurance can be part of your strategies — especially if you're an incorporated professional or small business owner.