April 26 roundup
On the tax burden of Canadian families, Flaherty’s move to rein in the CMHC and how to save without feeling like you’re broke all the time.
•A new report has confirmed what many Canadians already beleived to be true. Taxes cost Canadian families more than food, clothing and shelter combined, according to a new study by the Fraser Institute. Last year, the average Canadian family earned $74,233 in income and paid $30,792 in taxes, for a total tax bill representing 41.5% of family income.
•Finance Minister Jim Flaherty tabled legislation Thursday that will tighten regulations for Canada Mortgage and Housing Corp. The CMHC will be soon be brought under the direct supervision of the Office of the Superintendent of Financial Institutions. “Putting CMHC into OSFI hands may well represent a greater tightening of credit than Flaherty could have done by shortening amortization lengths or increasing down payments,” Ben Rabidoux said in a recent article for Maclean’s.
•Strategic splurging. Yes there is such a thing, according to the bloggers at MoneySavingMom. Learn how to save without feeling like you are broke all the time .
•Thursday is your last full day to enter for your chance to win one of three copies of the MoneySense Guide to Investing in Real Estate. Click here for instructions.