Canada's National Debt in 2023

Roy L Hales/ Cortes Currents - According to the Canadian Taxpayers Federation, the National Debt is now close to $1.21 trillion dollars, which amounts to $30,602 per Canadian. The government expects to pay more than $46.5 billion to service the debt for 2023/24. This exceeds 10% of the federal revenue threshold, recommended by David Dodge, former Bank of Canada Governor. A report from the Fraser Institute states: “In 2021, the average Canadian family (in which two partners are working) earned an income of $99,030 and paid total taxes equaling $42,547 (43.0%).” What does this mean on Cortes Island?

According to the 2021 census, only 255 residents reported a personal income of more than $50,000. (30 people earned $100,000 or more.) That’s a little more than a quarter of the population for whom high taxes are a reality.

The median individual income was $29,400, of which approximately $1,600 went to income tax. There were also 250 residents whose income was less than $20,000, which means they probably did not pay any income tax.

This does not mean that Cortesians aren’t working. We had a workforce of 490, of which 220 were ‘full time employees’ and most of the others were ‘self employed.’ (Many are allegedly juggling two or more jobs.) 65 people reported they had seasonal employment and 70 collected employment insurance.

Another 375 residents were over the age of 65 and presumably collecting pensions.

For most Cortesians, the real concern is the government’s financial stability rather than increased taxes. (I.E.- are we heading for a financial collapse?)