While the aggregate economy grew, inflation-adjusted GDP per person declined during the second quarter of 2024.
cost of living
The labour market has also softened, with job growth slowing and the unemployment rate rising.
Eighty-six per cent of middle-income families now pay more in taxes than they did in 2015.
Canada’s GDP per person increased by $1,325 during this period compared to the OECD average increase of $5,070.
Canada's per-person GDP—a broad measure of living standards—fell 0.2 per cent during the first quarter of 2024.
Expenditures on housing comprise less than half of what the average family pays in taxes.
The average Canadian family paid 45.3 per cent of its income in taxes last year.
For some Albertan families, the cost of the new regulations could eclipse $2,260 annually.
In 2030, the new regulations, combined with the carbon tax, will increase the cost of gasoline by up to 54 cents.