Half of Canadians can’t afford Christmas gifts, says survey
An Ipsos survey for Global News says 40% Canadians are cutting back on Christmas spending. Only 11% will spend more.
Far too many Canadians may not be able to afford their Christmas gifts this year, a new, somber survey unveiled.
An Ipsos survey for Global News found that two in five (40%) Canadians are either too anxious about holiday spending or have committed to cutting back. That represents a double-digit increase year-over-year.
Of the 1,001 respondents, 47% of Canadians are budgeting more carefully this Christmas.
‘Taxpayers are losing out on more than $1 billion every week … because that money is going to pay interest on the government credit card,’ said Franco Terrazzano of the Canadian Taxpayers Federation.
— Rebel News Canada (@RebelNews_CA) September 26, 2024
READ MORE: https://t.co/YoC8iZeFmc pic.twitter.com/sg7CTk5dvT
Of the reasons stated, credit card debt remains top of mind, with 43% concerned they will never pay their debts. Another third (36%) would need another credit card to afford Christmas shopping.
Whereas 39% fear not having enough money to feed their families, raising concerns on inflation – one of the main reasons for the extra restraint, reported the Epoch Times.
Canada’s inflation rate is currently 1.9%, according to Statistics Canada. Meanwhile, grocery prices are rising faster than the rate of inflation, at 2.6%.
Of those surveyed, three-quarters (76%) blame inflation for “significantly” impacting their holiday plans. Another three-fifths (60%) will not spend more on Christmas with the cost of basic necessities up.
Only 11% of Canadians intend on spending more this year.
The latest report from the Canadian Taxpayers Federation shows that while local businesses have been crushed during the pandemic, the public sector grows and government workers continue to receive generous pay raises.
— Rebel News (@RebelNewsOnline) January 26, 2022
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The poll results came out just days after the two-month “GST Holiday” by the Trudeau government, which lasts until February 15, 2025. It could save taxpayers $2.7 billion, according to the Canadian Taxpayers Federation, but only extends on certain items like pre-made groceries, children’s clothing, drinks and snacks.
Ottawa said taxpayers will save as much as $300 on purchases worth more than $2,000 over the reprieve.
The Canadian Taxpayers Federation also released its annual New Year’s Tax Changes report last week to highlight major tax changes in 2025.
“Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, CTF Federal Director. “In 2025, the Trudeau government will yet again take more money out of Canadians’ pockets with payroll tax hikes and will make life more expensive by raising carbon taxes and alcohol taxes.”
🎉NEW YEARS TAX CHANGES
— Kris Sims (@kris_sims) December 18, 2024
⬆️Popping champagne will cost you MORE because Trudeau is hiking booze & payroll taxes!
(Don't tell Trudeau about all the carbonated water I drink, or he will slap a carbon tax on my bubbles!)
⬆️Carbon tax is getting HIKED in 2025
⬇️Alberta's income… pic.twitter.com/3GzdJBTIFh
Additional Canada Pension Plan and Employment Insurance contributions will amount to $403 next year. Those federal payroll taxes will cost a worker making $81,200 or more $5,507 in 2025. Their employer will also be forced to pay $5,938.
Next April 1st, consumers will also pay more carbon and alcohol taxes. Gasoline will go up four cents to 21 cents per litre of gasoline, while alcohol taxes will cost Canadians $40.9 million next fiscal year.
The federal carbon tax will cost the average household between $133 and $477 in 2025/26, even after rebates, according to the Parliamentary Budget Officer (PBO).
Following Budget 2024, the federal government also increased capital gains taxes and imposed a digital services tax and an online streaming tax, the Taxpayers Federation learned.
“Canadians pay too much tax because the government wastes too much money,” Terrazzano said. “Prime Minister Justin Trudeau should drop his plans to take more money out of Canadians’ pockets and deliver serious tax relief.”
Alex Dhaliwal
Calgary Based Journalist
Alex Dhaliwal is a Political Science graduate from the University of Calgary. He has actively written on relevant Canadian issues with several prominent interviews under his belt.
COMMENTS
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Bruce Atchison commented 2024-12-23 19:37:55 -0500What a Grinch Trudeau is. But instead of giving back everything to the WHOs of Whoville, he’s just giving us a few crumbs. His heart is a million sizes too small and it’ll never get any larger.
