SURVEY: Canadians “Drowning In Debt,” And Things Are Getting Worse

Almost half of all Canadian households are struggling to cover their costs on a monthly basis.

More evidence of Canada’s deeply broken economy has emerged in a survey by MNP.

The survey shows a whopping 47% of Canadians saying they can’t cover their basic expenses without adding even more to their debt burden.

Additionally, 48% say that they have less than $200 left at the end of the month after paying their living costs and debt expenses.

In June, that number was at 44%.

Disturbingly, the amount of money Canadians have on average at the end of the month has gone down dramatically.

In June of 2017, Canadians had on average $892 left over at the end of the month.

Now, that number has fallen to $557.

What this survey shows is that nearly half the country is falling further and further into debt just to make ends meet, and have almost no cushion for any unexpected financial loss.

This puts Canada at serious risk of economic crisis, because a cascading collapse of purchasing power could occur if the economy took a serious downturn.

The solution to this is simple, cut taxes and dramatically spur infrastructure spending, to create good paying jobs, build a long-term foundation for economic growth, and put more money back in the pockets of Canadians now.

But instead, the Trudeau government is planning to keep raising the carbon tax, keep screwing over the energy industry, and keep squandering Canada’s economic potential.

So much for ‘helping the middle class.’

Spencer Fernando

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NancyW
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NancyW

But three quarters of ?Canadians voted for higher taxes and all these debt causing un freebies, they keep telling us in the lieberal paid advertisement news media, and according to this fake news Canada is growing and they want to increase minimum wage? I just read an article from the Conservative side from the USA and they are now setting up and operating their own lumber mills so will not need Canadian lumber. I also just read that the Chinese have bought a huge land parcel next to Niagara falls Marineland (Another bad lefty crime city) and hope to build… Read more »

Sue
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Sue

We will pay dearly for others stupidity. I was well aware what was happening.

Major Tom
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At the UN Rio Conference…..Didn’t the late great Canadian Maurice Strong say words to the effect…that we must destroy so we can rebuild?

Ron
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Ron

Ever wonder why Liberals are so concerned about the publics debt load YET have no problem with running up National debt? Me too. If citizens have more spendable income, ie not servicing debt, then they have more to be taxed to compensate for the govt’s frivolous spending. Seems to me if the country worked to get EVERYONE out of debt, except for house or major expenses, AND the federal govt was frugal and respectful of the money collected FROM taxpayers, we would have a VERY strong economy that could withstand a recession. But if the Country AND its people are… Read more »

Joanne
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Joanne

And yet millions of people voted for the carbon tax, massive government debt, and spending billions on a “climate emergency “. Only 1 out of 3 voted for lower taxes. People voted against their own economics interest.

shawn harris
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As long as Trudeau continues to use political correctness as his chosen tool to divide the country, combined with high taxes strangulating businesses, an ever increasing carbon tax and low interest rates, Canadians will see a downward spiral in both their standard of living and incomes and jobs. Consumers are left with no choice but to borrow, simply because Trudeau is more interested in gender bender ideology and saving the world by crushing our own economy than he is in improving productivity and the free flow of goods and services between the provinces. And the election results show just how… Read more »

Bruno
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Bruno

Oh Yes our Prime minister is selling us out and giving our money to everybody while I, who got no money have to part of sum of my measly allowance with homeless so they can buy themselves a coffee.He talks only about climate change, that gets him votes,but not of our standard of living and better life.While he is wearing designer suits and socks we are lucky to find some good clothes at Salvation Army Stores.Yes we have a perfect government who has a lot of homeless and hungry people that use food banks to survive.Welcome to Canada where the… Read more »