Canadian Tax Rate 2.5% Then, 37% Now! Study Reveals Real Numbers Behind ‘Growth’

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Toronto: As several countries, including Canada, celebrate the Queen’s Diamond Jubilee marking 60 years of the Queen’s reign, BMO Financial Group took a look at how key financial and economic indicators have changed over the past six decades, from the early 1950s to today.

 ”There has been a tremendous amount of change since 1952, including a rapid transformation of the global markets,” said Paul Taylor, Chief Investment Officer, BMO Harris Private Banking and BMO Global Asset Management. “More recently, while many countries have faced significant challenges, Canada has emerged as an economic leader and is in a strong fiscal position relative to our global peers.”

 Then and now. A comparative look back:

 Tax rate

2.5% (early 50s)

37.6% (Now)

Per capita income

$7074 (then)

$38065 (Now)

Inflation

$1 then is now equivalent to $8.62 (in other words, people’s income is less)

One Barrel of Oil                                 $2.77 (then)

$90.86(now)

An ounce of gold

$34.60 (then)                                             $1,590 (now)

Average cost of a home in Toronto

$14,424 (then)

$464,000 (now)

Average university tuition (annual)

 tuition (annual)

$450(then)

$5,366 (now)

Average cost of a car

$1,510 (then)

$30,748 (now)

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