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Cost Of Living In CTV News Written By Kendra Mangione

989 Words4 Pages

In an article in CTV news, written by Kendra Mangione, it was reported that "Toronto is the best city in the world to live; however, the city’s cost of living is among the worst." (Mangione, 2015, January 30). Due to the fact that the cost of living is expensive in Toronto, people have problems living there. The cost of living includes housing, utilities, transportation, food and income taxes. In particular, most people spend 57.1% of all their cost of living for housing and minimum 15% of wages for income taxes ("Cost", 2016, July 06; "Canadian", 2016, April 20). In the case, the cost of housing and taxes increase, people who live in the city will continue to struggle. These days, the cost of housing is increasing in Toronto and people get stresses easily in order to pay income; as a result, it makes Torontorians worry about facing their financial stability soon. The …show more content…

Simply put, workers in Toronto have to pay minimum 15% of their wage as income taxes (2016, April 20). In addition, when they buy products in Toronto, they have to pay more 13% of the price as a harmonized sales tax (HST). HST is 5% Goods services Tax plus 8% Provincial sales tax ("Retail", 2015, June 09). After getting receipts, people will be surprised by unsuspected charges. As a result, they are supposed to reduce budget; moreover, they can get stressed about financial problems every month. As mentioned above that residents of Toronto have suffered from the high cost of living. Two main causes of the high cost of living are that expensive housing and high taxes. The Globe and mail's authors asserted that the government should limit the cost of housing and reduce the government charges and fees (Barnabic& Petramal& Tuckey, 2015, December 19). However, it is not a clear solution to solve the root causes. How can we reduce residents’ pains from the difficulties of living in

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