Canadians Are Spending on Housing

Albertans lead the country on spending money, based on a new survey on household spending released at the end of January by Statistics Canada.  The figures are indicative of tax and financial planning opportunities required by families at all ages.

In general, spending on goods and services rose 2.5% between 2014 and 2015 with couples with children spending the highest amounts - an average of $84,300; and single income seniors age 65 years and over spending the least at $29,700.

Shelter costs accounting for 29% of all spending, transportation 19%, and food 14%. The biggest spenders were in Western Canada:

• Albertan households spent $76,535
• Saskatchewan households spent $65,959
• BC households spent $64,797
• Ontario households, by contrast, spent $62,719

Average spending on shelter costs by homeowners was $19,478, representing 28.2% of total spending while renters spent 31.2% of their total consumption on shelter costs:  $13,518.  The costs were most expensive in cities with populations of 1 million or more.

Spending on food is highest in Alberta as well ($10,171) and lowest in Nova Scotia ($7478) while seniors spent the least on food (only $3820 from stores and $1179 from restaurants).

However, when it comes to health care, almost 4% of all spending for Canadian households is on out-of-pocket medical costs – an average of $2,361.  Costs of private health insurance premiums, prescription and non-prescription medications, eyewear and dental costs were the key costs.   For seniors, the amounts were significantly higher: 6.1% of all  spending was for medical care; compared to 2.2% for someone under 30.

Meanwhile communications costs have risen to close to $2200 in 2015.  Over 27% of Canadian households have only a cell phone (no land line); up from 23.7% in 2014.  Also 86.9% of all Canadian households have internet access.  In both categories, Albertans were the highest users in Canada.

Knowledge Bureau is pleased to offer certification in Debt and Cash Flow Management.  For more information on this online program click here or call Registrar Office at 1-866-953-4769.

Evelyn Jacks is President of Knowledge Bureau, Canada’s leading educator in the tax and financial services, and author of 52 books on family tax preparation and planning.

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