If you're finding it tough to make ends meet these days, you're not alone. A new report from Statistics Canada says nearly one in ten Canadians is considered poor. About 3.2 million Canadians are now considered to be low income, including more than 600,000 children. And for the second straight year, the poverty rate went up to 9.6 per cent.
The statistics are based on 2009. In that year, StatsCan says families brought home smaller pay cheques, relied more on government transfers and paid less in taxes because of their lower income. Not only that, but Canadian household debt has reached a record-high. As a country, it now stands at 1-point-5 trillion dollars.
And a new report says more than half of Canadians who are in debt (57%) are borrowing money just to cover daily living expenses. Among retired households, one third are carrying an average debt of 60 thousand dollars.