Turns out, advisors aren’t the only ones with regulatory headaches.
The average Canadian also struggles when trying to comply with federal rules and requirements, says Impact of Regulation on Canadian Individuals. Along with doing taxes each year, people also find it stressful and time consuming to apply for and renew their passports, driver’s licenses and vehicle registrations, among other activities.
Collectively, families spend an average of $730 per year completing these tasks, says the report. The figure is based on applicable fees and the value of time spent.
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Filing taxes costs Canadians approximately $6.7 billion in total, for instance, excluding actual taxes paid. Passports cost $645 million a year, while vehicle-related requirements cost $1.7 billion.
“These numbers barely scratch the surface,” says CFIB’s executive vice president Laura Jones. “If you’re renovating your home or applying for a student loan, [for example], there are costs and paperwork involved.”
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Further, “Small business owners are doubly affected by red tape, [since] they deal with it as individuals and as entrepreneurs,” says Jones.
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