The Fraser Institute says today is Tax Freedom Day for Canadian taxpayers:
Tax Freedom Day for the average Canadian family falls on June 9, one day later than in 2013, according to the Fraser Institute’s annual calculations.
Tax Freedom Day measures the total tax burden imposed on Canadian families by the federal, provincial and local governments. If you had to pay all your taxes up front, you’d give government each and every dollar you earned before Tax Freedom Day. The later the Tax Freedom Day, the heavier the tax burden.
“Without our Tax Freedom Day calculations, it’s nearly impossible for Canadian families to know all the taxes they pay because governments levy such a wide range of taxes including income taxes, payroll taxes, health taxes, sales taxes, property taxes, fuel taxes, vehicle taxes, profit taxes, import taxes, ‘sin’ taxes on liquor and tobacco, and more,” said Charles Lammam, resident scholar in economic policy at the Fraser Institute and co-author of Canadians Celebrate Tax Freedom Day on June 9, 2014.
After accounting for all taxes, the average Canadian family (with two or more people) in 2014 will pay $43,435 in total taxes, or 43.5 per cent of their annual income. On the calendar, this percentage translates into a June 9 Tax Freedom Day, when Canadians start working for themselves and their families instead of government.
