It’s Tax Freedom Day; average earnings have gone to gov’t until now

VANCOUVER —  Canadian families celebrate Tax Freedom Day today, June 10, this year, according to the Fraser Institute’s annual calculations.

The conservative-oriented think tank annually measures the total yearly tax burden imposed on Canadian families by federal, provincial and municipal governments. If you had to pay all your taxes up front, you’d give government every dollar you earned before Tax Freedom Day.

“It’s difficult for average Canadians to add up all the taxes they pay in a year because the different levels of government levy such a wide range of taxes, and that’s why we do these calculations—to give Canadians a better understanding of exactly how much they pay to government,” said Charles Lammam, director of fiscal studies at the Fraser Institute.

In 2018, the average Canadian family (with two or more people) will pay $50,464 in total taxes. That’s 43.6 per cent of its annual income ($115,724) going to income taxes, payroll taxes, health taxes, sales taxes, property taxes, fuel taxes, carbon taxes, “sin” taxes and more.

Represented as days on the calendar, the numbers add up to more than five months of income—from January 1 to June 9. It’s not until June 10—Tax Freedom Day—when families start working for themselves, not the government, on average across the country.

This year, Canada’s Tax Freedom Day falls on the same day as it did in 2017.

“Tax Freedom Day helps put the total tax burden into perspective, and helps Canadians understand just how much of their money they pay in taxes every year.”

Calculate your personal Tax Freedom Day using the Fraser Institute’s online calculator at www.fraserinstitute.org.

Tax Freedom Day for each province varies according to the extent of the provincially levied tax burden.

2018 Provincial Tax Freedom Days (earliest to latest)
Alberta May 22
Saskatchewan June 1
Prince Edward Island June 2
Manitoba June 3
British Columbia June 5
Ontario June 9
New Brunswick June 10
Nova Scotia June 15
Quebec June 21
Newfoundland & Labrador June 26
CANADA June 10
Scroll down to share this article. Scroll down to search nationvalleynews.com. Scroll down to comment.