VIDEO: June 9 is Tax Freedom Day

If taxes had to be paid up front, Fraser Insititute calculates it would take until June 8

Today is the first day of the year our income is entirely our own.

That’s according to Fraser Institute’s annual calculation that June 9 is this year’s Tax Freedom Day.

Each year, the Vancouver-based think-tank adds up the total yearly tax burden for Canadian families by federal, provincial and municipal government.

The idea is that if taxes had to be paid up front, Tax Freedom Day marks the first day of the year families can start keeping their entire income, instead of being used to pay their taxes.

In 2017, the average Canadian family will pay about $47,000 in total taxes. That’s 43.4 per cent of their annual income going to income taxes, payroll taxes, health taxes, sales taxes and more.

“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 institute.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Is it time for your mammogram?

Screen Test is coming to Maskwacis on October 15 and 16, and… Continue reading

Man pointed firearm around Wetaskiwin Circle K store Sept. 14

Wetaskiwin RCMP investigate firearms offences

Mulhurst Bay revitalization project discussed Aug. 13

Three phase project includes price tag over $900,000

Cow feeding economics for the 2019-20 winter season

Keep in mind prrice and availability of feed

Boat and trailer purchase necessary, hears county council

Several departments needed a better boat says CAO

VIDEO: Liberals make child care pledge, Greens unveil platform on Day 6 of campaign

Green party leader Elizabeth May unveils her party’s platform in Toronto

Alberta spends $3M to hire 30 nurse practitioners for remote areas

Province has 600 nurse practitioners, but minister says most work in hospitals or outpatient clinics

Rick Mercer calls out Conservative candidate in B.C. for fake meme

‘Not true. All fake. Please Stop,’ tweeted Rick Mercer in response

Sylvan Lake man charged with wife’s murder

Satnam Singh Sandhu, 41, will appear in Red Deer Provincial Court on Sept. 18

National weather forecasters predict average fall, cold winter

The Weather Network says precipitation will about average in most parts of Canada

Conservatives promise tax cut that they say will address Liberal increases

Scheer says the cut would apply to the lowest income bracket

Fewer trees, higher costs blamed for devastating downturn in B.C. forestry

Some say the high cost of logs is the major cause of the industry’s decline in B.C.

Most Read