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

Police sketch shows suspect in assault of 23-year-old woman

Incident took place Nov. 14 on Maclure Road in Abbotsford

Vancouver concert promoter bans Nazi symbols at shows

A man was witnessed making a Nazi salute during a heavy metal show at Pub 340

#MeToo at work: Employers play a role in fixing culture of harassment

B.C. workplaces are getting ahead of being the next MeToo debacle, calling on experts to train staff

Fire reported after five people observed throwing rocks through windows of business

Blaze broke out early Friday morning on Bourquin Crescent West in Abbotsford

Woman charged with attempted murder after Mission assault

Victim in hospital in stable condition after Maple Ridge woman allegedly attacks him

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Six straight for streaking Giants

Vancouver blanks Cougars on Teddy Bear Toss night at Langley Events Centre

Family suspends search for missing Alberta couple, plane near Revelstoke

Due to bad weather, families of missing Albertan couple say they will resume in the spring

Canadian grocers make $3M per year from penny-rounding: UBC study

Ottawa announced plans in 2012 to phase out the copper coin

Sagmoen neighbours recall alleged hammer attack

Woman was screaming outside Maple Ridge townhouse in 2013

B.C. anti-hate campaigner finds Google search on his efforts redirects to porn

Text from online news article about Cran Campbell being used to link to suspect websites

‘The Last Jedi’ opens with $220M, 2nd best weekend all-time

As anticipated, the movie fell shy of the opening weekend for J.J. Abrams’ 2015 franchise reboot

2 couples tie the knot in Australia’s 1st same-sex weddings

West Australian couple Anne Sedgwick, Lyn Hawkins have been together for 40 years

Most Read