The average family in Canada pays out 43.5 percent of their annual cash income in federal, provincial and local taxes. On June 9, Canada celebrated Tax Freedom Day. This is the day in the year when an average family has earned enough money to finally pay off its tax burden to all government entities. Charles Lammam, resident scholar in economic policy for the Fraser Institute explains it like this: “If you had to pay all your taxes up front, you’d give government each and every dollar you earn before Tax Freedom Day”. To bring attention to how much- and how long- it takes to pay off taxes, the Fraser Institute published this easy-to-understand infographic as well as this news release. Tax Freedom day this year is the date on which “Canadians start working for themselves and their families instead of the government”, but it comes a day later than last year. The average Canadian family’s total tax burden is increasing at a rate quicker than the increase in income, and the later date of Tax Freedom Day corresponds with a greater tax burden. The Tax Foundation releases a similar report every year for the United States and each of the individual states. Tax Freedom Day for the U.S. is April 18, meaning that on average this is the date when American families pay off all tax debts. You can see here how the different states compare - and compare them to the Canadian states as well. To learn more about the Fraser Institute, an Atlas Network partner, and the work they are doing to advance freedom in Canada, click here.
CANADIANS FINALLY GET TAX FREEDOM
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