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

Penticton Lakers curling team headed to high school provincials

Penticton Secondary School Lakers boys curling team will represent the zone at provincials

Premium electric rate for home-based businesses

After more than three decades, home businesses pay the same power rate as other Penticton residents

Penticton cyclist takes city to court over injuries

The man claims a depression in the road caused a crash, resulting in rib and facial fractures

Slayer adds Penticton to North American tour

Slayer adds the South Okanagan Events Centre as a stop on their last world tour

Tagger causes $30,000 damage

Penticton looking for help finding person responsible for graffiti

Tsunami warnings 101: Canada

Here are some things to know about tsunami alerts in Canada and how they work

Castlegar homicide victim identified

The victim was 38-year-old Jordan Workman of Castlegar, B.C.

B.C. Liberals get one last prime-time pitch

Leadership campaign to be decided in Feb. 3 vote

Team chaplain reflects on time with Silverbacks

Kenny Toews served as a mentor and spiritual leader to the team for six seasons

Drawings connect autistic student with the world

Leifen Mitchell-Banks creates colourful cartoon characters at Salmon Arm Secondary.

Andrew Scheer on trade, Trump and Trudeau

Canada’s Conservative leader begins three-day visit to B.C.

10 Safeways in Lower Mainland to close, union says

Locations in Vancouver, Burnaby, Surrey, Coquitlam, Richmond and Mission slated to shut

Victims restrained, sex toys and cash stolen from B.C. adult store

Armed suspects sought in adult store robbery

‘Miraculous that nobody was killed’

Tanker full of aviation fuel involved in Highway 3 crash

Most Read