Fraser Institute News Release: June 10 is Tax Freedom Day, when Canadians start working for themselves and not government
Sunday, 10 June 2018 VANCOUVER, British Columbia, June 10, 2018 (GLOBE NEWSWIRE) -- Canadian families celebrate Tax Freedom Day on June 10 this year, according to the Fraser Institute’s annual calculations.*Tax Freedom Day* 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.
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
Charles Lammam, Director, Fiscal Studies (in Vancouver)
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Tel: (604) 688-0221 Ext. 517
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The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute’s independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org