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

Trail police release image of liquor store robber

The video surveillance image shows the robber aiming a black gun at the store’s clerk

More snow called for the Kootenays

Environment Canada issued the bulletin Tuesday under its “BC Traveller’s Routes forecast”

Castlegar daycare selected for univeral child care pilot program

MLA Katrine Conroy presents letter of acceptance to the program to the Children’s Centre at Selkirk College

Kootenay employers ready to meet job seekers at Black Press career fair

Dozens of companies will attend the event on Nov. 15 at the Ktunaxa Nation Building in Cranbrook

Sandblasting Silver City skate sign

The Trail Sk8 Park was closed on Thursday so workers could ready a sign for painting

VIDEO: Amazon to split second HQ between New York, Virginia

Official decision expected later Tuesday to end competition between North American cities to win bid and its promise of 50,000 jobs

Kuhnhackl scores 2 odd goals as Isles dump Canucks 5-2

Vancouver drops second game in two nights

Stink at B.C. school prompts complaints of headaches, nausea

Smell at Abbotsford school comes from unauthorized composting operation

Fear of constitutional crisis escalates in U.S.; Canadians can relate

Some say President Donald Trump is leading the U.S. towards a crisis

B.C.-based pot producer Tilray reports revenue surge, net loss

Company remains excited about ‘robust’ cannabis industry

Canada stands pat on Saudi arms sales, even after hearing Khashoggi tape

Khashoggi’s death at Saudi Arabia’s consulate in Istanbul further strained Riyadh’s already difficult relationship with Ottawa

Feds pledge money for young scientists, but funding for in-house research slips

Canada’s spending on science is up almost 10 per cent since the Liberals took office, but spending on in-house research is actually down

Disabled boy has ‘forgiven’ bullies who walked on him in stream, mom says

A Cape Breton teen who has cerebral palsy was told to lie in a stream as other kids walked over him

Letters shed light on state of mind of B.C. mom accused of daughter’s murder

Trial of South Surrey mother Lisa Batstone begins in BC Supreme Court

Most Read