Guess what? Today’s Tax Freedom Day

Canadians are giving 43.7% of their annual income to the tax man

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Canadians rejoice! You get to actually keep all the money that you earn—starting today. That’s right, June 10 is Tax Freedom Day, according to the Fraser Institute.

That means it took from the start of this year to June 9 for the average Canadian family to earn the money—an estimated $44,980— that will be collected by all three levels of government in the form of taxes. That’s 43.7% of the average annual income.

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Before you celebrate, note that your freedom from taxes is coming a day later than last year. That’s because the average Canadian family’s tax bill is growing at a faster rate than their income.

How much faster? Well, the average Canadian family is paying $1,353 more this year than in 2014 due to increases in income taxes, payroll and health taxes, sales taxes and auto, fuel and motor vehicle taxes.

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Still, Tax Freedom Day varies among provinces.  Lucky Albertans’ Tax Freedom Day came the earliest in the country, on May 19 and was in fact a day earlier than in 2014. Newfoundland and Labrador’s special day comes on June 21. Quebec’s Tax Freedom Day lands on June 16, a whole four days later than in 2014, due to the provincial government’s attempt to balance their budget.

Have a look below to see how much you’re taxed per $100:

tax freedom

(fraserinstitute.org)

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