Tax Freedom Day - MoneySense

Tax Freedom Day

As of today, you can stop working for the taxman and take your money home. This and more in the daily roundup.

  • Monday, June 10 marks Tax Freedom Day in Canada, according to the Fraser Institute which tallies the number of days it takes the average Canadian family to make enough money to pay off their total tax bill for the year. This year, the day comes two days later than in 2012. Test drive the think tank’s online Personal Tax Freedom Day Calculator to determine your exact day.
  • Canadians are digging a little deeper for dad this Father’s Day. A new BMO poll has found that Canadians planning on buying a gift for dad intend to spend an average of $95 this year, up 10% from 2012. Sound like a lot? It’s interesting to note that Canadians tend to spend more on Mother’s Day. “Canadians are in the spending spirit this year when celebrating Mom and Dad. However, it’s wise to avoid over-spending and regardless of the occasion, always try to spend within your means,” said BMO’s Nick Mastromarco in a release.