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

VIDEO: Pedestrian hit in Newton

A teenage pedestrian was struck down by a car, in a marked crosswalk, in Newton this morning.

Trial begins for man charged with 2010 murder of Mandy Johnson

Langley single mom was fatally shot while in vehicle in Abbotsford

SkyTrain for Surrey wants LRT pulled from Mayors’ Council plan

Mayor Linda Hepner rejects any notion that the project can wait

White Rock to renew BNSF lease

Agreement with railway, entering its last five year renewal option, will expire in 2023

Garage sale brings out some unusual characters such as Langley’s Holly Zonneveld

A gaggle of comedic individuals unite in Surrey Little Theatre’s latest production.

VIDEO: Orcas put on a show near Hornby Island

Louis Jobodin shares photos and video of his experience

Packed house gives Giants extra boost

Largest crowd at Langley Events Centre since opening night last season

Bank of Canada hikes interest rate to 1.25%, cites strong economic data

The rate increase is expected to prompt Canada’s large banks to raise their prime lending rates

5 to start your day

BC Liberals staffer in court for ethnic vote scandal, friends mourn boy killed in Vancouver and more

Trump aces mental aptitude test designed by Canadian immigrant

“This is a good example, I think, that will be helpful to change views about immigration. And maybe for Mr. Trump himself to consider immigrants as contributors to advancing science, advancing our societies.”

Rival Koreas agree to form first unified Olympic team

The rival Koreas took major steps toward reducing their bitter animosity

Canada, U.S. lead call for sanctions against North Korea

Foreign ministers from 20 countries are meeting in Vancouver to discuss security and stability on the Korean Peninsula

Federal NDP Leader Jagmeet Singh announces engagement

Federal NDP Leader Jagmeet Singh engaged to clothing designer Gurkiran Kaur

Hijab-cutting case highlights ethical issues with putting kids in spotlight

A Toronto police investigation has concluded a girl’s hijab was not cut by a scissors-wielding man as she walked to school

Most Read