Monday, June 08, 2009

Canadian Tax Freedom Day June 6/09

VANCOUVER, BC—Tax Freedom Day falls on June 6 this year, meaning the average Canadian family had to work more than five months in 2009 to pay the total tax bill levied on them by all levels of government, according to the Fraser Institute’s annual Tax Freedom Day calculations.

If Canadians were required to pay all of their taxes up front, they would have to pay each and every dollar they earned to governments prior to Tax Freedom Day.

“Tax Freedom Day provides Canadians with a clear, easy to understand, and accurate estimate of the total amount of taxes they pay to all levels of government,” said Niels Veldhuis, Fraser Institute Director of Fiscal Studies.

“The total tax bill paid by Canadians is much more than income tax. The reality is, the total tax bill assessed by all levels of government requires almost 43 per cent of an average family’s annual income.”

The taxes used to compute Tax Freedom Day include income taxes, property taxes, sales taxes, profit taxes, health, social security and employment taxes, import duties, license fees, taxes on the consumption of alcohol and tobacco, natural resource fees, fuel taxes, hospital taxes and a host of other levies.

The Fraser Institute has also produced a short, light-hearted video to commemorate Tax Freedom Day.


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