Today is Canada's Tax Freedom Day

[NAB]

Today is Canada's Tax Freedom Day: Fraser Institute

If Canadians were required to pay all their taxes up front, they would have to hand over every dollar earned before today, according to calculations done by the Fraser Institute.

That’s why the think-tank celebrates Tax Freedom Day, to draw attention to the amount of taxes paid each year to local, provincial and federal governments.

Tax Freedom Day in 2011 was “celebrated” a day earlier, on June 10, which highlights a “worrying trend” toward higher taxes, said Fraser Institute associate director Charles Lammam in a news release.

Many provinces increased taxes in 2012, including B.C., which raised its provincial health tax. An improving economy and consumer spending also means higher consumption and income taxes.

The average Canadian family with two or more income earners will earn $94,259 and pay 44.2 per cent of their income or $41,627 in taxes on wages and salaries, interest and dividends, as well as pension payments and other transfers to government.

Social security, pension and medical taxes had the highest increase from 2011 ($507), followed by increases in sales tax ($297), income tax ($283) and property tax ($412).

"Many Canadians would be surprised to find out just how much tax they pay to various levels of government. In addition to more obvious taxes like income tax, 'hidden' taxes such as alcohol and gasoline taxes often go unnoticed," Lammam said.

Tax Freedom Day would have come even later if the federal government had raised taxes instead of running deficits to cover current spending, the report said.

Provincial Tax Freedom Day in B.C. was June 8.

http://www.vancouversun.com/business/20 ... story.html

You can calculate your personal Tax Freedom Day here: http://www.fraserinstitute.org/tools/pe ... lator.aspx

You can watch the “satirical R&B” video produced by the Fraser Institute for the special occasion here: http://www.youtube.com/watch?v=DrL04IlVH38

[French Castanut]

Quebec one must be somewhere in November..

[Captain Awesome]

Average Canadian family makes $100,000/year?

[Queen K]

I don't believe ANY Canadian would be surprised at how much tax they are paying on stuff. Maybe one or two stuck up North without communication devices of any kind, but that's about it.

[Type_O]

Union dues are deductible on taxes...

applies only to non-union employees.....

[Rwede]

As soon as Tricky Dixie gets his chance, BCers will see Tax Freedom Day on December 15th.

[The Green Barbarian]

As soon as Tricky Dixie gets his chance, BCers will see Tax Freedom Day on December 15th.

the few that stick around anyway.