Today marks “Tax Freedom Day,” according to the Fraser Institute.
It’s a day the institute calculates every year to determine how much Canadians are really paying in taxes – according to them, 43.7 percent of the average family’s income goes towards taxes, which is how much you earn from January 1 to June 10.
That represents about $44,980 of their annual income or $44 of every $100 earned.
“Without our Tax Freedom Day calculations, it’s nearly impossible for Canadian families to know all the taxes they pay each year because federal, provincial and local governments levy such a wide range of taxes,” says Charles Lammam, director of fiscal studies at the Fraser Institute and co-author of the yearly study, in a press release.
This year’s “Tax Freedom Day” comes a day later than last year’s and Lammam says that’s because tax rates are increasing faster than income rates.
“Governments across Canada are partly to blame for the increased tax burden because many have raised taxes again this year,” Lammam says.
This is a national average taken across all provinces. B.C. does a little better than many other provinces, with a “Tax Freedom Day” of June 6, which is the same as last year.
This infographic breaks down each province’s “Tax Freedom Day” and shows what percentage of your income goes to each tax.
Here’s a list of each province’s “Tax Freedom Day” from earliest to latest:
- Alberta: May 19
- B.C.: June 6
- Saskatchewan: June 6
- Prince Edward Island: June 8
- Ontario: June 10
- Manitoba: June 11
- Nova Scotia: June 13
- New Brunswick: June 14
- Quebec: June 16
- Newfoundland & Labrador: June 21