|
Dear John,
Today is Tax Freedom Day — when Canadian families start working for themselves!
If Canadians paid all their taxes up front, they would work the first 169 days of this year – each day right up till today, June 19 – before bringing any money home for themselves and their families.
This year, Tax Freedom Day comes eight days later than in 2019, the last year before the pandemic, and four days later than 2021 when it fell on June 15.
Tax Freedom Day helps put the total tax burden in perspective, and helps Canadians understand just how much of their money they pay in taxes every year!
But it doesn't tell the full picture on its own: Canadians should also be worried about the $47 billion in deficits the federal and provincial governments are forecasting this year, because they will have substantial tax implications in future years.
To better illustrate this point, the study also calculates a Balanced Budget Tax Freedom Day — the day of the year when the average Canadian finally starts working for themselves if governments paid for all of this year’s spending with taxes collected this year.
In 2023, the Balanced Budget Tax Freedom Day won’t arrive until June 27.
See the provincial breakdowns – and use our tax calculator to find your own personal tax freedom day! – by checking out the full study here.
Sincerely,
Niels Veldhuis
President
The Fraser Institute
|
