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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 165 days of this year – each day right up till today, June 15 – before bringing any money home for themselves and their families.
This year it falls four days later than last year, when it fell on June 11.
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 $86 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, we also calculated a "Balanced Budget Tax Freedom Day" — the day of the year when the average Canadian finally starts working for themselves... if the governments paid for all of this year’s spending with taxes collected this year.
That day won’t arrive until July 2 — another 17 days from now.
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
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