June 9th is Tax Freedom Day in Canada
Tax Freedom Day is the day in the year when the average Canadian family has earned enough money to pay Canadian federal, provincial and local/municipal taxes.
In 2014, the average Canadian family paid almost 44% of their income in taxes. Tax Freedom Day for 2014 falls on June 9th, one day earlier than in 2013, according to the Fraser Institute’s annual calculations.
After accounting for all taxes, the average Canadian family (with two or more people) in 2014 will pay $43,435 in total taxes, or 43.5 per cent of their annual income.
While each individual province celebrates Tax Freedom Day at around the same time of year, Alberta celebrates it a little earlier on May 23. Newfoundland and Labrador celebrate it a little later on June 22nd. Learn more about how each individual province fair, with the interactive infographic.