Tax Freedom Day in Canada Finally Arrives! :CRA SOTW
Finally free of taxes, for now
Canwest News Service
Published: Friday, June 13, 2008
VANCOUVER -- Today is Tax Freedom Day, that satisfying day Canadians stop working to pay off their annual accumulated taxes and can unofficially start working for themselves.
The yearly survey is computed by Vancouver-based think-tank the Fraser Institute, based on income tax, property tax, sales tax, alcohol and tobacco tax, fuel tax and the list doesn't stop there, taking into account federal, provincial and local taxes.
"Given the number of different taxes imposed on Canadians, it is virtually impossible to know exactly how much tax we pay," Niels Veldhuis, the institute's director of fiscal studies, said in a statement. "The point of Tax Freedom Day is to give people a comprehensive and easy-to-understand indicator of the total amount of taxes paid to all three levels of government."
Although June 14 signifies a now taxless year for the average Canadian, citizens in the majority of provinces should have already celebrated - only Quebec, Saskatchewan and Newfoundland fall after today's date. (June 19, 20 and 30 respectively.)
Albertans paid off their debt to society on May 28.
This year's national date moved up four days, from June 18, which was in turn five days up from the year before on June 23. But 2005 marked the latest Tax Free Day, on June 25, since the study began in 1961.
Recent tax cuts can be attributed to the shifting date, the Fraser Institute said, pointing to the federal GST cut and provincial tax breaks and reductions.
In 2008, the average Canadian family will earn $90,678, paying a total of $40,667 in taxes - or 44.8 per cent of its income. Income for the average family will increase by 2.8 per cent ($2,501) this year while the total tax bill increases 0.6 per cent ($223).
Many countries around the world also celebrate their own Tax Freedom Day, including Australia, Bulgaria, the Czech Republic and the United Kingdom.
© Canwest News Service
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Miss a Tax Tale Miss a lot!
Pop the link below into your browser to view the entire CRA SOTW Library!
http://canada.revenue.agency.angelfire.com
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Finally free of taxes, for now
Canwest News Service
Published: Friday, June 13, 2008
VANCOUVER -- Today is Tax Freedom Day, that satisfying day Canadians stop working to pay off their annual accumulated taxes and can unofficially start working for themselves.
The yearly survey is computed by Vancouver-based think-tank the Fraser Institute, based on income tax, property tax, sales tax, alcohol and tobacco tax, fuel tax and the list doesn't stop there, taking into account federal, provincial and local taxes.
"Given the number of different taxes imposed on Canadians, it is virtually impossible to know exactly how much tax we pay," Niels Veldhuis, the institute's director of fiscal studies, said in a statement. "The point of Tax Freedom Day is to give people a comprehensive and easy-to-understand indicator of the total amount of taxes paid to all three levels of government."
Although June 14 signifies a now taxless year for the average Canadian, citizens in the majority of provinces should have already celebrated - only Quebec, Saskatchewan and Newfoundland fall after today's date. (June 19, 20 and 30 respectively.)
Albertans paid off their debt to society on May 28.
This year's national date moved up four days, from June 18, which was in turn five days up from the year before on June 23. But 2005 marked the latest Tax Free Day, on June 25, since the study began in 1961.
Recent tax cuts can be attributed to the shifting date, the Fraser Institute said, pointing to the federal GST cut and provincial tax breaks and reductions.
In 2008, the average Canadian family will earn $90,678, paying a total of $40,667 in taxes - or 44.8 per cent of its income. Income for the average family will increase by 2.8 per cent ($2,501) this year while the total tax bill increases 0.6 per cent ($223).
Many countries around the world also celebrate their own Tax Freedom Day, including Australia, Bulgaria, the Czech Republic and the United Kingdom.
© Canwest News Service
-----------------------------------------------------------------------------------------------------
Miss a Tax Tale Miss a lot!
Pop the link below into your browser to view the entire CRA SOTW Library!
http://canada.revenue.agency.angelfire.com
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