June 9 is tax freedom day

Today is the day when the average Canadian family has made enough money to pay its annual taxes, says the Fraser Institute.

A typical Canadian family earns $99,841 and pays 44% of that, or $43,435, in taxes to the federal, municipal and provincial governments.

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The Fraser Institute says this year’s tax freedom day falls one day later than 2013, which is in part because some governments are increasing their taxes. The latest tax freedom day on record was June 24, 2000. In 1961, taxes were low enough that Canadians earned enough income to cover their taxes in April.

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Canadians’ individual tax freedom days vary depending on the provinces they live in. Albertans break even first on May 23, with the lowest provincial tax in the country, while Newfoundlanders are last to the finish line on June 22.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.