Today, June 10, is the day when the typical Canadian family stops working to pay the tax man, and starts working to pay themselves.
That's according to an annual analysis by the Fraser Institute, which has declared today its annual "Tax Freedom Day."
By the Fraser Institute's math, the average Canadian family will work for more than five months' worth of income — from January 1 to June 9 — to pay the various and sundry taxes from all three levels of government before taking any of it home.
Adding up all the income taxes, payroll taxes, health taxes, sales taxes, property taxes, fuel taxes, vehicle taxes, profit taxes, import taxes, "sin" taxes and more, the average Canadian family (with two or more people) will pay $44,980 in total taxes or 43.7% of its annual income toward taxes.
That theoretical bill is paid in full today, which means we're all working for ourselves from here on out.
The group says this year, the day falls one day later than it did last year because the total tax bill has increased by 3.1%, and that's more than a 2.1% increase in incomes.
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