The money Canadians earned by showing up for work Monday is theirs, all theirs, according to a think-tank that dubbed the date Tax Freedom Day.
The Fraser Institute said Monday can be considered the day when Canadians have paid off all the taxes placed on them by every level of government and at which time they start "working for themselves."
Every year the institute calculates the threshold. This year's date, June 6, is two days later than last year.
The institute said the economic recovery contributes to this year's later date. Because Canadians who earn more are taxed more, an economic recovery that brings higher incomes actually pushes back the milestone.
The institute also said that Quebec, British Columbia, Manitoba and Prince Edward Island all increased at least some taxes this year.
This year's Tax Freedom Day coincides with the expected delivery of the federal budget, and the think-tank offered some advice for Finance Minister Jim Flaherty.
Additional taxes to pay for current government spending levels -- instead of running deficits -- would push back Tax Freedom Day a full 16 days, it said.
The think-tank says it calculates Tax Freedom Day by imagining Canadians have to pay all their taxes up front. And it's based on forecasts of personal income, and federal and provincial budget tax revenue.
While Monday is the national date for Tax Freedom Day, it varies by province.
Alberta has the earliest Tax Freedom Day, on May 18, while Newfoundland and Labrador has the latest, at June 19.
The others were:
• Prince Edward Island on May 27;
• New Brunswick on May 31;
• Manitoba on June 1;
• Ontario on June 4;
• Saskatchewan and British Columbia on June 6;
• Nova Scotia on June 7; and
• Quebec on June 10.
Related Stories
