Canadians Celebrate Tax Freedom Day on June 10, 2015
On Tax Freedom Day, the average Canadian family has earned enough money to pay the taxes imposed on it by the three levels of government: federal, provincial, and local. In 2015, Canadians celebrate Tax Freedom Day on June 10. That is, Canadians will have worked until June 9 to pay the total tax bill imposed on them by all levels of government.
Tax Freedom Day in 2015 arrives one day later than in 2014, when it fell on June 9, because the average Canadian family’s total tax bill is expected to increase at a faster rate this year (3.1%) than the growth in income (2.1%). Governments across the country are partly to blame since many have raised taxes this year.
In 2015, seven provincial governments expect to run budget deficits. Had Canadian governments increased taxes even more to balance their budgets, the average Canadian family would have worked until June 13 to pay the tax bill. In other words, the Balanced Budget Tax Freedom Day arrives on June 14, four days later than Tax Freedom Day. In 2015, the average Canadian family will earn $102,874 in income and pay a total of $44,980 in taxes (43.7%).
Tax Freedom Day for each province varies according to the extent of the provincially levied tax burden. The earliest provincial Tax Freedom Day falls on May 19 in Alberta, while the latest falls on June 21 in Newfoundland & Labrador.