Friday, June 24, 2005

Three more sleeps until Tax Freedom Day

Each year, the Fraser Institute calculates Tax Freedom Day as the day of the year when taxpayers finally start working for themselves after paying the total tax bill imposed on them by governments. Prior to the Tax Freedom Day, the equivalent of all money earned by taxpayers is required to pay the numerous taxes, fees and levies imposed by federal, provincial and municipal governments. The original release and calculations is available here.

From New Year’s Day until noon on April 14th, taxpayers worked for the Canada Revenue Agency. After lunch on April 14th until the lunch break on June 17th, we toiled away for the provincial tax collectors. And from noon on June 17th until close of business Saturday, we worked for City Hall. This year Tax Freedom Day falls on Sunday, the day of rest for weary taxpayers.

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