Skip to main content

“I am a Canadian, free to speak without fear, free to worship in my own way, free to stand for what I think right, free to oppose what I believe wrong, or free to choose those who shall govern my country. This heritage of freedom I pledge to uphold for myself and all mankind.” ~~ John G. Diefenbaker

FRASER INSTITUTE – May 24th is Tax Freedom Day

 

As the old saying goes, there are only two certainties in life: death and taxes.

 

Everyone is aware of that big chunk of money that comes off their paycheque, and everyone knows that you pay more than the sticker price when you’re shopping, once taxes are added.

 

… have you ever wondered how much you actually pay in taxes each year?

 

While tax returns help us understand how much income tax we pay, it’s difficult for most Canadians to calculate their total tax bill.

 

In Canada we pay many different taxes to the federal, provincial and local governments. Some of these taxes are visible – but many are hidden, which adds to the confusion about how much we actually pay.

 

Not only do we pay income taxes, we also pay property taxes, payroll taxes such as the Canada Pension Plan, health taxes, sales taxes such as the GST, carbon taxes, taxes on gasoline, taxes on imported goods, “sin” taxes and so on.

 

Understanding your family’s total tax burden is important to assess the value you receive from government services and income transfers. It’s ultimately up to Canadians to decide if they receive good value for these services.

 

In 2021, we estimate the average Canadian family (consisting of two or more people) earning $124,269 will pay $48,757 in total taxes — or 39.1% of their income.

 

In other words, if you paid all your taxes for 2021 up front, you’d give some level of government every dollar you earned before May 24 — Tax Freedom Day. After working the first 143 days of the year for government, you’re now working for yourself and your family.

 

But Canadians also need to understand the tax implications of the $234 billion deficits our federal and provincial governments are running this year. In short, we’re spending more today than we’re raising in taxes, and the difference between the taxes collected and what we’re spending are simply taxes deferred into the future.

 

To see how these deficits impact Tax Freedom Day, we calculated what it would be if the government paid for all its spending today with taxes collected today — we call that the Balanced Budget Tax Freedom Day.

 

And in 2021, the Balanced Budget Tax Freedom Day won’t arrive until July 7 – another 44 days from now.

 

CLICK HERE to learn more about this yearly study, and to find out when your personal tax freedom day is, CLICK HERE!

Comments

Post a Comment

Popular posts from this blog

Interfor Moves Headquarters Out of BC as Forestry Crisis Continues

NDP policies are driving businesses out of B.C., and the forestry industry just suffered yet another calamity. Interfor, a BC company founded more than 60 years ago and now one of the world's largest lumber producers, is moving its headquarters from Burnaby, BC to Atlanta, Georgia. As BC’s forestry sector faces mill closures and mounting uncertainty, this move is another warning sign that the crisis is deepening and conditions are fatal. “This is the NDP’s record: endless job losses with no hope in sight for the forestry sector,” said Ward Stamer, Shadow Minister for Forestry. “Interfor still has three mills in BC which are now in serious jeopardy, and it is likely we will see even more companies pull out of BC. The NDP government is suffocating the forestry industry with high taxes, excessive regulations, and permitting delays, while DRIPA has made it impossible to plan for the future.” “Decisions like this are sadly not surprising given the NDP’s indifference if not hostility tow...
Post a Comment
Read more

Okanagan Farmers Face NDP-Created Water Crisis ~~ BC Conservatives

Okanagan farmers are facing a water crisis as government-imposed restrictions threaten to kill their crops and destroy one of B.C.’s most important agricultural industries. In perhaps the most water-rich province in the country, our farmers have been left high and dry by the NDP government. For nine weeks, Okanagan and Shuswap farmers have proposed solutions, only to be met with NDP foot-dragging. Now forest fires have come to these regions as they are simultaneously reckoning with a water crisis that has been made worse through years of government inaction. Vernon-area farms have lost 70 percent of their water, while Kelowna and Summerland growers face severe restrictions. This situation is unacceptable and cannot continue. Ian Paton, Shadow Minister for Agriculture, said the NDP is once again forcing farmers to pay for its own failure to plan. "Farmers and ranchers must be listened to when decisions affecting their livelihoods are made, and under the NDP, they aren’t," said...
Post a Comment
Read more

NDP Hypocritically Admits Natural Gas Power Was Needed All Along ~~ BC Conservatives

The NDP just got caught buying back the exact kind of power plant it spent years telling British Columbians they didn't need. The NDP government announced today that BC Hydro is purchasing the Island Generation natural gas facility in Campbell River, an admission that its electrification-only energy policy was never realistic. The 275-megawatt plant was originally privately owned yet kept to a minimal backup role under the NDP, operating just 15 days a year on average. Now, with demand outpacing what the NDP's plan can support, the government is spending taxpayer funds on the very gas capacity it once treated as obsolete. "You cannot electrify everything and pretend natural gas doesn't matter," said Larry Neufeld, Shadow Minister for Energy.  "Buying back a gas plant they once wrote off is proof their own plan couldn't keep the lights on. It's a step towards more energy reality, but the government needs to go further and scrap the impending province-w...
Post a Comment
Read more

Labels

Show more