Tax freedom comes four days earlier – thanks to GST

As of June 14, Canadians will have paid off all taxes: Fraser Institute
||Last Updated: 06/24/2008

Starting tomorrow, Canadians will have paid off the total tax bill imposed on them by governments and will start working for themselves, according to The Fraser Institute’s annual Tax Freedom Day calculations.

“Canadians spend almost half the year working to pay all the various taxes levied on them by federal, provincial and local governments. Every dollar they earn before June 14 would be required to pay the taxes owing to all levels of government,” said Niels Veldhuis, the Fraser Institute’s director of fiscal studies.

The calculations also show that Tax Freedom Day, June 14, is four days earlier this year than in 2007. This is partly due to the reduction in the GST to five per cent from six per cent last year and provincial tax reductions.