Today is the day we have all been working for. Literally. Today you have paid all of your tax expenses and not just income tax. This year it is one day later than last year which means we are paying more.
June 9th – more than five months into the year – is the day Canadians finally get to keep their own money. Last year it was June 8th.
The average Canadian family now pays 43.4% of its income in taxes, slightly up from 43.3%. The calculation doesn’t just involve income taxes, but those levied on sales, property, fuel, carbon, “sin” taxes and more. It also includes the amount of business taxes that are inevitably passed on to the consumer.
Out of the 159 days of tax paying, the institute calculated the largest batch of them at 54 days are devoted to income taxes, followed by payroll/ health (33 days) and sale taxes (25 days). (By Anthony Furey, Postmedia Network via Toronto Sun)