Fraiser Institute just released June 9 is Canadian's Tax Freedom Day this year! We are three days ealier than year 2008. The main reason is that the economic slowdown has reduced tax collections even faster than it has reduced income.
So what is Tax Freedom Day? This is the first day that we have paid off all our taxes on federal, provincial and local levels, and we start to really earn money for ourselves. Fraiser Institute also has a handy online calculator to calculate your own TFD.
In 2009, Canadian family earned $88,432 in average and paid $37,699 in tax.
For US, Tax Freedom Day for 2009 is April 13, for a total average effective tax rate of 28.2 percent of the nation's income. This is eight days earlier than last year due to two major reasons: recession and stimulus.
2 comments:
That would be the "Fraser Institute."
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