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Thursday, June 13 is Tax Freedom Day

A representative with the Bank of Canada displays the new polymer $5 and $10 bank notes alongside the $20, $50, and $100 during a press conference at the Bank of Canada in Ottawa on April 30, 2013.
A representative with the Bank of Canada displays the new polymer $5 and $10 bank notes alongside the $20, $50, and $100 during a press conference at the Bank of Canada in Ottawa on April 30, 2013.(Sean Kilpatrick/THE CANADIAN PRESS)

You may feel a financial burden lift today. Maybe.

Thursday, June 13 is Tax Freedom Day across Canada. It’s the day in the year when you start working for yourself - not government.

In a study published annually by the Fraser Institute, Tax Freedom Day measures the total annual tax burden imposed on Canadian families by federal, provincial, and municipal governments.

If Canadians paid all their taxes up front, they would work the first 164 days of this year before bringing any money home for themselves and their families.

This year, it comes four days later than in 2019, the last year before the pandemic.

The Fraser Institute finds the actual date varies slightly across Canada: BC's tax freedom Day began on Tuesday, June 11.

However Newfoundland & Labrador residents will be waiting until June 30 for the shift.

In 2024, the average Canadian family (two or more people) will pay $65,766 in total taxes.

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