In 2019, the average Canadian family of two or more people will pay $52,675 in total taxes. (Black Press Media files)

Tax Freedom Day: Today British Columbians start working for themselves

Average Canadian family of two or more will pay $52,675 in total taxes, or 44 per cent of income

This Friday is offering a bit more of a boost than just being the end of the week: it marks the first day of the year where your income is entirely your own.

READ MORE: Tax hikes across B.C. set for 2019

According to Fraser Institute’s calculations, June 14 is this year’s federal Tax Freedom Day. The exact day is determined each year based on the annual tax burden for Canadian families by federal and provincial governments compared to the average income.

In 2019, the average Canadian family of two or more people will pay $52,675 in total taxes. That’s 44 per cent of their annual income of $117,731 going to income taxes, carbon taxes, property taxes and more.

“If Canadians paid all their taxes up front, they would work the first 164 days of this year before bringing any money home to their families,” Finn Poschmann, resident scholar at the Fraser Institute, said in a news release.

In B.C., the provincial Tax Freedom Day was Monday.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Nelson and COVID-19: everything you need to know

Check this page for every local story related to the outbreak

West Kootenay couple escapes Spain – safe, sound, and in self-isolation

BC couple Garrett Kucher and Tory Apostoliuk make it home after almost a week of lockdown in Spain

Social media a blessing and a curse during time of crisis: B.C. communication expert

‘In moments of crisis, fear is very real and palpable,’ says SFU’s Peter Chow-White

Interior Health officials outline pandemic response in virtual town hall

Kelowna-Lake County MLA Norm Letnick moderates digital discussion, Q&A with Interior Health leadership

MP Morrison touts non-partisan effort to provide relief amid COVID-19 pandemic

The federal government has announced a slew of economic initiatives for those impacted by the pandemic

B.C. issues guidelines about distancing, reusable bags to grocery stores amid COVID-19

Hand sanitizer and markers to keep lines two metres are apart are needed, province says

No plans to call in military right now to enforce COVID-19 quarantine: Trudeau

Trudeau unveils $7.5M for Kids Help Phone, $9M for vulnerable seniors amid COVID-19

QUIZ: How much do you know about the Olympics?

Put your knowledge to the test with these 12 questions

B.C. announces $3M for food banks to increase capacity during COVID-19

It is not clear how much of the money will flow towards Greater Victoria food banks

B.C. is seeing the highest rate of COVID-19 recovery in Canada, and there’s a few reasons why

British Columbia was one of the first to see rise in COVID-19 cases, and has also switched up testing

World COVID-19 update: U.S. expects 100,000 deaths; Oregon declares disaster

Comprehensive update of world news for Sunday, March 19.

Sewers stitch masks to free up supplies for front-line health-care workers

“We have little old ladies sewing up a storm,” said Joan Davis

Experts weigh in on best handling of groceries during COVID-19 pandemic

Study suggests the virus can live for up to 24 hours on cardboard and up to three days on plastic

Most Read