This year, Tax Freedom Day comes much earlier than usual because the estimates of income and total taxes for average Canadian families have been significantly impacted by the COVID-19 recession.
The Fraser Institute recently announced that June 10 is Tax Freedom Day 2018 (although the date varies depending on where you live in Canada). According to the Fraser Institute calculations, from that day onward, employees are finally working for themselves and their families. Moreover, if you had to pay all your taxes up front to different levels of government, you are now in the clear to keep the rest of your earnings until a new year begins.
According to the Fraser Institute’s annual calculations Tax Freedom Day for the average Canadian family falls on June 10 this year, one day later than in 2014. This day is when Canadians start working for themselves and not government.