VANCOUVER, BRITISH COLUMBIA--(Marketwire -06\/11\/12)- Monday, June 11 is Tax Freedom Day, the day Canadians have finally earned enough money to pay all the taxes they owe to all levels of government for the year, according to the Fraser Institute's annual calculations. <\/p>\n
Tax Freedom Day arrives one day later than in 2011, when it fell on June 10. <\/p>\n
\"This underscores a worrying trend across the country of governments increasing taxes,\" said Charles Lammam, Fraser Institute associate director of tax and budget policy and co-author of Canadians Celebrate Tax Freedom Day on June 11, 2012. <\/p>\n
Despite tax increases, the report notes that Tax Freedom Day would have come 12 days later this year if, instead of running deficits, governments covered their current spending with even greater tax increases. <\/p>\n
\"We need to remember that the budget deficits incurred by Ottawa and the provinces must one day be paid for by taxes and could mean a later Tax Freedom Day in the future.\" <\/p>\n
Tax Freedom Day is an easy-to-understand measure of the total tax burden imposed on Canadian families by federal, provincial, and local governments. If Canadians were required to pay all taxes up front, they would have to give governments each and every dollar they earned prior to Tax Freedom Day. <\/p>\n
To celebrate Tax Freedom Day and bring attention to the array of taxes Canadians pay, the Fraser Institute produced a satirical R&B song and music video (watch it on YouTube or at http:\/\/www.fraserinstitute.org<\/a>). Canadians can also calculate their personal Tax Freedom Day using the Fraser Institute's Personal Tax Freedom Day Calculator. <\/p>\n A later Tax Freedom Day <\/p>\n The federal government and several provinces increased taxes in 2012, which contributed to the later Tax Freedom Day. For example, the federal government increased Employment Insurance (EI) premiums; Quebec increased its provincial sales tax, health tax, and gas and mining taxes; British Columbia raised its health tax; New Brunswick increased its financial corporation capital tax and property transfer tax; Manitoba raised tobacco taxes, gas taxes, and its financial corporate capital tax, in addition to expanding the list of items covered by its provincial sales tax; and Ontario introduced a new tax bracket for high-income earners and canceled a scheduled decrease in the general corporate tax rate. <\/p>\n Tax Freedom Day also arrives later in 2012 because Canada's economy is improving. When the economy recovers from a recession and incomes increase, a family's tax burden also tends to increase because of Canada's progressive tax system, which imposes higher taxes as Canadians earn more money. Household consumption also rises, which results in an increase in the amount of sales and other consumption taxes families pay. <\/p>\n<\/p>\n Read more here:<\/p>\n The Fraser Institute: Tax Freedom Day is June 11, One Day Later Than Last Year as Canadians Work Longer to Pay Taxes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" VANCOUVER, BRITISH COLUMBIA--(Marketwire -06\/11\/12)- Monday, June 11 is Tax Freedom Day, the day Canadians have finally earned enough money to pay all the taxes they owe to all levels of government for the year, according to the Fraser Institute's annual calculations. Continue reading