On June 10th, Canadians celebrated Tax Freedom Day.
According to a report from the Fraser Institute, the day signifies Canadian taxpayers now working for themselves and “not paying taxes.”
Director of Fiscal Studies Charles Laamam said the day is a “hypothethical” concept and many of the provinces have already celebrated their day.
Here in Saskatchewan, the “holiday” was recognized on June 1st, but there’s a reason for that.
“That’s largely because we’ve had governments in Saskatchewan since 2000 that have actually reduced the tax burden by reducing personal and income tax rates,” said Laamam.
Throughout 2018, the release says Canadian families will pay $50,464 in taxes, amounting to 43.6 % of their annual income going to taxation purpose. If it’s going to be lowered, Prairie Director of the Canadian Taxpayer Federation Todd MacKay said some loopholes will need be closed up.
“Look at (federal) pension reform. Some of the pension for government workers are way beyond what anybody outside of government could hope for,” he noted. “People deserve to be paid fairly and all that, we just got to make sure it’s within the realm of reason.”