MAY 24, TAX FREEDOM DAY IN CANADA

 

• In 2021, the average Canadian family will earn $124,659 in income and pay an estimated $48,757 in total taxes (39.1%).
• If the average Canadian family had to pay its taxes up front, it would have worked until May 23 to pay the total tax bill imposed on it by all three levels of government (federal, provincial, and local).
• This means that Tax Freedom Day, the day in the year when the average Canadian family has earned enough money to pay the taxes imposed on it, falls on May 24.