Tax Freedom Day is here
Ottawa, ON On June 11th, 2012, the Fraser Institute announced that it was Tax Freedom Day. Tax Freedom Day is the day that Canadians have earned enough to pay the taxes they owe to all levels of government for the year.
In 2005, under the Liberal Government, Tax Freedom Day was on June 26th. This year, Tax Freedom Day comes 15 days earlier than 6 years ago.
The announcement that Tax Freedom Day has come this early in the year is certainly amazing news for Canadians, said Larry Miller, MP for Bruce-Grey-Owen Sound. I am proud that the Government has been able to reduce the tax burden and help Canadian families.
The earlier Tax Freedom Day can be attributed to the Federal Government cutting taxes over 140 times including: lowering personal taxes, cutting the GST from 7% to 6% then to 5%, reducing business taxes, introducing the Tax Free Savings Account, pension-income splitting, tax credits for textbooks, transit passes and much more.
The overall tax burden on Canadians has been reduced to its lowest level in nearly 50 years. This in turn has led to savings of over $3,100 for the typical Canadian family.
For more information on Tax Freedom Day please visit; http://www.fraserinstitute.org/default.aspx or www.parl.gc.ca.