TAX NEWS - JUNE 2010
Saskatchewan Tax: When Is Tax Freedom Day In Canada?
Tax Freedom Day Hits Canada Late This Year
Tax Freedom Day is the day when the people have finished working to pay their taxes to the country and are finally able to keep the money they earn from their labors for themselves. Last year, this important day fell on the fifth of June. This year, Tax Freedom Day will come two days later. The leading factor that contributed to this delay is actually the improved national economy that Canada has been experiencing. The stronger economy causes consumers to spend more on good. In turn, this increase in spending on goods and services leads to higher consumption taxes. Another factor that contributed to the later occurrence of this year's Tax Freedom Day is the inclusion in the Spring budget of higher "sin taxes" on alcohol and cigarettes.
Families of single individuals who live in Saskatchewan and earn an average annual income of approximately sixty-nine thousand dollars will pay a little ofer twenty-seven thousand dollars in taxes for this fiscal year. That works out to a taxation rate of 39.8 percent. The average tax payer will pat $1,047 more in taxes for this year than he did for 2009. This is mostly because there was a $1,154 increase in take home pay, a $593 increase in income taxes, and a $192 increase in alcohol, tobacco, and various other excise taxes since last year. The average couple will pay thirty-nine thousand dollars, which constitutes roughly forty-two percent of their household income. A family of four, which includes two minor children, will pay an average of forty-three thousand and eight hundred dollars.
Even in the face of these higher taxes, Canadians have much for which they can be thankful. Had the government increased taxes enough to balance the budget, Tax Freedom Day would have fallen twenty-five days later than it did last year.
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