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It's Tax Freedom Day

VANCOUVER (NEWS1130) – Today is Tax Freedom Day in Canada, the day the Fraser Institute says that you have finally earned enough money to pay all the taxes you owe to all levels of government – federal, provincial, municipal – for the year.

It’s not all good news though.

The day arrives one day later than last, when it fell on June 10th. Charles Lammam with the Fraser Institute says a combination of increases at the federal and provincial levels are to blame.

“At the federal level, the government has been increasing EI premiums. At the provincial levels, say in BC, there’s been an increase in MSP premiums that British Columbians pay. And across the country, we’ve seen tax increases at the provincial level,” explains Lammam.

He adds tax freedom day would have come 12 days later this year if governments covered their current spending with even greater tax increases instead of running deficits.

You can calculate you own personal Tax Freedom Day using the Personal Tax Freedom Day Calculator.

To celebrate the day, the Fraser Institute has also released a satirical R&B song and music video. Watch here.