MONTREAL, QC--(Marketwired - June 09, 2017) - Quebecers have to wait until June 21 -- nearly two weeks later than the Canadian average -- to celebrate Tax Freedom Day, when families start working for themselves and not government, according to the Fraser Institute's annual calculations.
Tax Freedom Day measures the total yearly tax burden imposed on Quebec families by federal, provincial and municipal governments. If you had to pay all your taxes up front, you'd give government every dollar you earned before Tax Freedom Day.
While Quebec's Tax Freedom Day this year is the second-latest in the country (after only Newfoundland and Labrador), it is one day earlier than last year and a full week earlier than 2015 when it fell on June 28.
"The Quebec government has made some headway turning around the province's finances, and while there's still much work to do, Quebecers are finally seeing a reduction in the overall tax burden," said Charles Lammam, director of fiscal studies at the Fraser Institute.
In 2017, the average Quebec family (with two or more people) will pay $44,003 in total taxes.
That's 46.7 per cent of its annual income ($94,323) on taxes including income taxes, payroll taxes, sales taxes, property taxes, fuel taxes, carbon taxes, "sin" taxes and more.
In 2015, the average Quebec family paid 48.7 per cent of its income in taxes.
But since then, the Quebec government has eliminated health taxes for some Quebecers, lowered business taxes, and introduced or expanded other tax breaks, which has reduced the tax burden.
Still, the 2017 tax burden adds up to almost six months of income -- or half the year -- from January 1 to June 20. It's not until June 21, Tax Freedom Day, when Quebec families start working for themselves, not the government.
"Tax Freedom Day helps put the total tax burden into perspective, and helps Quebec families understand just how much of their money they pay to government," said Yanick Labrie, a senior fellow with the Fraser Institute.
MEDIA CONTACT:
For interviews in English: Charles Lammam, Director, Fiscal Studies, Fraser Institute
For interviews in French: Yanick Labrie, Senior Fellow, Fraser Institute
To arrange media interviews or for more information, please contact:
Bryn Weese, Media Relations Specialist, Fraser Institute
Tel: (604) 688-0221 Ext. 589
E-mail: bryn.weese@fraserinstitute.org
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The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org
Contact Information:
Bryn Weese
Media Relations Specialist
Fraser Institute
Tel: (604) 688-0221 Ext. 589
E-mail: bryn.weese@fraserinstitute.org