Saturday is tax Freedom Day in Canada

[Leaffan]

That’s right. This Saturday we finally get to keep the rest of our money.

(Hypothetically, and averagely speaking of course.)

When does your tax freedom day fall in the year?

[Mongo_Ponton]

I hate to see posts go down in flames like this.
USA - April 23rd

[Le_Ministre_de_l_au-dela]

Well, that’s if you trust the Fraser Institute. Personally, if they told me I had ten toes, I’d take my shoes off before I’d take their word for it.

Wiki article on Tax Freedom Day -

For Canada, the Fraser Institute also includes a “Personal Tax Freedom Day Calculator” that estimates a customized Tax Freedom Day based on additional variables such as age of household head, sex of household head, marital status and number of children. However, the Fraser Institute’s figures have been disputed. For example, a 2002 study by Osgoode Hall Law Professor Neil Brooks argues the Fraser Institute’s Tax Freedom Day analysis includes flawed accounting, including the exclusion of several important forms of income and overstating tax figures, moving the date nearly two months later.

[Lissla_Lissar]

Huh?
When I was at Loblaws yesterday, they had a sign saying 'No Tax Friday, Saturday, or Sunday!"

I still didn’t buiy very much. Oh, well.

[Martini_Enfield]

Would someone like to explain to me what a “Tax Freedom Day” is?

[3acresandatruck]

@Martini Enfield

Would someone like to explain to me what a “Tax Freedom Day” is?

I’ve seen it used to refer to two separate things. The first is the kind of Tax Freedom Day I believe the OP refers to. Every single cent you earn, from January 1st until Tax Freedom Day, goes to paying taxes. Every single cent you earn from Tax Freedom Day until the end of the year is yours to keep. It’s just a way of expressing the tax burden on citizens by expressing it as a fraction of the year instead of a percentage of one’s income.

The second, less common usage, refers to a day when no sales taxes are charged on purchases. The state of Missouri typically does it one weekend a year, just prior to the start of the school year. There are limitations of the dollar amount one can purchase tax-free. In addition, the Missouri statute applies only to state sales taxes. Counties and municipalities may choose to observe the tax-free days or not, depending on whether their decision makers are more concerned with getting tax revenue or encouraging spending in their jurisdictioin.

[Leaffan]

@3acresandatruck

I’ve seen it used to refer to two separate things. The first is the kind of Tax Freedom Day I believe the OP refers to. Every single cent you earn, from January 1st until Tax Freedom Day, goes to paying taxes. Every single cent you earn from Tax Freedom Day until the end of the year is yours to keep. It’s just a way of expressing the tax burden on citizens by expressing it as a fraction of the year instead of a percentage of one’s income.

The second, less common usage, refers to a day when no sales taxes are charged on purchases. The state of Missouri typically does it one weekend a year, just prior to the start of the school year. There are limitations of the dollar amount one can purchase tax-free. In addition, the Missouri statute applies only to state sales taxes. Counties and municipalities may choose to observe the tax-free days or not, depending on whether their decision makers are more concerned with getting tax revenue or encouraging spending in their jurisdictioin.

The former is what I was alluding to.

Sales taxes are always charged on purchases here. Stores may advertise a tax-free sale (with small print indicating that sales prices are in fact only reduced by the amount of applicable tax) but taxes are always included.