After accounting for all taxes, the research organization said that the average family (with two or more people) will pay CAD43,435 (USD39,763) in taxes in 2014 which is equal to 43.5% of their annual income. The tax burden is going to be heavier if the date extends. The average family’s total tax bill will rise at a faster rate than their income, so that Tax Freedom Day was delayed. When income will go up by just 2.1 % (CAD2, 072), total taxes will rise by 3.2% (or CAD1,355) over the year. The bill contains increment of income taxes (CAD589), payroll and health taxes (CAD364), sales taxes (CAD191) and property taxes (CAD47) during 2013-2014. The Institute also warns of the impact of future government deficits.
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