Tax Freedom Day for Canadians comes June 29 – five days earlier than it did last year, the Fraser Institute said Thursday.

The right-of-centre think tank's Tax Freedom Day is an annual report on the day of the year when Canadians finish paying off their federal, provincial and local taxes, and begin earning money for themselves.

The Fraser Institute said the tax bill added up to determine its freedom day includes income taxes, sales taxes, property taxes, profit taxes, health, social security and employment taxes, import duties, license fees, taxes on the consumption of alcohol and tobacco, natural resource fees, fuel taxes, hospital taxes, and other levies.

Despite the fact that 2001's freedom day comes one working-week sooner than last year, the Fraser Institute pointed out that back in 1961, the first year the calculation was made, May 3 was the day Canadians began earning money for themselves.

"While recent Tax Freedom Days show a levelling off of the tax burden and 2001 a break from the ramping up of taxes, it is nevertheless the fact that Tax Freedom Day this year is 57 days later than it was 40 years ago," Jason Clemens, the institute's director of fiscal studies, said.

Provincially, varying tax burdens translate into different Tax Freedom Days.

Newfoundland had the earliest freedom day in the country – May 30. The institute said that's due, in part, because a large share of its total revenues come from other provinces through federal transfer payments.

Quebec has the latest freedom day – July 4 – in the country. While that is six days earlier than last year, the province "still exerts its tax pressure against families in a more aggressive fashion than other provinces," the Fraser Institute said.