by Mike Godfrey, Tax-news.com, Washington
30 May 2017
Canadian revenues rose by just 0.2 percent in 2016-17, with increases in corporate and non-resident income tax revenues offset by falls in Employment Insurance (EI) premium revenues.
The latest Fiscal Monitor shows that for the April 2016 to March 2017 period of the 2016-17 fiscal year, there was a budgetary deficit of CAD21.8bn (USD16.2bn), compared to a deficit of CAD2bn in the same period in 2015-16. Revenues increased by CAD0.6bn, to CAD290.2bn. Spending on Government programs rose by 8.2 percent year-on-year (CAD21.7bn), reaching CAD287.7bn.
Personal income tax revenues were up 0.2 percent year-on-year (CAD0.3bn), with corporate tax revenues increasing by 5.4 percent (CAD2.3bn) and non-resident income tax revenues by 8.2 percent (CAD0.5bn). However, EI premium revenues fell by 1.8 percent (CAD0.4bn).
Tax revenues performed well in March 2017. Personal income tax revenues were up 11.9 percent on the same month in 2016, with corporate tax revenues also rising, by 21.9 percent. EI revenues were however down again, falling by 0.9 percent.
Published at Mon, 29 May 2017 19:00:00 -0500