Tax revenues fell by more than CAD3bn (USD2.77bn), or 14.4%, in March 2009 compared with the same month in 2008, dragging the government budget further into the red, the Canadian Department of Finance reported on May 29.
The department announced in its monthly Fiscal Monitor that there was a budgetary deficit of CAD3.6bn in March 2009, compared to a deficit of CAD1.2bn in March 2008. Public expenditure was down CAD0.6bn, or 2.8%, from March 2008, largely reflecting lower operating expenses.
For the April 2008 to March 2009 period, there was a budgetary deficit of CAD2.2bn, compared to a surplus of CAD11.4bn reported in the same period of 2007–08. Budgetary revenues decreased by CAD9.2bn, or 3.8%, primarily reflecting declines in corporate income tax and goods and services tax revenues. However, the department said that this was partially offset by growth in personal income tax and other revenues.
The figures include a 15.5% fall in revenues from the federal goods and services tax, which has been cut by 2% to 5% under the Conservative government. Meanwhile, corporate income tax receipts plunged 27% to CAD29.8bn last year.
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