CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Canadian Finances Worsen After Tax Revenue Dip

Canadian Finances Worsen After Tax Revenue Dip

by Mike Godfrey, Tax-news.com, Washington

29 August 2016


Canadian tax revenues were down 2.1 percent for the first three months of the 2016-17 financial year, which began in April, with Canada posting a budget deficit of CAD1bn (USD769.1m).

Revenues decreased by CAD1.5bn to CAD71.8bn, while government program spending rose by 8.3 percent.

Canada's finances performed significantly worse this first quarter than a year ago; Canada reported a CAD5bn surplus in the first quarter of the 2015-16 financial year.

One of the largest declines was in excise taxes and duties, which were down 3.3 percent year-on-year. This was mostly as a result of a CAD0.2bn decrease in energy tax revenues and goods and services tax (GST) revenues.

Personal and corporate income tax revenues were up however, by 1.2 percent and 1.8 percent, respectively.

TAGS: tax | energy | corporation tax | goods and services tax (GST) | tax authority | Canada | revenue statistics | individual income tax | services

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »