Canadian Revenues Underperform In October

by Mike Godfrey, Tax-News.com, Washington

26 December 2013

October's increases in personal income tax and other revenues were offset by falls in corporate income tax and goods and services tax (GST) revenues.

The latest Canadian Fiscal Monitor shows a CAD0.1bn (USD0.94bn) (0.7 percent) year-on-year drop in revenues, to CAD20bn. Personal income tax revenues were up for the month, by CAD0.4bn (3.8 percent), as were Employment Insurance revenues, by CAD0.1bn (11 percent). Corporate tax revenues decreased by CAD0.4bn (16.4 percent), and non-resident income tax revenues were down by CAD0.1bn (17.9 percent).

GST revenues fell by CAD0.4bn (17.3 percent), following a large increase in the previous month.

Revenues were nevertheless up for the April-October, 2013 period as a whole. They increased by CAD4.1bn (2.9 percent) on the same period in 2012, reaching CAD144.9bn.

Both personal and non-resident income tax revenues improved, by CAD2.2bn (3.1 percent) and CAD0.2bn (7.8 percent), respectively. Corporate income tax revenues have underperformed during the year to date, and are down by CAD1bn (5.8 percent) on 2012.

Excise taxes and duties rose by CAD0.3bn (1.2 percent), largely reflecting a CAD0.4bn increase in GST revenues. Energy taxes decreased by CAD30m, while customs import duties were up by CAD0.1bn.

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