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Fiscal Monitor Shows Improvement In Canadian Revenues

by Mike Godfrey, Tax-News.com, Washington

26 December 2012


An 8% increase in federal tax revenues helped lower the Canadian budgetary deficit in October, while the figures for the year so far show a 3.6% rise in revenues.

The figures have been released as part of the latest Fiscal Monitor. It shows that there was a budgetary deficit of CAD1.7bn (USD1.7bn) in October, compared with CAD2.1bn in the same period in 2011. Revenues rose by CAD1.6bn, to CAD20.9bn, with growth in all the main revenue streams.

Personal income tax revenues were up CAD0.4bn (4.4%) and corporate income tax revenues by CAD0.8bn (38.1%). This latter figure the Finance Department attributes to earlier receipts of payments relative to the same period last year. Non-resident income tax revenues improved by CAD0.1bn (16.7%).

Excise taxes and duties rose by CAD0.1bn (3.5%), while goods and services tax (GST) revenues were up CAD0.1bn (2.1%). Energy taxes increased by CAD25m, customs import duties by CAD22m, and other excise taxes and duties by CAD33m.

Turning to the broader financial picture, the Monitor reveals that for the first seven months of the 2012–13 fiscal year the budgetary deficit stood at CAD10.6bn. This compares with a figure of CAD13.9bn for the same period in 2011–12. Revenues improved by CAD4.9bn (3.6%) to reach CAD141.8bn.

Personal income tax revenues were up CAD2.5bn (3.7%) and non-resident income tax revenues rose by CAD0.1bn (1.9%). Corporate income tax revenues increased by CAD1.1bn (7.3%), which the Finance Department says reflects an increase in receipts of about 0.4% and a decrease of 14.6% in refunds of taxes paid.

Excise taxes and duties were up CAD0.9bn (3.5%), largely reflecting an increase in GST revenues of CAD0.6bn (3.8 %). Energy taxes and customs import duties each increased by CAD0.1bn, while other excise taxes and duties rose by CAD36m.

 

TAGS: Finance | tax | budget | corporation tax | goods and services tax (GST) | ministry of finance | tax authority | Canada | revenue statistics | individual income tax | services

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