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3 Tax Memo 1 (1954)

handle is hein.journals/taxmmo3 and id is 1 raw text is: TAX No. 3 MEMO August, 1954 PROVINCIAL FINANCES, 1954 Estimated revenues and expenditures of the ten provincial governments for the cur- rent year will exceed $1,300 million and $1,400 million respectively. The excess of expenditures (inclusive of provisions for debt retirement of about $60 million) over revenue will approximate $100 million. Taxes will account for more than $530 million and federal tax rental agreements for approximately $325 of anticipated reve- nues. Together these two sources of revenue will provide 65 per cent of the total, with taxes accounting for more than 40 per cent and tax rental agreements for 25 per cent. Planned expenditures for transportation and communications (largely highways) will require $370 million, for health and social welfare more than $335 million, and for education about $245 million. Relatively the above expenditures will account for about 26 per cent, 24 per cent and 17 per cent respectively of the total provincial budgets. Since 1949 total revenues and expendi- tures of provincial governments have increased by almost $500 million or by about 50 per cent. As sources of revenue, taxes and tax rental agreements are relatively more important and liquor profits relatively less important today than for 1949. The major expenditures have not changed rela- tively since 1949. The provincial share of total govern- mental revenues and expenditures in Canada has declined since 1949. Provincial revenues (exclusive of intergovernmental transfers for general purposes) declined from 20 per cent of the total for 1949 to an estimated 15 per cent for 1954 and provincial expenditures (exclusive of intergovernmental transfers for general purposes) declined from 25 per cent for 1949 to an estimated 20 per cent for 1954. The above outline summarizes the principal observations relative to provincial finance that are presented in the following pages. Additional copies of this Memo may be obtained on request CANADIAN TAX FOUNDATION

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