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48 Tax Memo 1 (1969)

handle is hein.journals/taxmmo48 and id is 1 raw text is: TAX MEMO May, 1969 © 1969, Canadian Tax Foundation FEDERAL BUDGET OUTLOOK 1969 The statement that Finance Minister Benson presents to the House of Com- mons in late May or early June will probably be backed up by the usual sup- porting documents that accompany a federal budget. However, it now appears unlikely that this report to the nation on the economic and fiscal situation will contain the tax or expenditure changes that usually are included in a federal budget. The budget of October 22, 1968 presented the government's basic fiscal policy for the present fiscal year, and was preceded by a White Paper which spelled out the government's expecta- tions for the current year. Although some facets of the economy have shown more strength than originally anticipated, some problems have become more press- ing in the past seven months. The result is that basic revenue expectations are little changed from the fall. It also ap- pears likely that expenditures will come close to Mr. Benson's fall estimates and thus that a balanced budget (on bud- getary accounts) is feasible. The White Paper on tax reform, expected in July, is another strong fac- tor militating against tax changes in the Finance Minister's spring budget. It seems unlikely that any major changes would be made in a tax system due in the immediate future for intense scrutiny. Changes would be made only in order to adjust revenues to expenditures or to use fiscal measures to correct excessive weaknesses in the economy. As pointed out above, there appears to be no need for further tuning of the government's fiscal machinery at present. THE 1968-69 FISCAL YEAR IN REVIEW From a Finance Minister's point of view, there are definite advantages and disadvantages in presenting a fall budget such as the October, 1968 budget, the advantages relating chiefly to the current year, and the disadvantages to the forecast for the coming year. On November 30, 1967, the then Minister of Finance, the Hon. Mitchell Sharp, presented a mini-budget which provided Additional copies of this Memo may be obtained at a price of 25¢. CANADIAN TAX FOUNDATION L'ASSOCIATION CANADIENNE D'ETUDES FISCALES No. 48

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