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54 Tax Memo 1 (1974)

handle is hein.journals/taxmmo54 and id is 1 raw text is: TAX MEMO July, 1974 1974 Canadian Tax Foundation PROVINCIAL FINANCES, 1974 This memo combines highlights of the 1974 Provincial budgets with Statis- tics Canada material on provincial finance to up-date the data shown in our biennial publication, Provincial and Municipal Finances, last issued in 1973. The municipal and consolidated provin- cial-municipal analyses shown in the 1973 publication cannot be updated, since no new Statistics Canada Local Government Finance publications have been released since last October. The provincial statistics contained in the second part of this Tax Memo are based on Statistics Canada's Provincial Gov- ernment Finance publications, which bring together the estimates of the indi- vidual governments on a comparable basis after having made some adjust- ments. Fuller explanations of the con- cepts underlying these statistics are to be found in Provincial and Municipal Finances, 1973, and at a later point in this memo. A theme central to the 1974 provin- cial budget speeches is the destructive effects of inflation, not only upon pro- vincial revenue, but upon the income of Canadians, particularly low income groups. Most provinces contend that there is little the provinces can do to control inflation and call upon the fed- eral government to combat inflation through monetary and fiscal policies. While revenues of all provinces arc expected to be higher than in 1973-74, the rising costs of expenditure programs are expected to take up the extra reve- nues. Only four provinces budgeted for a surplus. A number of provinces make refer- ence to the federal government's indexa- tion of the personal income tax without consulting the provinces beforehand. All provinces agreed with the principle of providing underlying relief from infla- tion through the income tax indexation but because they stand to lose revenues from indexation, they feel that the fed- eral government should provide some sort of revenue guarantee, particularly for future years. Two provinces make reference in their budget speeches to the federal challenge of the right of the provinces to control their natural resources; others have done so outside the budget speech. Additional copies of this Memo may be obtained at a price of $1.00. CANADIAN TAX FOUNDATION L'ASSOCIATION CANADIENNE D'ETUDES FISCALES No. 54

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