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7 Tax Memo 1 (1955)

handle is hein.journals/taxmmo7 and id is 1 raw text is: 







TAX


No.7


MEMO


                                                       August,   1955







PROVINCIAL FINANCES, 1955


   Estimated revenues and expenditures of
the ten provincial governments for the cur-
rent year will exceed $1,350 million and
$1,560 million respectively. The excess of
expenditures (inclusive of provisions for
debt retirement of about $60 million) over
revenue will approximate $210 million.
   Taxes will account for more than $550
million and federal tax rental agreements
for approximately $320 of anticipated reve-
nues. Together these two sources of revenue
will provide 64 per cent of the total, with
taxes accounting for more than 40 per cent
and tax rental agreements for the remainder.
Planned expenditures for transportation and
communications (largely highways)  will
require $430 million, for health and social
welfare more than $365  million, and for
education about $300 million. Relatively the
above expenditures will account for about
28 per cent, 23 per cent and 19 per cent
respectively of the total provincial budgets.
   Since 1949 total revenues of provincial
governments have increased by more than
$500 million, or about 60 per cent, and


expenditures by more than $600 million, or
about 70 per cent. As sources of revenue,
taxes and tax rental agreements are rela-
tively more important and  liquor profits
relatively less important today than for 1949.
Of  the major  expenditures, outlays for
health and social welfare have declined rela-
tively since 1949, whereas outlays for educa-
tion have increased.
   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 16
per cent for 1955 and provincial expenditures
(exclusive of intergovernmental transfers
for general purposes) declined from 25 per
cent for 1949 to an estimated 22 per cent for
1955.
   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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