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15 Tax Memo 1 (1957)

handle is hein.journals/taxmmo15 and id is 1 raw text is: MEM No. 15 September, 1957 PROVINCIAL FINANCES, Estimated revenues and expenditures of the ten provincial governments for the cur- rent year will be $1,942 million and $2,094 million respectively. The excess of expendi- tures (exclusive of provisions for debt retire- ment of about $88 million) over revenue will approximate $64 million. This excess is equivalent to about 3 per cent of revenues. Compared with the previous year these figures show increases of $196 million (11 per cent) for revenue and $217 million (12 per cent) for expenditures, and represents a continuation of the high rate of growth in recent years. Taxes will account for $913 million and the new federal - provincial tax - sharing arrangements for approximately $345 million of anticipated revenues. Together these two sources will provide 65 per cent of the total, with taxes accounting for 47 per cent. Planned expenditures for transportation and communications (largely highways) will require $585 million, for health and social welfare $461 million, and for education $436 million. These outlays will account for 28 1957-58 per cent, 22 per cent and 21 per cent respectively of the total provincial budgets. Since 1952-53 total revenues of provincial governments have increased by $684 million, or about 54 per cent, and expenditures by $798 million, or about 66 per cent. As sources of revenue taxes are relatively more important in the current year than they were in 1952-53, and conversely, the fiscal arrangements are now less significant. How- ever if an adjustment were made for the broader coverage of the new fiscal arrange- ments there would be little change in the relative importance of these two sources. Privileges, licences and permits now provide a larger share and revenues from liquor a smaller share of the total. Of the major expenditures, outlays for education have increased most since 1952-53, whereas out- lays for debt charges have declined rela- tively. The above are the highlights of the more detailed report on provincial financial pros- pects presented in the following pages. Additional copies of this Memo may be obtained on request. CANADIAN TAX FOUNDATION

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