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56 Tax Memo 1 (1976)

handle is hein.journals/taxmmo56 and id is 1 raw text is: TAX MEMO August 1976 © 1976 Canadian Tax Foundation PROVINCIAL FINANCES, 1976 In this Memo we present highlights of the 1976 provincial budgets and 1974-75 provincial public accounts, together with Statistics Canada material on provincial finances. This publication is intended to update the provincial data shown in our biennial Provincial and Municipal Finances, last issued in 1975. The first part of the Memo contains the highlights of each province's budget, details on the tax changes introduced and a summary of revenue, expenditure and debt (Table 2). The data in this part are based on the figures shown in budget speeches, estimates and public accounts, adjusted by the Foundation to a roughly comparable basis. Insufficient data are available to permit detailed adjustments to facilitate interprovincial comparisons or aggregating of the indi- vidual provinces. The second part of the Memo is based on Statistics Canada material, which has been fully adjusted to eliminate account- ing differences between the provinces. It also provides an analysis of revenue by source and expenditure by function that cuts across the traditional provincial concepts of depw~mamal or agency organization. A feature of this Memo is an analysis of provincial spending according to the main categories used in the national income and expenditure accounts. This analysis also permits a ten-year comparison of expenditures after adjusting for inflation. Readers are cautioned that because of the lack of information available, it is not possible to make direct comparisons between the statistics used in the first part of this Memo and those used in the second. For a more detailed explanation of the differences between the two sets of figures, reference should be made to Provincial and Municipal Finances, 1975. Provincial Budgets In presenting their 1975 Budget Speeches, most provincial treasurers were anticipating a reduction and then a resurgence in economic growth through the course of the year. Most of them adopted policies designed to stimulate economic growth. When pre- senting their 1976 budgets, the treas- Additional copies of this Memo may be obtained at a price of $2.00. ISSN 0576-6230 CANADIAN TAX FOUNDATION L'ASSOCIATION CANADIENNE D'ETUDES FISCALES No. 56

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