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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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