Canadian tax revenues were up 10.3 percent in the first five months of the 2015-16 fiscal year, and there was a budgetary surplus of CAD2.8bn (USD2.1bn).
The latest Fiscal Monitor shows that revenues increased by CAD11.1bn, with CAD119.4bn collected in the April to August 2015 period. Personal income tax revenues rose by 5.3 percent, and corporate income tax revenues were up 23.6 percent. Goods and services tax (GST) revenues were up 10.8 percent.
In the month of August, revenues totaled CAD22.2bn, up CAD2.8bn from August 2015. The Finance Department said that a 334.3 percent increase in corporate tax revenues in August 2015 is attributable to assessments and reassessments for prior tax years, as well as timing issues that lowered August 2014 revenues. Personal income tax revenues were up 6.9 percent and GST revenues rose by 7.8 percent.
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