Canadian tax revenues were down 2.1 percent for the first three months of the 2016-17 financial year, which began in April, with Canada posting a budget deficit of CAD1bn (USD769.1m).Revenues decreased by CAD1.5bn to CAD71.8bn, while government program spending rose by 8.3 percent.Canada’s finances performed significantly worse this first quarter than a year ago; Canada reported a CAD5bn surplus in the first quarter of the 2015-16 financial year.
Source: Canadian Finances Worsen After Tax Revenue Dip TAX-NEWS
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