Revenues

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Revenues consist of all tax and other amounts which enter into the calculation of the annual surplus or deficit of the government.

Tax revenues

Table 3.2 
Tax revenues
(in millions of dollars)
  2023 2022
Tax revenues
Income tax revenues
Personal 207,872 198,385
Corporate 93,945 78,815
Non-resident 13,187 10,789
Total income tax revenues 315,004 287,989
Other taxes and duties
Goods and services tax, Table 3.3 45,962 46,165
Energy taxes
Excise tax—Gasoline 4,335 4,087
Excise tax—Aviation gasoline and diesel fuel 1,322 1,268
Total energy taxes 5,657 5,355
Customs import duties 6,057 5,237
Other excise taxes and duties
Excise duties 5,419 5,329
Air travellers security charge 758 413
Other miscellaneous excise taxes and duties 371 181
Total other excise taxes and duties 6,548 5,923
Total other taxes and duties 64,224 62,680
Total tax revenuesLink to table note 1 379,228 350,669

Personal income tax

Personal income tax is levied on personal income under the provisions of the Income Tax Act.

Corporate income tax

Corporate income tax is levied on corporate income under the provisions of the Income Tax Act.

Non-resident income tax

Non-resident income tax is levied on income earned in Canada by non-residents under the provisions of the Income Tax Act. This tax is derived from tax withheld from dividends, interest, rents, royalties, alimony, and income from estates and trusts paid to non-residents.

Non-resident income tax revenues also include withholding taxes on income earned in Canada by non-resident life insurance companies and income from trusts.

Other taxes and duties

Other taxes and duties are collected under the Excise Act, the Excise Act, 2001, the Excise Tax Act, Customs Tariff (Act) and other acts. They include the goods and services tax, energy taxes, customs import duties, as well as other excise taxes and duties.

Goods and services tax

The goods and services tax (GST) became effective January 1, 1991. It is applied at a rate of 5% on most goods and services consumed in Canada, with only a limited set of exclusions that consists of certain medical devices, prescription drugs, basic groceries, residential rents as well as most health and dental care services.

Table 3.3
Goods and services tax
(in millions of dollars)
  2023 2022
GST 58,763 54,187
Less: remission order for the GST paid and accrued by ministries on or for goods and services purchased from outside parties 3,063 2,949
Gross GST from outside parties 55,700 51,238
Less: quarterly tax credits 9,738 5,073
Net GST from outside parties 45,962 46,165

Energy taxes

Energy taxes primarily include the excise tax on gasoline, aviation gas and diesel fuel.

Customs import duties

Revenues from customs import duties consist mainly of ad valorem taxes on the importation of goods levied under the Customs Tariff (Act).

Other excise taxes and duties

Excise taxes and duties are levied on alcoholic beverages, tobacco, vaping and cannabis products. In addition, excise taxes are imposed on other items such as passenger vehicle air conditioners. The Air Travellers Security Charge is collected by air carriers at the time of payment for the air travel by the purchaser of an air transportation service.

Employment insurance premiums

Premiums from employees and employers are levied under the provisions of the Employment Insurance Act and are classified as part of revenues. Additional details on employment insurance premiums are provided in Section 4 of this volume.

Other revenues

Table 3.4
Other revenues
(in millions of dollars)
  2023 2022
Other revenues
Enterprise Crown corporations and other government business enterprises
Share of annual profit (loss) 3,878 11,535
Interest and other 2,574 1,269
Total enterprise Crown corporations and other government business enterprises 6,452 12,804
Other programs
Return on investments, Table 3.5 1,113 398
Sales of goods and services
Rights and privileges 2,957 2,162
Lease and use of public property 789 496
Services of a regulatory nature 2,414 2,014
Services of a non-regulatory nature 5,106 4,696
Sales of goods and information products 1,092 1,207
Other fees and charges 931 865
Total sales of goods and services 13,289 11,440
Miscellaneous
Interest and penalties 10,656 5,787
Other 861 1,109
Total miscellaneous 11,517 6,896
Total other programs 25,919 18,734
Net foreign exchange revenues
Exchange Fund Account 836 709
International Monetary Fund 366 169
Other 59 (negative 5)
Total net foreign exchange revenue 1,261 873
Total other revenuesLink to table note 1 33,632 32,411

Enterprise Crown corporations and other government business enterprises

Revenues include interest earned on loans to enterprise Crown corporations and other government business enterprises as well as the government's share of the accumulated profits or losses of enterprise Crown corporations and other government business enterprises.

Other programs

Other program revenues include sales of goods and services, return on investments, and miscellaneous revenues. Details are reported by individual ministries in Volume II of the Public Accounts of Canada.

Net foreign exchange revenues

Net foreign exchange revenues include the revenues from investments held in the Exchange Fund Account and the International Monetary Fund, as well as the net gains or losses resulting from the translation of these investments to Canadian dollars as at March 31. Net foreign exchange revenues also include the net gains or losses resulting from foreign debt and currency swap revaluations.

Return on investments

Table 3.5 
Return on investmentsLink to table note 1
(in millions of dollars)
  2023 2022
Cash and accounts receivable
Interest on bank deposits 417 271
Other loans, investments and advancesLink to table note 2 204 135
Other accounts 1 3
Total ministerial return on investments 622 409
Net loss on exchange 382 (negative 15)
Accrual of other revenues 111 4
Total return on investments 1,115 398
Elimination of return on investments internal to the government (negative 2) – Link to table note 3
Total external return on investments 1,113 398

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