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)
Tax revenues
	2024	2023
Income tax revenues
Personal	217,696	207,872
Corporate	82,468	93,945
Non-resident	12,541	13,187
Total income tax revenues	312,705	315,004
Other taxes and duties
Goods and services tax, Table 3.3	51,416	45,962
Energy taxes
Excise tax-Gasoline	4,333	4,335
Excise tax-Aviation gasoline and diesel fuel	1,266	1,322
Total energy taxes	5,599	5,657
Customs import duties	5,571	6,057
Other excise taxes and duties
Excise duties	5,333	5,419
Air travellers security charge	827	758
Other miscellaneous excise taxes and duties	669	371
Total other excise taxes and duties	6,829	6,548
Total other taxes and duties	69,415	64,224
Total tax revenues^{Links to footnote 1 in table 1}	382,120	379,228
Table 3.2 notes Table note 1 Additional details are provided in Table 4a in Section 1 of Volume II of the Public Accounts of Canada. Return to table note 1 referrer in Table 3.2

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)
	2024	2023
GST	60,743	58,763
Less: remission order for the GST paid and accrued by ministries on or for goods and services purchased from outside parties	3,352	3,063
Gross GST from outside parties	57,391	55,700
Less: quarterly tax credits	5,975	9,738
Net GST from outside parties	51,416	45,962

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, a luxury tax applies on select luxury goods, and underused housing tax on vacant or underused housing. 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)
Other revenues
	2024	2023^{Links to footnote 2 in table 3}
Enterprise Crown corporations and other government business enterprises
Share of annual profit (loss)	(negative 660)	3,878
Interest and other	3,877	2,574
Total enterprise Crown corporations and other government business enterprises	3,217	6,452
Net foreign exchange revenues and return on investments
Net foreign exchange revenues
Exchange Fund Account	2,951	836
International Monetary Fund	453	477
Other	1	59
Total foreign exchange revenues	3,405	1,372
Return on investments, Table 3.5	885	1,002
Total net foreign exchange revenues and return on investments	4,290	2,374
Other program revenues
Sales of goods and services	13,986	13,289
Miscellaneous	15,873	11,517
Total other program revenues	29,859	24,806
Total other revenues^{Links to footnote 1 in table 3}	37,366	33,632
Table 3.4 notes Table note 1 Additional details are provided in Table 4a in Section 1 of Volume II of the Public Accounts of Canada. Return to table note 1 referrer in Table 3.4 Table note 2 Certain comparative figures have been reclassified. Details on the reclassification can be found in Note 2, Section 2 of this volume. Return to table note 2 referrer in Table 3.4

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 and miscellaneous revenues. Details are reported by individual ministries in Volume II of the Public Accounts of Canada.

Net foreign exchange revenues and return on investments

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 includes interest on bank deposits, income on loans, investments and advances, and other returns. Additional details of return on investments are included in Table 3.5.

Return on investments

**Table 3.5**
**Return on investments**^{Links to footnote 1 in table 4}
(in millions of dollars)
Cash and accounts receivable
	2024	2023^{Links to footnote 2 in table 4}
Interest on bank deposits	491	417
Other loans, investments and advances	395	204
Other accounts	3	1
Total ministerial return on investments	889	622
Net loss on exchange	3	382
Total return on investments	892	1,004
Elimination of return on investments internal to the government	(negative 7)	(negative 2)
Total external return on investments	885	1,002
Table 3.5 notes Table note 1 Additional details are provided in Table 4a in Section 1 of Volume II and in Section 10 of Volume III of the Public Accounts of Canada. Return to table note 1 referrer in Table 3.5 Table note 2 Certain comparative figures have been reclassified to conform to the current year's presentation. Return to table note 2 referrer in Table 3.5

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Date modified:: 2024-12-17

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