Canada Projects Higher Tax Revenue, New Taxes Next Year (2)

Canada is projecting higher-than-anticipated tax revenues in the coming years thanks to an economic rebound and changes to the carbon-pricing scheme.

Personal and corporate income tax revenue will be on average C$12 billion ($9.3 billion) higher annually between fiscal 2021 and fiscal 2026 compared to figures in a spring budget because of an improved outlook for the labor market, personal income and corporate profitability, Department of Finance Canada said Tuesday in its annual fall economic statement.

“Canada has largely recovered from the economic damage inflicted by Covid-19 and is poised for robust growth in the months to come,” Finance Minister ...