Corporate Income Tax: Income Tax Revenue

income tax revenue: A drop in personal and corporate income tax offset higher revenue from other sources, while spending increased slightly, according to the Finance Departments monthly Fiscal Monitor report issued Friday, according to 660 News. The lower income tax revenue was partially offset by an increase in excise taxes and duties, employment insurance premiums and other revenue and OTTAWA The federal government posted a deficit of $2 billion in July, compared with a deficit of $1.4 billion in the same month last year, mostly as a result of lower income tax revenue and higher spending to service the public debt. Overall revenue dropped by $500 million to $19.8 billion. Personal income tax revenue fell $200 million to roughly $10.5 billion. Corporate income tax revenue was off by $1.3 billion or 73.7 per cent, to $454 million, due to timing issues. (www.immigrantscanada.com). As reported in the news.