Archived - Department of Finance Releases Annual Tax Expenditures and Evaluations Report
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February 27, 2014 – Ottawa, Ontario – Department of Finance
The Department of Finance today released the 2013 Tax Expenditures and Evaluations report.
This report provides estimates and projections of the revenue impacts of federal tax measures designed to support the economic and social priorities of the Government of Canada.
It also includes a statistical perspective on flow-through shares as well as a paper on the taxation of small businesses in Canada.
The release of today’s report coincides with the tabling of the Main Estimates in the House of Commons by the President of the Treasury Board.
- The Government first reported on federal tax expenditures in December 1979, and has published estimates and projections of tax expenditures for personal and corporate income taxes as well as for the Goods and Services Tax since 1994.
- The Organisation for Economic Co-operation and Development has recognized the high quality of the Tax Expenditures and Evaluations report published annually by the Government.
- The statistical perspective on flow-through shares included with this year’s report shows that these shares play a significant role in equity financing in the mining and oil and gas sectors, particularly for junior firms. From 2007 to 2012, approximately $1.4 billion per year in public equity for the oil and gas, mining and clean energy sectors was raised via flow-through shares.
- The second paper included with this year’s report provides an overview of some of the key developments in the taxation of small businesses in Canada since 2000, notably the significant decrease in the corporate income tax rates applicable to the eligible income of small businesses. A small Canadian-controlled private corporation with $500,000 of active business income now pays less than half the corporate income taxes it paid in 2000 at the federal and provincial levels.
Office of the Minister of Finance
Department of Finance