On August 31, 2018, the Government of Canada purchased the entities that control the existing Trans Mountain Pipeline, its Expansion Project and related assets for $4.4 billion. In 2018–19, the budgetary deficit was 0.6 per cent of GDP, compared to a deficit of 0.9 per cent of GDP a year earlier. Total revenues amounted to $332.2 billion in 2018–19, up $21.0 billion, or 6.7 per cent, from 2017–18. For the 21st consecutive year, the Government has received an unmodified audit opinion from the Auditor General of Canada on the consolidated financial statements. Foreign exchange accounts increased by $billion in 2018–19, totalling $billion at March 31, The increase in foreign exchange accounts largely reflects a $1.8-billion increase in foreign exchange reserves held in the Exchange Fund Account, due mainly to net revenues earned on investments in the Fund during the year, and a $1.3-billion decrease in notes payable to the IMF. Local government revenue, as "guesstimated" by usgovernmentrevenue.com, will total about $1.62 trillion in FY 2021, and is dominated by ad-valorem taxes — i.e. Real GDP grew 1.9 per cent in 2018 after the strong growth of 2017 (3.0 per cent). Major transfers to persons, which made up per cent of total expenses (down from per cent in 2017–18). Since the fall of 2015, the economy has generated close to 1 million jobs with the unemployment rate reaching its lowest level in more than 40 years. The interest ratio (public debt charges as a percentage of revenues) shows the proportion of every dollar of revenue that is needed to pay interest and is therefore not available to pay for program initiatives. Some amounts in these condensed consolidated financial statements are based on estimates and assumptions made by the Government. You will not receive a reply. 2019. Importantly, Canada’s total government net debt-to-GDP ratio includes the net debt of the federal, provincial, territorial and local governments as well as the net assets held by the Canada Pension Plan (CPP) and Québec Pension Plan (QPP), and excludes liabilities for public sector pensions and other employee future benefits. Within the income tax category, personal income tax revenues are the largest source of federal revenues, and accounted for 49.3 per cent of total revenues in 2018–19 (down from 49.4 per cent in 2017–18). The lower the ratio, the more flexibility the Government has to address the key priorities of Canadians. U.S. federal tax revenue is the total tax receipts received by the federal government each … These arrangements typically relate to sales of goods and services, leases of property, and royalties and profit-sharing arrangements. It differs from the budgetary balance in that it includes cash transactions in loans, investments and advances, public sector pensions, other specified purpose accounts, foreign exchange activities, and changes in other financial assets, liabilities and non-financial assets. This had a significant impact on the Canadian Commercial Corporation for its commercial contracting activities. Revenues increased by $billion, or per cent, from 2017–Program expenses increased by $14.6 billion, or per cent, reflecting increases in all major categories of expenses. The Government’s assets consist of financial assets (cash and other accounts receivable, taxes receivable, foreign exchange accounts, loans, investments and advances, and public sector pension assets) and non-financial assets (tangible capital assets, inventories, and prepaid expenses and other). Public debt charges increased by $1.4 billion, or 6.3 per cent, from the prior year. Standard on Recording Financial Transactions in the Accounts of Canada for 2019 to 2020; 2. EI premium revenues accounted for 6.7 per cent of total federal revenues in 2018–19 (down slightly from 2017–18). These revenues increased by $billion, or per cent, largely reflecting growth in corporate earnings and dividends. Other taxes and duties consist of revenues from the GST, energy taxes, customs import duties and other excise taxes and duties. This increase reflects growth in amounts payable related to tax, other accounts payable and accrued liabilities, provisions for contingent liabilities, environmental liabilities and asset retirement obligations, and interest and matured debt, partially offset by a decrease in deferred revenue. There was continued volatility in commodity markets over the year with the price of West Texas Intermediate crude oil increasing to nearly US$70 per barrel in October, its highest level since before the oil shock, before retreating again to below US$50 per barrel toward the end of 2018. They are based on facts and circumstances, historical experience, general economic conditions and reflect the Government’s best estimate of the related amount at the end of the reporting period. This was due to an increase in insurable earnings and in the premium rate for 2018. Obligations for pensions and other future benefits are measured on an actuarial basis. A material measurement uncertainty exists when it is reasonably possible that a material variance could occur in the reported or disclosed amount in the near term. Expenses were up $16.0 billion, or 4.8 per cent, from the prior year. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards. Other revenues increased by $billion, or per cent, largely reflecting an increase in interest and penalties revenues and a greater return on investments, both largely due to higher interest rates.
Budget 2018 amounts have also been adjusted to reflect a change in the accounting for commercial trading transactions by the Canadian Commercial Corporation in 2019. This adjustment has resulted in a $2,311-million increase in projected other expenses, a $1,615-million decrease in projected public debt charges, and a $696-million net increase in the projected 2019 annual deficit. The activities of Government can also involve the negotiation of contracts or agreements with third parties that result in the Government having rights to both assets and revenues in the future. At March 31, 2019, contractual obligations amount to $162,497 million ($137,921 million in 2018), of which $45,663 million pertains to fiscal year 2020. Environmental liabilities and asset retirement obligations increased by $billion in 2018–19, reflecting revisions to previously estimated provisions, net of remediation activities undertaken. The interest ratio has been decreasing in recent years, falling from a peak of 37.6 per cent in 1990–91 to 7.0 per cent in 2018–19. Non-resident income tax revenues are paid by non-residents on Canadian-sourced income. Total expenses amounted to $346.2 billion in 2018–19, up $16.0 billion, or 4.8 per cent, from 2017–18. Loans, investments and advances in enterprise Crown corporations and other government business enterprises increased by $billion. As of March 31, 2019, $4,467 million ($5,404 million in 2018) was being appealed to the courts. This section incorporates data available up to and including August 10, 2019. The purchase of the Trans Mountain entities was financed through a loan to CDEV from the Canada Account, which is also reported under Loans, investments and advances.
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