Canadian Federal Taxes to Rise Faster Than Expected Post-Virus

March 31, 2021, 4:35 PM

Canadian taxes will return to pre-pandemic heights post-pandemic thanks to an economic rebound, a fiscal watchdog said Wednesday.

The faster-than-anticipated arrival of vaccines for the coronavirus and an uptick in oil prices means federal taxation of individual and corporate income are likely to rise from their pandemic doldrums, the Parliamentary Budget Officer said in a report released Wednesday ahead of Ottawa’s next budget April 19.

Total revenues, which are estimated at C$334.1 billion ($265.6 billion) in fiscal 2020 and C$288.3 in fiscal 2021, will hit C$345.4 in fiscal 2022 and continue rising to C$427.5 billion in fiscal 2026, the office, ...

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