On a monthly basis, deductions for these liabilities are based on estimates, with adjustments made once either preliminary or final data become available from the Canada Customs and Revenue Agency. Other income taxes were also up strongly, after declining last month. Non-tax revenues were also up. Monthly changes in this component are extremely volatile, reflecting the timing of receipts. Major transfers to persons were up 2.7 per cent, attributable to higher elderly benefit payments, as EI benefit payments were unchanged.
Negative numbers indicate a net requirement for funds.
Over the balance of the fiscal year , growth in this component will be restrained as the impact of tax reductions is realized. Although part of this increase reflects the continued strength in corporate profits, up 17.5 per cent in the first three quarters of 2000 over the same period last year, the increase in revenues is also affected by tax instalment procedures. Corporations are required to remit monthly instalments based on either their previous year's actual tax liability or their current year's projected tax liability, with final settlement payments made 30 days following the end of their taxation year. Customs import duties were up strongly, while sales and excise taxes were up marginally. This increase was spread among all major components.