Back to Balance
Increase Revenues
We can’t get back to balance just by cutting. Government also needs to increase its revenues.
This year, our government will take in around $8.5 billion in revenues. Money comes from taxes and fees, federal transfers, offshore royalties, and government-owned businesses, such as the Nova Scotia Liquor Corporation.
Over the past 10 years, revenues increased thanks to good economic times along with short-term revenues such as royalties from offshore resources.
But in the years ahead, revenue is not expected to increase as much. Revenue will lag behind rising costs.
No one wants to pay more taxes or fees. But if other revenues aren’t keeping up, government may have to look at increasing things like the harmonized sales tax (HST) or personal income tax.
