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The Consolidated Revenue Fund of Canada (French: Fonds consolidé de revenu du Canada) is the account into which taxes and revenue are deposited, and from which funds are withdrawn in order to defray the costs of public services.
Section 126 provides that each province is to maintain a consolidated revenue fund for all remaining provincial liquid assets, present and future. This approach was based on the financial reforms of the British government in the late 18th century, which created the consolidated fund of the British government.
The receiver general deposits and withdraws funds from the Consolidated Revenue Fund of Canada. The minister of public services and procurement is the receiver general for Canada.
Section 103, section 104 and Section 105 of the Constitution Act, 1867 set out permanent charges on the Consolidated Revenue Fund, which had to be paid prior to any other federal expenditures. Section 106 of the Act provides that all federal expenditures are to be made by appropriations on the Consolidated Revenue Fund, authorised by the ...
The act governs the Public Accounts of Canada, which are mandatory records kept by the Receiver General that show actual expenditures against each appropriation, revenues, and other transactions related to the consolidated revenue fund. Records are to be made in Canadian dollars, and reports are to be made quarterly. [61]
From 1932 [35] until 1951, [36] Canadian companies were able to file consolidated tax returns, but this was repealed with the introduction of the business loss carryover rules. [37] In 2010, the Department of Finance launched consultations to investigate whether corporate taxation on a group basis should be reintroduced. [ 37 ]
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In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund (as opposed to hypothecated taxes earmarked for specific purposes), and general spending is paid out of the ...