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Public Accounts committee Absolutely.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee A bigger economy.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee Mr. Chair, I'm sorry. Could you repeat the question?
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee Yes, I was on page 1.7.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee The revenue ratio has been declining essentially because of a reduction in tax rates, both for personal income and for corporate income, through that period. Plus there's the impact of the recession in that year, which played some role. But tax reduction has been a significant factor in that.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee You read it correctly, but you think this is the deficit. This is the debt.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee The deficit is nothing else than.... It's a standard for debt.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee Exactly.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee I will have to verify that. I don't have the numbers with me. It's likely to grow by one percentage point.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee That's accurate.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee Yes, that would be an example.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee Chair, I will do my best. Total revenues, which include tax revenues and non-tax revenues, went up by $7.5 billion in fiscal year 2012-13. This reflects an increase in GDP, the base of taxation. The tax rates have been kept stable. What happened is that the pie has been growing and this brings higher revenues.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee I'll continue, if I may.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee There's no problem there.
November 20th, 2013Committee meeting
Benoît Robidoux
Public Accounts committee There's no mistake. It just adds up. Starting with the figure in the line at the top, you see $620 billion. Further down, you see $621 billion because we added $620 billion and $1.341 billion. In the second line, you see $621.586 billion. Is that clear?
November 20th, 2013Committee meeting
Benoît Robidoux