| Presented | 18 June 1971 |
|---|---|
| Parliament | 28th |
| Party | Liberal |
| Finance minister | Edgar Benson |
| Total revenue | 17.119 billion [1] |
| Total expenditures | 18.905 billion [1] |
| Deficit | $1.786 billion[1] |
|
‹ 1970 1972› | |
The Canadian federal budget for fiscal year 1971–72 was presented by Minister of Finance Edgar Benson in the House of Commons of Canada on 18 June 1971. The budget lowered income taxes on individual and corporations, and sale taxes on a variety of commodities. A Capital gains tax was also introduced to the Canadian tax code. [2]