Gross Domestic Product at basic prices

The income-based calculation of Gross Domestic Product has been changed with the publication of the estimates of the first quarter of 2001 of the National Economic and Financial Accounts, specifically with regard to the presentation of indirect taxes and subsidies. In order to make Canada's System of National Accounts more internationally comparable Net Domestic Income in now reported at Basic Prices rather than Factor Cost. Valuation of output at basic prices means reporting income as the amount receivable by producers for the production or sale of products minus any tax payable, and plus any subsidy receivable, on those products.

In the Canadian System of National Accounts, Net Domestic Income at Basic Prices includes net taxes (taxes less subsidies) paid on factors of production but excludes net taxes related to the goods and services produced. Thus, Net Domestic Income at basic prices includes net taxes on factors of production such as property taxes, capital taxes, taxes on payrolls and subsidies for employment development and training. Output at basic prices excludes taxes and subsidies on products themselves such as sales taxes, fuel taxes, duties and taxes on imports, excise taxes on tobacco and alcohol products and subsidies paid on agricultural commodities, transportation services and energy.

CANSIM details:

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