The Chief Minister says a wide range of options were discussed by the Council of Ministers before tax rises were included in this year's budget.
In the House of Keys last week he faced questions from Arbory, Castletown and Malew MHK Jason Moorhouse about tax increases.
Mr Cannan said spending cuts had formed part of discussions as well as higher taxes.
But he added Tynwald would be discussing the Island's future tax strategy soon:
DfE granted Mountain Road closure next weekend
Part of the Mountain Road will close again next weekend while the Department for Enterprise carries out filming.
Free entry for children's Wildlife Park event!
The Curraghs Wildlife Park says children get in free this week for a special event.
Turkish interpreter needed for court
Could you help translate Turkish for a court?
Want to be a commissioner on multiple boards?
There's no limit to how many local authorities you can stand for election in, according to Cabinet Office Minister David Ashford.
MP working to set up Whitehaven to Isle of Man ferry route
A UK MP says he's working hard to bring back ferry services linking the isle of Man to Whitehaven.
Biker bunnies ready for Easter rideout!
A unique fundraiser will get underway this weekend, when bikers gather for an Easter Bunny Ride Out.
New NHS tax could cost families £10,000 a year
Treasury Minister Alex Allinson says families could pay up to £10,000 a year under a new healthcare levy.
DOI has Onchan and Douglas 20mph signs - but won't reveal cost
The Department of Infrastructure says it's already bought 20mph signs for Douglas and Onchan - but won't reveal how much they cost.
