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:
New UK immigration laws will extend to IOM, says minister
New UK laws covering border security, asylum and immigration can apply on the Isle of Man after officials here contacted Westminster.
Harbour dues set to rise more than 19% for some boat owners
The Department of Infrastructure says it'll increase charges for berthed boats by more than 19 per cent this year.
Heartstopper actor will attend LGBTQ event in LA
Manx star Joe Locke will be at one of the highest-profile award events in the US later this month.
Police appealing for witnesses after vandals damage car
Police are hunting vandals who deliberately damaged a car in a Tesco car park.
The beach huts are back!
Summer must be coming - the Port Erin beach huts are being built!
Two rapists will appear in court in June to appeal their convictions
Two rapists who attacked a teenage woman in a Douglas flat will appear in court this summer as they appeal their convictions.
No changes to screenings were suggested to Health Minister
Health Minister Claire Christian says no changes to screening for breast, cervix and bowel cancer have been suggested to her.
TT work to shut Creg Willey's Hill for a fortnight
The Department of Infrastructure says a section of the TT course will close for two weeks from Monday.
