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:
Could you take over this former restaurant?
A former restaurant in the Villa Marina Arcade is up for rent.
Framework of new Sea Services Agreement ready, says minister
The infrastructure minister says the basic framework of the new Sea Services Agreement with the Steam Packet has been agreed.
Attorney General says he's stepping down
The Island's attorney general has announced he'll be retiring later this year.
Road closures in two towns for running event this week
Roads in two towns will close for a running event this week.
Six weekend ferry crossings could face disruption
A series of sailings this weekend could be at risk of cancellation.
President of Tynwald announces retirement
Lawrence Skelly has announced he'll be stepping down as President of Tynwald this year.
Police close Mountain road
The Mountain Road has been closed as police recover a car.
Fuel firm says "fingers crossed" for calmer energy costs
An Island fuel company says it's hoping energy prices stabilise in the future, with its next shipment already planned.
