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:
Avoid Fairy Bridge after crash, say police
Police say you should consider taking a different route home after a crash on the New Castletown Road.
Man can sue DHSC over respite care PTSD allegations
A man with cerebral palsy can sue the Department of Health and Social Care over claims ill-treatment in care gave him PTSD.
More EV chargers at Sea Terminal?
The Sea Terminal in Douglas could get getting new charging points for electric vehicles - if planners give new proposals the green light.
Company warns over fake delivery emails
Don't fall for a delivery scam doing the rounds on the Island.
Should dangerous drivers who kill face life in jail?
Should causing death by dangerous driving, whether under the influence or not, carry a potential life sentence?
Police dealing with crash in Colby
Police say they're currently dealing with a crash in Colby.
Stop falsely accusing youngsters of vandalising skate park!
Castletown commissioners say there's no vandalism in a skate park in the town - and are asking people to stop wrongly accusing children.
Plans to make northern school more accessible
The Department of Education says it wants to make a school in the north of the Island more accessible.
