On February 23, 2023, the Honourable Lorne Kusugak, Minister of Finance, presented Nunavut’s budget for 2023–24. This year’s budget focuses on dignified aging, expansion of housing, investment in education and healthcare, and economic diversification. Due primarily to revenue increases from local sources and federal transfers, the territory is reporting an operating surplus of approximately $75 million for 2022–2023 but projecting a modest deficit of approximately $8 million for 2023–24.
This year’s budget includes no new taxes or tax increases. However, the government noted the Nunavut Carbon Rebate Program will be cut due to federal carbon pricing rule changes. To help offset the impact of this change on fuel costs, the territory plans to introduce legislative amendments to create the Nunavut Carbon Credit, a refundable tax credit that will provide residents with cash payments every three months.
More Information
Further information on the Nunavut’s 2023 budget may be found on the territory’s website at:
https://gov.nu.ca/finance/information/budget-2023-24
To read key updates from Canada’s 2023 provincial budgets, please navigate to Key Changes | 2023 Canadian Federal and Provincial Budgets.
If you have questions about any of the tax changes proposed in recent Canadian budgets, please do not hesitate to contact the Ryan TaxDirect® line at 1.800.667.1600 or taxdirect@ryan.com.