On March 2, 2023, Finance Minister Sandy Silver presented the Yukon’s 2023–24 budget. This year’s budget focuses on infrastructure and other investments to facilitate more resilient and sustainable communities, make life more affordable for residents, move forward on reconciliation, and strengthen the territory’s healthcare, social support, and education systems.
Consistent with prior years, the budget includes a significant contingency fund for anticipated expenses and projects a surplus of $48.2 million.
No new taxes or significant tax changes were announced as part of this year’s budget.
The government notes that tobacco tax rates continue to be linked to changes in the consumer price index, resulting in a small increase of one cent per cigarette, effective January 1, 2023.
More Information
Further information on the Yukon’s 2023 budget may be found on the territory’s website at:
https://yukon.ca/en/budget
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.
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