On February 26, 2024, the Honourable Lorne Kusugak, Minister of Finance, presented Nunavut’s budget for 2024–25. This year’s budget focuses on building infrastructure, supporting the environment, and ensuring the well-being of Nunavummiut. The territory predicts a deficit of $21.4 million for 2024–25.
This year’s budget includes no new taxes or tax increases. However, the government noted that the liquor tax on all alcohol consumed or imported into the territory, which became law in the spring of 2023, has yet to be put into force.
Further information on Nunavut’s 2024–25 budget may be found on the territory’s website.
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.
To read key updates from all of Canada’s 2024 provincial budgets, please visit our Key Changes | 2024 Canadian Federal and Provincial Budgets page.