Northwest Territories Budget
On February 3, 2011, Finance Minister J. Michael Miltenberger delivered a budget that outlined a projected growth in the gross domestic product of the Northwest Territories of 1.2 per cent in 2011.
The government proclaimed in their budget that there will be no new taxes. However, it was announced that tobacco taxes, property taxes, liquor and government service fees will include mark-ups to adjust for inflation, effective April 1, 2011. These changes will result in total additional revenues of about $1.8 million.
To obtain solutions that would promote long-term economic and fiscal growth, the Department of Finance consulted with residents and businesses in the fall of 2010 and, as a result, tabled various tax options for review, including the possibility of a carbon tax and a hotel tax for the region. The carbon tax would raise funds and align with the government’s initiative to protect the environment. Similar to other taxes of this nature, the hotel tax would fund tourism, marketing and development initiates that would promote the region as a place to visit and, if implemented, would take the form of a municipal hotel room levy. The government noted that each of these options requires more investigation before they can be formally announced and passed into law.
Further details on the Northwest Territories Budget 2011-2012 are available from the Northwest Territories Finance website at:
Northwest Territories Budget Address Archive
Yukon Territory Budget
On February 3, 2011, Premier Dennis Fentie presented a surplus budget that will continue to build on Yukon’s economic future.
This budget contains no new taxes. Currently, the Yukon has some of the lowest fuel tax rates in Canada and the existing gasoline and diesel tax rates are lower by 67% and 64%, respectively, than comparable taxes in British Columbia.
Further details on the Yukon Territory Budget 2011-2012 are available from the Yukon Finance website at:
- Topics
- Sales Tax
- Utilities
- Oil and Gas