On February 25, 2016, the Honourable Keith Peterson, Minister of Finance presented Nunavut’s budget, his eighth budget address, with a theme of “Stepping Forward Together”.
The almost balanced budget for 2016-2017 ($3.9 million deficit) does not include any major expenditures or projects, and aims at enhancing education, training, health, and looks to support economic growth through sensible development and good government through prudent use of public resources. The most significant investments announced to reach these goals included $21 million to support health care, focusing primarily on improving front-line service delivery, and $13.5 million to reform the approach to social assistance.
The budget projects a modest increase of revenues of less than 1% to $1.73 billion and contains no tax changes.
Of note is the announcement that the Nunavut Department of Finance is launching a comprehensive review of the territory’s taxation system. Roughly $100 million of taxes are collected each year from Nunavut taxpayers and the territory needs to ensure its tax rates and structure are efficient, effective and fair.
Additional information on the Nunavut Budget 2016-2017 is available at the link below:
Nunavut 2016-2017 Budget