News and Insights

Tax Alert | Nunavut Budget 2022

Tax Development May 31, 2022

On May 26, 2022, the Honourable Lorne Kusugak, Minister of Finance, presented Nunavut’s budget for 2022–23. This year’s budget focuses on economic diversification, housing expansion, and investments in education, healthcare, and eldercare. Through a combination of revenue growth and reduced spending, the territory predicts a surplus of $40 million for 2022–2023.

This year’s budget includes no new taxes or tax increases. However, the territory commented that, this spring, it expects to reintroduce a liquor tax that was originally introduced in October 2020.

More Information

Further information on Nunavut’s 2022 budget may be found on the territory’s website at:
https://gov.nu.ca/finance/information/budget-2022-23

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 info@ryanco.ca.