Canadian tax alert
2015-2016 Northwest Territories budget
On February 6, 2015, Northwest Territories Finance Minister J. Michael Miltenberger tabled the 2015-2016 budget. The following is a summary of the tax highlights contained in the budget.
Economic results and indicators
- Revised estimates project an operating surplus of $109 million for 2014-2015 despite facing both “expenditure and revenue shocks”.
- The government predicts an operating surplus of $147 million for 2015-2016.
- The territory’s economy is expected to have grown 5.2 per cent in 2014 and to grow 3.7 per cent in 2015.
- The economic growth is concentrated in the diamond industries while the rest of the economy is not considered to be growing. The government forecasts total revenue growth to be approximately .1 per cent annually for the next four years.
- The government will have to make difficult choices to ensure the territory remains on a fiscally sustainable path.
Personal, corporate and other taxes
- The 2015-2016 budget does not include any new taxes or tax changes.
- Effective April 1, 2015, property tax mill rates and a number of fees will be adjusted for inflation.
- The government will commit a significant portion of expenditures to social programs in
2015-2016 in order to promote health, well-being and employment.
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