2014-2015 Northwest Territories budget highlights
Canadian tax alert
February 6, 2014
On February 6, 2014, Northwest Territories Finance Minister J. Michael Miltenberger tabled the 2014-2015 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 $130 million for 2013-2014 and an operating surplus of $200 million for 2014-2015.
- The government remains committed to its disciplined fiscal strategy in order to generate operating surpluses to fund at least half of infrastructure investment.
- The territory’s economy is forecast to grow by 3.1% in 2014-2015.
Personal, corporate and other taxes
- The 2014-2015 Budget does not include any new taxes or tax rate changes.
- Effective April 1, 2014, property tax mill rates and a number of fees will be adjusted for inflation. As of February 1, 2014, the tax rate on loose tobacco increased.
- Beginning April 1, 2014, the government is taking on responsibilities for the management of lands, waters and resources programs and services that were previously administered by the federal government.
- The territory’s significant infrastructure needs continue to be a priority for the government and infrastructure and housing investments for 2014-2015 are budgeted to be $261 million.
- The government plans to invest $27 million in priority initiatives, including prevention and wellness, economic diversification and growth initiatives, energy projects and increases in service delivery.
For further details, we refer you to the Ministry of Finance website.
This publication is produced by Deloitte LLP as an information service to clients and friends of the firm, and is not intended to substitute for competent professional advice. No action should be initiated without consulting your professional advisors. Your use of this document is at your own risk.