2014-2015 Nunavut budget highlights
Canadian tax alert
May 27, 2014
On May 26, 2014, Minister of Finance Keith Peterson presented Nunavut’s 2014-2015 budget. Mr. Peterson stated that the territory’s financial situation was good, as evidenced by Moody’s decision to maintain the territory’s credit rating at Aa1. Here are some of the budget highlights:
- A $35.7 million budgetary surplus is projected for 2014-2015, up from $21.9 million for 2013-2014
- The government continues to rely on federal funding for most of its revenues (roughly 90%)
- Total revenues are expected to increase by 3.9% (mostly due to growth in federal transfers) and spending is expected to decrease by 7.9% from the revised estimates of the previous year
- Nominal GDP is expected to increase by 4.7% and real GDP is expected to increase by 4.2%
- Nunavut’s unemployment rate remains high at 13.5% per 2013 statistics
- No new taxes or tax changes are introduced
For further details, we refer you to the Ministry of Finance website.
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