On February 8, 2018, the Honourable Robert C. McLeod, Minister of Finance, presented the fiscal 2018 – 2019 Northwest Territories budget. This year’s budget looks to provide residents with enhanced training and education, offer support for our communities, and to help evolve relationships with Northwest Territories Indigenous governments.
No new taxes or tax rate increases were included in this budget, although the minister announced or reaffirmed that several new taxes are on the horizon.
Minister McLeod announced a commitment to implement a Land Transfer Tax similar to those in place in other jurisdictions during 2018 – 2019. This initiative is expected to raise an additional $3.1 million in revenue annually. In line with the federal plan to legalize cannabis consumption in 2018, the territory is planning on releasing its own draft legislation for cannabis consumption later in February 2018. As noted in last year’s budget, the Northwest Territories has signed on to the Pan-Canadian Framework on Clean Growth and Climate Change and will issue an announcement related to its plans for carbon pricing later in 2018. In addition, the ministry reaffirmed its intention to introduce a sugary drink tax, which will be aimed at combating obesity and diabetes in the territory.
Additional information on the 2018 – 2019 Northwest Territories budget is available on the Northwest Territories Department of Finance website at: