Tax & Accounting May 29, 2018

Nunavut budget highlights

Nunavut Finance Minister, David Akeeagok, tabled the 2018-2019 Budget on May 28, 2018. The government projects revenues of $2.177 billion, total expenditures of $1.864 billion, and projects a deficit of $30 million for the fiscal year. Although there were no new taxes or tax breaks announced, here are a few tax-related highlights from the Budget:
  • the Budget's revenue projections do not include shared revenues from cannabis sales or the federal carbon tax backstop;
  • the federally-mandated carbon tax will apply a 2.5 cents per litre tax on fuel sold in the territory; and
  • the revenue impacts of cannabis and the carbon tax will be provided in a fiscal report at a later time.
Cameron Mancell
CFP®, Senior Technical Writer at Wolters Kluwer Canada
Cameron Mancell, CFP®, is a Senior Technical Writer at the Wolters Kluwer office in Toronto. Cameron contributes to Canadian Tax Reporter, Preparing Your Income Tax Returns, and Preparing Your Corporate Income Tax Returns, among several others.