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Budget 2018 – what’s the skinny for your business?

The GNWT is faced with continued economic uncertainty and declining revenues. Unfortunately, that means your concerns—balancing the budget and reducing taxes—were not at the forefront of this year’s Operational Spending Plans. 
Not only were small business concerns not discussed; small business themselves were not mentioned at all.

The budget’s main focus for providing resources remains the following buckets:
  • Land and natural resource management 
  • Long-term energy and climate change plans to help lower cost of living and help people adapt to the effect of climate change
  • Training and education for jobs
  • Support for communities
  • Enhancement of support for people struggling with such things as mental health and addiction
  • Continue to strengthen the relationship between NWT and its Indigenous governments
  • Continue to strengthen traditionally strong sectors of the economy 
The good news
  • Support for the mining sector - systematic development of mineral resources to provide jobs, business opportunities and economic diversification 
  • Agriculture strategy to reduce barriers to commercial agriculture by improving access to land
  • Helping students seize employment opportunities that need post-secondary education or additional training 
  • Budget intends to continue improving accountability, transparency, collaboration and general good governance with funding for community governments 
  • Increase capacity for land use planning, convert maturing equity leases to fee simple title so that NWT residents holding leases can be comfortable with building homes, starting businesses and contributing to the economic development of the territory

February 12, 2018

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Topics in this Article: Government Spending

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