Yukon: 2020 Budget

 In Alerts, News, Wolters Kluwer

The Premier of the Yukon and Minister of Finance, the Honourable Sandy Silver, tabled the 2020–20201 Budget (the “Budget”) on March 5, 2020.

For 2020-2021, total estimated spending is $1.62 billion, with a capital budget of $369.7 million and $1.25 billion for operations and maintenance. There will be a surplus of $4.1 million for Yukon in 2020-2021.

Three tax measures were announced in the Budget:

  • cutting the small business tax from 2% to zero;
  • modernizing the Business Investment Tax Credit; and
  • amending the Yukon Basic Personal Amount under the Income Tax Act to align with recent changes made by the Government of Canada.

The following spending measures were announced in the Budget:

  • $27 million to develop residential lots in Whitehorse and other communities, including 200+ new lots in Whistle Bend;
  • $30 million for retrofits to help Yukoners and Yukon businesses make their homes and facilities more energy efficient;
  • $130 million to support Yukon’s construction sector;
  • $120 million over four years to improve energy efficiency in Yukon;
  • $21.6 million for fire management;
  • $218 million to modernize education and support Yukon students;
  • $83.4 million for continuing care facilities, home care, respite care, palliative care programs, and community day programs;
  • $65.2 million for social supports, mental wellness, and substance use programs; and
  • $87 million for transportation infrastructure.
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