Yukon forecasts surplus in 2020-21 budget as it cuts small business tax | iNFOnews | Thompson-Okanagan's News Source

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Yukon forecasts surplus in 2020-21 budget as it cuts small business tax

March 05, 2020 - 3:01 PM

WHITEHORSE - The Yukon government is forecasting a $4.1 million surplus in its 2020-21 budget, which includes funding for new schools and tax cuts.

Premier Sandy Silver, who also serves as finance minister, says the budget puts the territory on a sustainable economic path, with spending pegged at about $1.62 billion.

The budget proposes cutting the small business tax rate from two per cent to zero, which the government says would save businesses $2 million a year.

It is also proposing changes to income tax measures affecting low- and middle-income earners.

Silver says there is funding for new recreational facilities in the budget including money to complete the new Carmacks arena, upgrades to the arena in Mayo, as well as new pools in Pelly Crossing and Ross River.

The government has committed funding to complete construction of the first French language high school in the territory and is planning for new schools in Whistle Bend and Burwash Landing.

"Returning to a surplus reflects our commitment to sound fiscal management and making responsible financial decisions for the benefit of all Yukoners," Silver said in a statement. "This budget builds on our recent progress."

This report by The Canadian Press was first published March 5, 2020.

News from © The Canadian Press, 2020
The Canadian Press

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