Caroline Wawzonek

Thank you, Madam Chair. I am here to present Bill 16, An Act to Amend the Income Tax Act. The main purpose of Bill 16 is to reduce the tax burden on our small businesses by reducing the small business tax rate from 4 percent down to 2 percent. With this reduction, Northwest Territories small businesses will incur a tax rate of 2 percent on taxable income under $500,000. Any taxable income over $500,000 will continue to be subject to the general corporate tax rate of 11.5 percent. This proposed measure will become effective on January 1, 2021.

We are also taking this opportunity to propose two...

Thank you, Madam Chair.

Thank you, Madam Chair. I agree, that is the kind of debate that should be happening in the House. Again, I will certainly commit to getting some of the details and financial numbers to the House so that that discussion can be brought to the floor.

Thank you, Madam Chair. I was pleased to get that suggestion last year, probably around this time, and I am happy to receive it and be reminded again. The process of going through budget dialogues and putting some of the information out was very helpful to me in this role but, I think, also to the department. We will certainly make sure that we engage in this process. I think, having adapted to COVID-19, it will be earlier this year than last year. Thank you.

Thank you, Madam Chair. This is not an occasion where there will be a commensurate raising of taxes or introduction of a new tax to directly offset the $1.4 million revenue loss. What is hoped, however, is that, by helping the sector become more competitive and helping small businesses be more competitive, we will see economic growth, which then can ultimately help create more taxpayers in the form of more small businesses, which can hopefully offset the revenue lost from the tax rate change. Thank you, Madam Chair.

Thank you, Madam Chair. We are a little bit behind some of the other jurisdictions in terms of our business tax rate for small businesses. This finally is an opportunity to bring us a little bit more in line and make us more competitive with some of our colleagues across the rest of Canada. Up to this point, we were at or near, in fact, the very top of the pile. This is an opportunity to, again, make us more competitive, and it's a good time. I think one of the MLAs has already mentioned that it's an opportunity to give a bit of release at an occasion and during a context where there has been...

Yes, Madam Chair.

I'll take the positives out of that, Madam Chair, and leave it there. Thank you.

Thank you, Mr. Speaker. As we have already heard today, yesterday was International Women's Day with a theme of Choose to Challenge. I want to use this opportunity to thank my colleagues, my friends, and my neighbours for their support that gives me my opportunity to choose to challenge in a position not often held by a female. By this, I mean very literal support. My partner works at a remote mine site and had to adapt his work rotation in order to accommodate the risk-mitigation precautions for COVID-19. His extended rotation was not what we planned on when I ran for elected office. The...

This particular discovery licence is the last one that is grandfathered. That was the point I had tried to make earlier. I think I wasn't, perhaps, putting it all together very clearly, but it is a grandfathered one. It's the last one of its kind. Mr. Speaker, I, also, would prefer to look forward into the future and not be talking about items that come forward from the past. Because this particular one and all of the things that it's associated to in the other licences it's associated to don't have a rental fee put into their significant discovery licence, out of simple fairness and out of...