Caroline Wawzonek
Deputy Premier
Statements in Debates
Thank you, Madam Chair. There is, of course, the sustainability plan that has been put forward just in the last couple of months on behalf of the department of health, and to the extent that this is a significant cost driver, I am quite confident that this will be but one part of the larger investigation into what is driving the healthcare costs. Thank you, Madam Chair.
Yes, the staycations program that was supported last year through the Northwest Territories Tourism Association, which is the destination marketing organization, saw a lot of success. It was well-received on social media, traditional media, and we're certainly intending to do the same to see that it can, once again, try to encourage residents to go out and explore our own home and take advantage of opportunities here. To that extent, also again, a lot of the programs that were put in place in response to COVID-19 were to support the businesses to adapt, to pivot. We're, obviously, coming up on...
Thank you, Madam Chair. Yes, we will certainly make sure that there's a more fulsome discussion around what the tax impacts could be for introducing or otherwise modifying tax rates. Thank you.
Thank you, Madam Chair. At this point in the course of where we're at in our response to the pandemic and recovery from the pandemic, there was certainly a conscious decision that there would not be new taxes introduced in this particular budget, and there are no new taxes introduced in this particular budget. That's sort of a short-term response. I understand that the question really is looking at something much larger and much broader, and I have made inquiries with the department to look into what impacts there would be on individuals if we were to increase the tax burden for certain filers...
Thank you, Madam Chair. I believe the reduction is approximately $1.4 million.
Thank you, Madam Chair. Madam Chair, on my left is Kelly Bluck, director of fiscal policy from the Department of Finance, and on the right, Cherie Jarock, legislative counsel with the legislation division from the Department of Justice.
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.