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YTG Budget 2020-21

Saturday, 21 March 2020 11:18

The spring sitting of the Yukon Legislative Assembly ended early in light of the COVID-19 public health emergency, with key budget and income tax Bills receiving assent.

The Honourable Angélique Bernard, Commissioner of Yukon, assented to the following bills:

Bill 203, the First Appropriations Act 2020-21, which is the main Government of Yukon budget for 2020-2021. It includes approximately $1.62 billion dollars.

Bill No. 8, the Budget Measures Implementation Act 2020, is focused on building a prosperous Yukon. It will reduce the small business tax rate from two per cent to zero per cent, which is expected to save Yukon businesses $2 million per year. It also expands the eligibility for the Business Investment Tax Credit to support increased investment in Yukon businesses.

Additionally, changes to the Yukon Basic Personal Amount under the Income Tax Act geared towards low and middle-income earners will result in Yukoner's saving around $2.4 million in taxes per year - up to $9.6 million total - by 2023.

Bill No. 201, the Third Appropriation Act revises the spending of the 2019-20 fiscal year with an additional $19 million invested in health, education and safety, including wildfire suppression.

Bill No. 202, the Interim Supply Appropriation Act, provides $338 million for Government of Yukon operations and maintenance, and capital spending for the first two months of the 2020-21 fiscal year.

The following bills received first reading and will remain on the order paper until the fall 2020 sitting which is expected to begin October 1, 2020:

Sexual Orientation and Gender Identity Protection Act
Act to Amend the Employment Standards Act
Act to Amend the Land Titles Act, and
Act to Amend the Wills Act

Premier Sandy Silver said in a statement, I want to thank everyone for coming together to quickly pass legislation. These budget Bills will ensure funding is available to provide the services Yukoner's need while our government focuses on keeping Yukoner's safe, healthy and supported during a time of uncertainty.

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