Finance Minister Caroline Wawzonek has presented the Government of the Northwest Territories (GNWT) 2025-26 budget to the 20th Legislative Assembly on 6 February.
Budget 2025‑2026 forecasts revenues of CAD 2.7 billion and allocates CAD 2.5 billion for operating expenditures, providing the GNWT with an operating surplus after adjustments of CAD 170 million.
The province plans to raise the carbon tax to CAD 95 from CAD 80 per tonne of greenhouse gas emissions starting 1 April 2025.
Total revenues are projected to increase CAD 52 million from the 2024-25 Revised Estimates primarily due to increases of $104 million from the Territorial Formula Financing grant and CAD 13 million in carbon tax revenues because of the CAD 15 a tonne increase in the greenhouse gas emissions rate. Carbon tax revenue increases have offset expenditures to mitigate the carbon tax effects on the cost of living and economic competitiveness.
The 2025-26 budget introduces no new taxes, and corporate and individual income tax rates remain unchanged.
