Yukon 2023 Budget Highlights
Yukon 2023 Budget Highlights
On March 2, 2023, the Yukon Minister of Finance announced Yukon’s 2023 budget. We’ve highlighted everything you need to know about this budget.
No Changes To Corporate or Personal Tax Rates
Budget 2023 does not include any changes to the Yukon’s corporate tax rates or personal tax rates.
Increased Tobacco Tax
Tobacco tax rates have increased from 31 cents to 32 cents per cigarette and from 31 cents to 32 cents per gram of tobacco (other than cigarettes and cigars). This increase has been in effect since January 1, 2023.
Making Everyday Life More Affordable
Budget 2023 contains several measures to help make everyday life more affordable. It includes the following:
- $48.3 million to develop residential housing and commercial and industrial buildings in the Yukon.
- $8.2 million in loans for land development and home ownership.
- $3.9 million in subsidies and support for renters.
- $5.3 million to extend a rebate program for utility bills.
- $1.5 million for an increase in social assistance.
- $1.5 million for the Yukon Child Benefit.
- $500,000 for the food in schools program.
- $300,000 to help timber harvesting businesses boost fuelwood supply.
Building A Green Future
Budget 2023 allocates nearly $60 million to climate change initiatives. These are some of the areas money will be allocated:
- $10.2 million for energy rebates in the building and transportation sectors.
- $9 million for energy retrofits and renewable energy projects.
- $10.5 million for retrofits to government buildings and First Nation-owned housing.
- $300,000 for flood mapping and forecasting.
- $100,000 for a climate vulnerability study of Yukon’s road network.
Budget 2023 budget includes investments in new and expanded health services, including more than $10 million for programs advancing the implementation of the Putting People First report.
Other highlights of healthcare spending include:
- $3.6 million was budgeted for the new territory-wide dental program
- $10 to 15 million for a new mental wellness unit at the Whitehorse hospital.
- $4.1 million to recruit and retain health staff.
- $4.4 million for the 1Health virtual care platform.
- $1 million for mental health support for youth.
- $460,000 for community nursing and nurse practitioner funding.
- $660,000 for additional mental wellness and substance use services.
- $279,000 to ensure a safe supply of opioids.
- $250,000 to address the substance use crisis among youth.
The majority of infrastructure spending this year will focus on transportation:
- $40 million was allocated to replace the Nisutlin Bay bridge.
- $27.8 million for Alaska and North Klondike highways upgrades.
- $26 million for airport improvements in Whitehorse and Watson Lake.
- $24.4 million for the Dempster Fibre project to create internet redundancy.
- $27.3 million for upgrading existing schools and creating new schools.
- $13.6 million for the Carmacks bypass project.
- $2.3 million for improvements to parks and campgrounds.
We can help!
Need help determining the impact of this year’s budget on your finances or business? Give us a call today!