Caroline Wawzonek
Deputy Premier
Statements in Debates
Thank you, Madam Chair. This funding was received as part of what is called Northern Bundle 3. Madam Chair, I just want to make sure that I am properly referencing the correct long-term services. Madam Chair, perhaps I might propose that we direct this to the deputy minister, as he might have it handy, to outline that.
Thank you, Mr. Speaker. Sometimes, it does seem that there a lot of steps and processes before things get released, but there is good reason for that. Tourism 2025, I am grateful that committee had the opportunity to look at a draft, and when that step is complete, it goes through Cabinet. The reason for taking some of those steps is to ensure that everyone can speak with one voice on the Cabinet side, that communications are ready to go, and we are now at that point. I am expecting that it can be, indeed, tabled before this session is over. Thank you, Mr. Speaker.
Thank you, Madam Chair. It was a change of plans, as I understand it. Maybe I will propose that this go to the deputy minister, and then he can weave in why this matters from the accounting perspective, please. Thank you.
Thank you, Madam Chair. That's an excellent question. As we do look to expanding which communities have people potentially self-isolating, wastewater sampling certainly is one of the ways in which we are protecting citizens. Look, for the meantime, much as when this first rolled out, we were looking to GNWT funds to provide the funding. As the program expands, whether locally or to other communities, as any of the COVID-19 efforts may need to still expand or modify as the pandemic evolves, they are being funded if they need to be by GNWT dollars and we continue to go back and speak to the...
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.