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2012 Budgets

Our coverage of the 2012 federal, provincial and territorial budgets will be provided below, as available:

Federal

Federal Finance Minister James M. Flaherty presented the 2012 federal budget on March 29, 2012.

2012 federal budget highlights Read a summary of the federal budget highlights from Deloitte's tax professionals.

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 Federal budget 2012: clarity on transfer pricing secondary adjustments and repatriation

Alberta

Ron Liepert, Minister of Finance presented the Alberta government’s 2012 budget on February 9, 2012.

Read a summary of the Alberta budget highlights from Deloitte's tax professionals.

British Columbia

Kevin Falcon, Minister of Finance and Deputy Premier presented the British Columbia 2012 budget on February 21, 2012.

 Read a summary of the British Columbia budget highlights from Deloitte's tax professionals.

Nunavut 2012-2013 budget highlights 

On February 22, 2012, Nunavut Finance Minister Keith Peterson presented the territory’s 2012-2013 budget. He described the budget as an investment to support the priorities set out in Tamapta, the government’s long-term vision for a healthy economy in which people and businesses actively participate and create value. Here are some of the budget highlights:

  • A $37.7 million budgetary surplus is projected for 2012-2013
  • The government continues to rely on federal funding for most of its revenues, and fiscal arrangements with the federal government beyond 2014 are currently under discussion
  • Total revenues are expected to increase by 8% and spending is expected to decrease by 8% from the previous year
  • Nunavut’s unemployment rate rose to 16.3% in 2011 but is expected to drop to about 9% in 2015
  • In order to reduce tobacco consumption, the government will raise the tax on tobacco products as follows:
    • by 4 cents per cigarette, or $1 per pack of 25 cigarettes
    • by 6 cents per gram of loose tobacco to 20 cents per gram

No other new taxes are introduced

Yukon 2012-2013 budget highlights

On March 15, 2012, Yukon Premier and Finance Minister Darrell Pasloski tabled Yukon’s 2012-2013 budget. Here are some of the highlights:

  • A surplus of $80 million is projected for 2012-2013
  • Mining continues to be the cornerstone of the Yukon economy, as evidenced in a recent report by Deloitte, “Extracting value – Yukon mining 2011, a core opportunity
  • No new taxes are introduced
  • Yukon continues to have no territorial sales tax and no payroll taxes

Quebec

Quebec Minister of Finance, Raymond Bachand presented the 2012 Quebec budget on March 20, 2012.

2012 Quebec budget highlights  Read a summary of the Quebec budget highlights from Deloitte's tax professionals.

Saskatchewan

Ken Krawetz, Minister of Finance presented the 2012 Saskatchewan budget on March 21, 2012.

2012 Saskatchewan budget highlights  Read a summary of the Saskatchewan budget highlights from Deloitte's tax professional.

Ontario

Ontario Minister of Finance Dwight Duncan presented the 2012 Ontario budget on March 27, 2012.

2012 Ontario budget highlights  Read a summary of the Ontario budget highlights from Deloitte's tax professional.

2012 Ontario budget highlights  Ontario 2012 budget proposals – tax accounting implications of the corporate tax rate freeze

New Brunswick

Finance Minister Blaine Higgs presented the 2012 New Brunswick budget on March 27, 2012.

 Read a summary of the New Brunswick budget highlights from Deloitte's tax professional.

Northwest Territories 2012-2013 budget highlights

On May 24, 2012, Northwest Territories Finance Minister J. Michael Miltenberger tabled the territory’s 2012-2013 budget. Here are some of the highlights:

  • An operating surplus of $74 million is projected for 2012-2013, the first surplus in five years; however, transfers from the federal government continue to make up the majority of the territory’s revenues
  • The territory’s economy is forecast to grow by 6.5% in 2012-2013
  • No new taxes are introduced
  • Effective April 1, 2012, property tax mill rates, liquor mark-ups and a number of fees were adjusted for inflation
  • Addressing the territory’s significant infrastructure deficit continues to be a priority for the government

Nova Scotia

Nova Scotia Minister of Finance Graham Steele presented the 2012 Nova Scotia budget on April 3, 2012.

 Read a summary of the Nova Scotia budget highlights from Deloitte's tax professional.

Manitoba

Manitoba Minister of Finance, Stan Struthers presented the 2012 Manitoba budget on April 17, 2012.

Read a summary of the Manitoba budget highlights from Deloitte's tax professional.

Prince Edward Island

On April 18, 2012, Finance, Energy and Municipal Affairs Minister Wes Sheridan presented the 2012 budget to Members of the Legislative Assembly of Prince Edward Island.

 Read a summary of the Prince Edward Island budget highlights from Deloitte's tax professional.

Newfoundland and Labrador

The Honourable Tom Marshall, Minister of Finance and President of Treasury Board, presented the 2012 Newfoundland and Labrador budget on Tuesday, April 24, 2012.

 Read a summary of the Newfoundland and Labrador budget highlights from Deloitte's tax professional.

 

 

 

 

 

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