In this section
The Department of Industry, Tourism and Investment (ITI) collects, assesses and audits royalties for mineral and petroleum development on NWT public lands. The Department of Lands collects royalties on quarrying of aggregate materials on public lands.
The GNWT keeps up to 50 percent of the total resource revenues annually, up to a cap equal to 5 percent of the GNWT’s Gross Expenditure Base in each fiscal year. The amount of this maximum benefit will grow as the territory grows.
Environment and Natural Resources collects all fees and lease payments related to the commercial or industrial use of water and bodies of water.
The Department of Lands collects payments and fees related to the issuance of rights on public land, such as a lease.
ITI also collects payments and fees related to the issuance of mineral rights, such as prospecting permits.
Finance collects related taxes.
The GNWT shares up to 25 percent of its portion of resource revenues with participating Aboriginal governments. This new revenue is in addition to any amounts they previously received under land claim and self-government agreements, and helps to build capacity and meet community needs.
Aboriginal Affairs and Northern Development Canada will continue to collect the Norman Wells Royalty in accordance with the Devolution Agreement and will remit the agreed-upon portion to the GNWT.
All revenues are distributed quarterly, and revenues earned in one year are received the following year.
Canada deducts its share of resource revenues from the GNWT’s monthly federal transfer payments. These deductions will take place two years after the resource revenues are generated.
The GNWT invests in strategic infrastructure to strengthen the NWT’s economy and reduce territorial debt. A portion of the revenues are invested into a Heritage Fund.
The Heritage Fund was created in 2012 as a way to save for future generations. The principal in the Fund cannot be taken out, but interest generated may be withdrawn beginning in the 2032-33 fiscal year.
The Diamonds, Royalties and Financial Analysis division manages royalty calculation and auditing.