Finance
N.W.T. finance minister tables $2.5B budget aimed at stability amid uncertainty
The N.W.T.’s finance minister is proposing a $2.5-billion operating budget for the upcoming year, which she said contains “nothing dramatic” and is aimed at being prepared for challenges that may arise during a time of uncertainty.
“Assuming that there will be something unpredictable happening is probably the most stable prediction I can make,” Caroline Wawzonek told reporters Thursday morning. She tabled the budget in the Legislative Assembly a few hours later.
The territory expects to bring in $2.7 billion in revenues in 2025-26, which it says is up two per cent from last year. Expenses come to $2.5 billion — up from last year’s $2.2-billion plan — leaving an expected operating surplus of approximately $170 million. That surplus will help pay for the territory’s capital projects in the coming year.
Wawzonek said nearly a third of the budget is spent on the healthcare system, and $64 million will be spent on improving access to it for things like front-line health support, administration capacity and delivery improvements.
Housing and homelessness is another area of spending she highlighted. The territory is set to spend $3.7 million on a strategy for homelessness in Yellowknife, $2.9 million for a public housing program and $809,000 for the Transitional Housing Addictions Recovery Program.
Wawzonek said the territory is also trying to reduce regulatory burdens in the mining sector.
A snapshot of the economy
In a presentation to reporters on Thursday morning, Bill MacKay, the finance department’s deputy minister, said the territory’s GDP is at its lowest point in a decade.
Most of that, he said, is driven by the mining sector — but he cautioned that mining doesn’t drive employment in the territory and therefore isn’t the best metric of the N.W.T. economy.
The N.W.T’s three diamond mines are expected to end production in 2030.
Rough diamonds are mainly exported to Belgium and Botswana, he said. The territory exports a very small amount of goods to the United States which, in 2023, amounted to $6,000 and included things like fur products and traditional crafts.
Bill MacKay, the deputy minister of the N.W.T.’s Department of Finance, gave reporters a presentation on the budget Thursday morning, before the finance minister tabled it at the Legislative Assembly. (Liny Lamberink/CBC)
Even so, MacKay said the territory would not be immune to the economic impacts of a tariff war with the United States. Anything bad for the Canadian economy, he said, would be “detrimental” to the N.W.T.
MacKay also said some smaller industries are growing, such as motion picture, sound recording and tourism, as well as traditional economies like trapping and commercial fishing.
Wawzonek said Hay River is at the “front line” of the fishing rebound, but Fort Resolution is involved as well, while the Beaufort Delta is starting to see its tourism industry “starting to flourish.”
Midwifery expansion cut
Things that are expected to be cut in the upcoming fiscal is a planned expansion of the midwifery program in Yellowknife that was expected to cost $418,000. The Department of Environment and Climate Change’s operations and maintenance budget is also being reduced by $425,000.
The territory said it was also still expecting to save $2.7 million by closing the men’s unit of the Fort Smith jail — something that came to light ahead of last year’s budget, but was then delayed.
The N.W.T. government has a goal of freeing up $150 million annually, by generating more revenue and finding places to cut spending. However, it fell short of that goal this year, ultimately freeing up about $106 million.
It also wants to pay down its short-term debt by $150 million by the end of March 2028, but for this latest budget at least, the territory’s short-term debt continues to climb.
Wawzonek said the government would still like to hit its goals, but doesn’t want to create instability in the public service sector or in its service to communities to make it happen.
She also emphasized that the territory had hit a separate financial goal: to pay for its capital plan using an operating surplus. “It’s pretty rare that we would pay for our capital plan … without taking on debt,” she said.
The territory said it is also still waiting to hear back from the federal government about increasing the N.W.T.’s federal borrowing limit.
Harley-Davidson’s new CEO wants to transform how people think about the iconic motorcycle brand, so the company is trying something different.
This week, Harley announced a new strategy that focuses on lower-priced bikes, rather than relying on older, more affluent customers to buy its higher-margin touring models.
“Back to the Bricks builds on our core strengths and competitive advantages, harnessing the passion of our riders to deliver profitable growth for the Company and both our dealers and shareholders,” Harley CEO Artie Starrs said this week. “As we drive towards this new phase of growth, we remain committed to the craftsmanship and dedication that define our brand.”
Entry-level Harley-Davidsons cost about $13,000, while the higher-end Adventure Touring models average about $23,250, and the Premium Range &CVO models cost about $38,500, according to Reuters.
Harley’s new strategy targets a core profit of over $350 million from its motorcycle business by 2027 and over $150 million in cost reductions.
To kick off the new strategy, Harley is introducing Sprint, a new entry-level model powered by a smaller 440cc engine, later in the year.
What is Harley-Davidson’s “Back to the Bricks” strategy?
Harley’s new strategy relies on more than just pushing buyers toward cheaper vehicles to increase volume. The 123-year-old company has a set of five pillars on which it is building its future.
Harley-Davidson “Back to the Bricks” 5-point plan
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Deep appreciation of Harley-Davidson’s competitive advantages and legacy: The Company’s iconic brand, diversified and powerful revenue channels, and best-in-class dealer network provide a powerful foundation for growth.
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Renewed commitment to exclusive dealer network to drive enterprise profitability: Harley-Davidson’s dealers are a competitive advantage. The Company is planning actions to enable dealers to double profitability in 2026 and then double it again by 2029.
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Immediate actions to recapture share in areas where Harley-Davidson has right to win: Harley-Davidson has strong legacy equity in existing markets including new motorcycles, used motorcycles, Parts & Accessories, and Apparel & Licensing. The Company’s new strategy is focused on positioning the Company to regain share and drive meaningful volume growth in categories where it benefits from credibility, scale, and deep rider connection.
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Strong financial position with a path to stronger free cash flow and EBITDA margin: Cost and restructuring actions already underway support a path to stronger free cash flow and EBITDA margin over time.
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Bolstered management team with balance of fresh perspectives and institutional knowledge: Harley-Davidson has made a number of leadership appointments that support the Company as it leverages its innate strengths.
Written by Jitendra Parashar at The Motley Fool Canada
Dividend investing can be one of the simplest ways to build long-term wealth while creating a steady stream of passive income. But in my opinion, a good dividend stock is about much more than just a high yield. Beyond dividend yield, investors should also look for companies with durable businesses, reliable cash flows, and a history of rewarding shareholders consistently over time.
That’s exactly why many investors turn to financial stocks. Banks and asset managers often generate recurring earnings through lending, investing, and wealth management activities, allowing them to support stable dividend payments even during uncertain market conditions.
Two Canadian financial stocks that stand out right now are AGF Management (TSX:AGF.B) and Toronto-Dominion Bank (TSX:TD). Both companies offer attractive dividends backed by solid financial performance and long-term growth strategies. In this article, I’ll explain why these two financial stocks could be worth considering for income-focused investors right now.
AGF Management stock continues to reward shareholders
AGF Management is a Toronto-based asset manager with businesses across investments, private markets, and wealth management. Through these divisions, the company offers equity, fixed income, alternative, and multi-asset investment strategies to retail, institutional, and private wealth clients.
Following a 59% rally over the last 12 months, AGF stock currently trades at $16.67 per share with a market cap of roughly $1.1 billion. At current levels, the stock offers a quarterly dividend yield of 3.3%.
One reason behind AGF’s strong recent performance is its increasingly diversified business model. The company has expanded its investment capabilities and broadened its geographic reach, helping it perform well across varying market environments.
In the first quarter of its fiscal 2026 (ended in February), AGF posted free cash flow of $36 million, up 14% year over year (YoY), driven mainly by higher management, advisory, and administration fees. These fees climbed to $92.5 million as demand for the company’s investment offerings strengthened.
AGF has also been focusing on expanding its alternative investment business and introducing new investment products. With strong cash generation and growing demand for alternative investments, AGF Management looks well-positioned to continue rewarding investors over the long term.
TD Bank stock remains a dependable dividend giant
Toronto-Dominion Bank, or TD Bank, is one of North America’s largest banks, serving millions of customers through its Canadian banking, U.S. retail banking, wealth management and insurance, and wholesale banking operations.
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