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  • Service: Tax, Domestic Tax Services, Private Company (KPMG Enterprise) Tax Services
  • Date: 5/27/2014

Territorial 2014 Budgets Round-Up - Yukon Reduces Small Business Rate 

Canadian Tax Adviser

 

May 27, 2014

 

The Yukon, Northwest Territories and Nunavut recently tabled their 2014 budgets. The Yukon budget reduces the small business corporate income tax rate to 3% (from 4%) effective July 1, 2014. There were no tax rate changes in the Northwest Territories and Nunavut budgets.

Corporate tax changes

Yukon
Yukon tabled its fiscal 2014-15 budget on March 25, 2014. The budget announced that it would reduce the small business corporate income tax rate to 3% (from 4%) effective July 1, 2014. However, no further changes to the corporate income tax rates were announced. As a result, Yukon's corporate income tax rates are as follows:

 

Corporate tax changes 1 

Northwest Territories
Northwest Territories tabled its fiscal 2014-15 budget on February 6, 2014. The budget did not introduce any new corporate tax rate changes. As a result, the corporate income tax rates effective January 1, 2014 remain as follows:

 

Corporate tax changes 2 

Nunavut
Nunavut tabled its fiscal 2014-15 budget on May 26, 2014. The budget did not introduce any new corporate tax rate changes. As a result, the corporate income tax rates effective January 1, 2014 remain as follows:

 

Corporate tax changes 3 

Personal tax changes

 

Personal income tax rates

The territories did not announce any changes to the personal income tax rates. As a result, the personal tax rates in each territory remains as follows:

 

Corporate tax changes 3 

For more information, contact your KPMG adviser.

 


 

Information is current to May 27, 2014. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500