Territorial 2016 Budgets Round-Up | KPMG | CA

Territorial 2016 Budgets Round-Up - No Changes to the Personal or Corporate Income Tax Rates

Territorial 2016 Budgets Round-Up

Canadian Tax Adviser, June 07, 2016 The Yukon, Northwest Territories and Nunavut recently tabled their 2016 budgets. There are no changes to corporate or personal income tax rates in any of these budgets. However, the Yukon's budget states that the Yukon will maintain the territorial portion of its children's fitness tax credit and its children's arts tax credit. The Northwest Territories announced it will adjust property taxes and some fees for inflation. Nunavut did not announce any tax measures in its 2016 budget.

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Corporate tax changes

Yukon

Yukon tabled its fiscal 2016-17 budget on April 7, 2016. The budget did not introduce any corporate tax rate changes. As a result, Yukon's corporate income tax rates effective January 1, 2016 are:

Northwest Territories

Northwest Territories tabled its fiscal 2016-17 budget on June 1, 2016. The budget did not introduce any corporate tax rate changes. As a result, the Northwest Territories' corporate income tax rates effective January 1, 2016 are:

Nunavut

Nunavut tabled its fiscal 2016-17 budget on February 25, 2016. The budget did not introduce any corporate tax rate changes. As a result, Nunavut's corporate income tax rates effective January 1, 2016 are:

Personal tax changes

The Yukon, Northwest Territories and Nunavut budgets did not introduce any personal income tax rate changes. As a result, the personal income tax rates effective January 1, 2016 are:

Yukon

The Yukon announced in its budget that it will preserve the territorial portion of the children's fitness tax credit and the children's arts tax credit, even though the federal equivalents of these credits were eliminated in the 2016 federal budget. This measure has been enacted in Yukon Bill 99/2016 (Royal Assent, May 12, 2016). 

In his budget address, the Finance Minister stated that Yukon would not proceed with a carbon tax.

Northwest Territories

The Northwest Territories announced in its budget that it will adjust property tax mill rates and a number of fees for inflation. 

Nunavut

There are no new tax measures in this budget, but the government announced that it has launched a comprehensive review of Nunavut's taxation system.

For more information, contact your KPMG adviser. 

Disclaimer

Information is current to June 07, 2016. 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

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