Nunavut is reducing its small business tax rate to 3% (from 4%), effective July 1, 2019
Nunavut's Bill 26 received third reading and Royal Assent on November 6, 2019 and November 7, 2019 respectively. As a result, several income tax measures introduced in the bill are now law.
The corporate income tax measures in Bill 26 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on November 6, 2019, the date the bill received third reading, as Nunavut has a consensus style government. The corporate income tax measures in Bill 26 are considered enacted for U.S. GAAP purposes on November 7, 2019, the date the bill received Royal Assent.
Corporate tax measures
Bill 26 includes a measure to reduce Nunavut's small business tax rate to 3% (from 4%), effective July 1, 2019.
Other tax measures
Bill 26 also includes personal tax measures including measures to:
For more information, contact your KPMG advisor.
Information is current to November 12, 2019. 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