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Territorial 2020 budget round-up

Territorial 2020 budget round-up

All three of Canada’s territories have released their 2020 budgets

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Yukon, the Northwest Territories and Nunavut recently tabled their 2020 budgets. Yukon's budget includes measures to reduce the small business income tax rate to 0% (from 2%) and increase the insurance premium tax to 4%, effective January 1, 2021. Yukon also announced it is expanding the Small Business Investment Tax Credit, which will be renamed the Business Investment Tax Credit.

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Information is current to March 17, 2020. 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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