Territorial 2021 budget round-up — No new income tax changes
Territorial budget round-up — No income tax changes
The Northwest Territories confirms its previously proposed small business income tax rate drop to 2%, effective January 1, 2021
Yukon, the Northwest Territories and Nunavut recently tabled their 2021 budgets. All three budgets did not include new changes to corporate or personal income tax rates, or any new income tax measures. However, the Northwest Territories confirms the previously proposed reduction in the small business income tax rate to 2% (from 4%) effective January 1, 2021. The Northwest Territories also increases its Cost of Living Offset to reflect the upcoming scheduled increase in its carbon tax rate. In addition, Yukon introduces new clean energy and transportation rebates.
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