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

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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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Information is current to March 15, 2021. 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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