Yukon, the Northwest Territories and Nunavut have tabled their 2022 budgets. None of the budgets include changes to corporate or personal income tax rates, or any new income tax measures. However, Yukon extends its temporarily expanded Business Investment Tax Credit until the end of 2026, as part of ongoing COVID-19 support. The Northwest Territories increases its Cost of Living Offset benefit that generally reflects the upcoming scheduled increase to its carbon tax rate along with an increase to property tax mill rates and other fees for inflation.
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Information is current to June 6, 2022. 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