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Canada: Individual taxpayer, small business tax measures in Nunavut legislation

Canada: Nunavut legislation received Royal Assent

Nunavut's Bill 26 received its third reading on 6 November 2019 and Royal Assent on 7 November 2019.

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With this, the following tax measures are now enacted:

  • A reduction of the small business tax rate to 3% (from 4%), effective 1 July 2019
  • An increase in the basic personal amount to $16,000* (up from $13,325 in 2018), with proportionate changes to the spouse and equivalent-to-spouse amounts, effective 1 January 2019
  • An increase in the cost of living tax credit to a maximum of $1,500 (up from $1,200 in 2018) effective 1 January 2019


Read a November 2019 report prepared by the KPMG member firm in Canada

 

*$ = Canadian dollar

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