close
Share with your friends

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.

1000

Related content

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

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal