Canada: No income tax changes in 2021 provincial budgets (Northwest Territories, Nunavut, Yukon)
Canada: No income tax changes, 2021 provincial budgets
The Northwest Territories, Nunavut, and Yukon recently tabled their respective budgets for 2021.
All three budgets did not include any proposals for changes to the corporate or individual (personal) income tax rates or any new income tax measures.
- However, the Northwest Territories budget confirmed a previously proposed reduction in the small business income tax rate to 2% (from 4%), effective 1 January 2021. The Northwest Territories budget also proposed to increase its cost-of-living offset to reflect the upcoming scheduled increase in its carbon tax rate.
- The Yukon budget proposed clean energy and transportation rebates.
Read a March 2021 report [PDF 272 KB] prepared by the KPMG member firm in Canada
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