2014-2015 Yukon budget highlights
Canadian tax alert
March 26, 2014
Read a summary of the Yukon budget highlights from Deloitte's tax professionals
On March 25, 2014, Yukon Premier and Finance Minister Darrell Pasloski tabled the territory’s 2014-2015 budget. Here are some of the highlights:
- The budget includes the largest capital investment in Yukon's history.
- Despite the high level of capital spending, the budget reports a surplus of $72 million for 2014-2015.
- Yukon is expected to continue to be debt-free.
- The government will undertake a red tape review of the regulatory burden facing Yukon businesses with a view to reducing this burden.
Personal and corporate tax rates
- The budget proposes that the small business rate be reduced from 4% to 3% on the first $500,000 of taxable income.
- Yukon continues to have no general territorial sales tax and no payroll taxes.
- There are no other changes or announcements related to tax rates.
- Funding for the 2014-2015 Yukon Mineral Exploration Program, which provides funding for mineral exploration projects, including risk capital for locating, exploring and developing mineral projects to an advanced stage, has been increased by $630,000 to a total of $1.4 million.
- Yukon residential electrical consumers will benefit by a one year extension of the Interim Electrical Rebate.
For further details, we refer you to the Ministry of Finance website.
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