2014-2015 Yukon budget highlights

Budget highlights

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.

Other measures

• 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.

Contacts

Canadian Managing Partner, Tax
Heather Evans
416-601-6472 

National Tax Policy Leader
Albert Baker
416-643-8753

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