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(accessed from the Calculators page)
Information for all budget years can be accessed from the above link.
NU 2010 Budget
The Nunavut 2010 budget was presented on March 8, 2010, with no income
tax changes announced.
NU 2009 Budget
Nunavut presented their budget on June 4, 2009.
The Business Training Tax Credit is being implemented in 2009 to provide
support for enhancing education. There were no other income tax
changes announced, either personal or corporate.
NU 2008 Budget
The Nunavut budget for 2008 was presented on February 20, 2008. There
were four tax measures in the
budget:
 | Firefighters tax credit - All
full-time and part-time volunteer firefighters who complete at least
200 hours of community service, including training, will be eligible
to claim a $500 non-refundable tax credit. This credit will be
effective for the 2008 taxation year, and will be indexed to inflation
annually starting in 2009. |
|
Pension amount tax credit - will be
increased to $2,000 from $1,000 effective for the 2008 tax year. |
|
Textbook tax credit - students claiming an
education amount will also be able to claim a textbook amount of $65
per month for full-time students, and $20 per month for part-time
students. Nunavut Land Claims Agreement beneficiaries are also
eligible for a supplemental grant through the Financial Assistance
for Nunavut Students (FANS) program which provides $200 per semester
for textbooks. |
|
A training tax credit for businesses has been
proposed, but the details have not yet been finalized. |
NU 2007 Budget
| no changes to personal income tax brackets or
rates |
| Federal income tax measures affecting taxable
income that automatically affect provincial
taxable income in all provinces and territories
except Québec:
|
Nunavut dividend tax credit
Eligible dividends
NU Income Tax Act, 2000 s. 2.32
The dividend tax credit for dividends eligible for the enhanced dividend tax credit
is 20% of the Federal gross-up amount, which at 45% gross-up
is
|
6.207% of grossed-up dividends |
|
9% of actual dividends |
The federal gross-up reductions, starting in 2010, will
automatically reduce the amount of the NL enhanced dividend tax credit as
follows:
| Year |
2009 |
2010 |
2011 |
2012 |
| Gross-up % |
45% |
44% |
41% |
38% |
| enhanced dividend tax credit as a % of |
| grossed-up dividends |
6.21% |
6.11% |
5.82% |
5.51% |
| actual dividends |
9.0% |
8.8% |
8.2% |
7.6% |
The Federal 2008 Budget reduced the gross-up
rate and the dividend tax credit rate
for dividends eligible for the enhanced dividend tax credit. See the
Enhanced Dividend Tax Credit article
for details.
Non-eligible dividends
NU Income Tax Act s. 2.32
The Nunavut dividend tax credit rate for non-eligible, or small
business dividends is defined as 20% of the 25% Federal
gross-up. This is:
| 4% of grossed-up dividends |
| 5% of actual dividends |
NU refundable tax credit
This is refundable to the
taxpayer even if no income tax was paid.
| Cost of living tax credit
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See Canada Revenue Agency (CRA) forms NU479 and the Territorial
Worksheet from the Nunavut
General Income Tax and Benefit Package page for detailed calculation.
Tax tip: File a tax
return even if you have no income, to get the refundable tax
credits.
See our information on government
benefits, programs and services.
NU Government Links
Legislation
Department
of Finance
Canada Revenue Agency (CRA) Links
NU
Personal income tax and benefit package
NU
Corporation income tax
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Revised: July 14, 2010
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