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2020 NU Provincial Budget tax changes

Mar 4, 2020

On February 19, 2020, the Nunavut government released its 2020-2021 budget.

Personal tax

No personal income tax rate changes were announced in this year’s budget. The current combined personal income tax rates for 2020 are outlined below.

Personal (combined) federal and NU top marginal tax rates
	Rates
Interest/regular income	44.50%
Capital gains	22.25%
Eligible dividends	33.08%
Other-than-eligible dividends	37.79%

Corporate tax

No corporate income tax rate changes were announced in this year’s budget. The current corporate income tax rates for 2020 are outlined below:

	Small business corporations		General corporations
	Rate	Threshold	Non-M&P	M&P
Federal	9.0%	$500,000	15.0%	15.0%
Nunavut	3.0%	$500,000	12.0%	12.0%
Combined	12.0%	$500,000	27.0%	27.0%

2020 NU Provincial Budget tax changes

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