On February 19, 2020, the Nunavut government released its 2020-2021 budget.
Income taxes
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% |
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