Yukon Budget 2024: Key Tax Changes
Responsible Fiscal Management
Budget 2024 Highlights
- Yukon provincial income tax brackets indexed to inflation
- Basic personal amount increased to reduce low-income tax burden
- Provincial credits and benefits adjusted for cost-of-living changes
- No new provincial sales tax rate changes announced
- Resource sector and small business supports maintained
Provincial Income Tax Rates (2024)
Provincial income tax rates apply on top of federal rates. See our complete tax rate tables for combined federal-provincial rates by income level.
| Taxable Income Bracket | Provincial Rate |
|---|---|
| First bracket | See current rates |
Recent Tax Changes in Detail
Yukon Budget Overview
Effective: AnnualYukon follows a spring budget cycle, typically presenting its budget within weeks of the federal budget. Provincial income tax changes take effect January 1 of the following year unless otherwise specified. As a territory, Yukon receives substantial federal transfer payments that fund territorial government programs.
Provincial Income Tax Administration
Effective: OngoingLike most provinces (Quebec being the exception), Yukon residents file a single T1 income tax return with the Canada Revenue Agency. The CRA administers provincial income tax under a tax collection agreement. Provincial amounts appear on Schedule 1 (federal tax) and the provincial form 428 of your T1 return.
Official Resources
For the complete budget documents, legislative details, and supplementary information, visit the official Yukon government budget page:
Yukon Official Budget ↗TaxSimplified summarizes budget measures for informational purposes. Always refer to the official budget documents and the Canada Revenue Agency for authoritative tax guidance. Consult a CPA for personalized tax advice.