Taxation

Below are some of the main resources dealing with business taxes:

General Information and Resources

Taxation Info-Guide: The Taxation Info-Guide is designed to help you navigate through the federal and territorial government programs, services and regulations related to taxation that may apply to individuals starting or running a business in the Yukon.

Guide for Canadian Small Businesses: Many activities of a small business are subject to different forms of taxation. This guide will help you with each of these, and will explain how to plan for taxes, keep records, and make and report payments.

Federal Business Taxes

Goods and Services Tax and Harmonized Sales Tax - GST/HST: Multi-stage taxes that apply to most transactions throughout the production and marketing process.

Income Tax Returns - the T2 Corporate Income Tax Return and the T2 Short Return: The T2 Corporation Income Tax return is a six-page return. The T2 Short is a two-page return designed for small, non-taxable corporations with gross annual income of $5000 000 or less.

Excise Taxes and Excise Duties: Excise duties are charged on spirits, beer, and tobacco products manufactured in Canada. The Excise Act sets out the rates of duty for these goods.

Income Tax - Payroll Deductions: Under the Income Tax Act, an employer is required to withhold any amounts relating to income tax from an employees' pay cheque.

Business Tax: Tax information for sole proprietorships, partnerships, and corporations on topics such as: registration, payroll (including T4), GST/HST, reporting business income and expenses, excise taxes, special levies, and more.

GST/HST Guides (Canada Revenue Agency)

GST/HST Forms (Canada Revenue Agency)

Business Number - BN: The Business Number BN is a numbering system that replaces the multiple numbers businesses require to deal with government (Formerly: Single Business Registration Number (SBRN)).

Tax Information for Individuals (Canada Revenue Agency)

Electronic Services (Canada Revenue Agency)

Territorial Business Taxes

Yukon Income Tax: Yukon's Personal and Corporate Income Tax are administered by Canada Revenue Agency.

Fuel Tax (Government of Yukon)

Tobacco Tax (Government of Yukon)

Insurance Premium Tax (Government of Yukon)

Beverage Container Program (Government of Yukon)

Tax Credit Programs For Business

Yukon Small Business Investment Tax Credit (YSBITC) : The Yukon Small Business Investment Tax Credit (YSBITC) is a personal income tax credit that reduces Yukon income tax for eligible investors who invest in eligible business corporations making qualified investments.

Political Contributions Tax Credit (Government of Yukon)

Yukon Mineral Exploration Tax Credit (YMETC) : The Yukon Mineral Exploration Tax Credit is a fully refundable corporate and personal income tax credit of 25% of eligible mineral exploration expenditures incurred by eligible individuals and corporations conducting mineral exploration in the Yukon, between April 1, 2001 and March 31, 2004.

Yukon Research and Development Tax Credit : The Yukon Research and Development Tax Credit is a refundable corporate and personal income tax credit of 15% (or 20% if paid or payable to Yukon College) for eligible expenditures incurred by a corporation after June 30, 2000 or by an individual after December 31, 2000.

Yukon Manufacturing & Processing Profits Tax Credit (Government of Yukon)

Tax Information For Employers

Employer's Guide - Payroll Deductions - Basic Information (Canada Revenue Agency)

Employer's Guide Taxable Benefits 2005-2006 (Canada Revenue Agency)

Employer's Guide- Filing the T4 Slip and Summary Form (Canada Revenue Agency)

Employee and Self-Employed? (Canada Revenue Agency)

Trust Accounts Division : The Trust Accounts Division works to ensure that employers and workers meet the withholding, remitting and reporting requirements of the Income Tax Act, the Canada Pension Plan, the Employment Insurance Act and the Excise Tax Act.

New Employer Visits: Personalized visits to new employers help them to understand withholding procedures and to solve any trust accounts problems they may have.