Filing your taxes in Canada can be complex, and Yukon has its own set of rules alongside federal tax requirements. This FAQ answers common questions specific to Yukon provincial income tax to help you navigate filing season smoothly.
What are some tax benefits unique to Yukon besides the standard tax brackets?
Yukon offers the Eligible Yukon Asset benefit, which reduces the recapture of capital cost allowances on depreciable business property acquired after 2009 and used primarily in a Yukon business.
Does Yukon offer any help with the high heating costs during winter?
Yes, the Home Heating Rebate helps offset these expenses for eligible Yukon residents. The exact amount you receive depends on your income and home type.
I’m exploring for minerals in Yukon. Is there a tax credit to offset the costs?
The Northern Mineral Exploration Tax Credit provides tax relief for qualifying exploration expenses. This credit applies to specific stages, not initial prospecting. Consult a tax professional to confirm eligibility.
I’m building an energy-efficient home in Yukon. Are there tax breaks for installing a good heating system
Yes, the Heating System Installation Credit offers tax relief for qualified heating systems in new or substantially renovated homes. Qualifying systems include high-efficiency heat pumps and condensing boilers. There’s a maximum claim amount, so research the specifics.
My business operates dog sledding adventures in Yukon. Can tourism-related tax credits benefit me?
Absolutely! The Tourism Industry Development Tax Credit incentivizes tourism businesses to invest in marketing and development. Your dog sledding company can claim qualifying expenses like advertising, website development, and brochures
Working remotely, can I claim a portion of my home office expenses on my Yukon tax return?
Claiming home office expenses in Yukon requires specific criteria. Generally, you need a dedicated workspace used exclusively for work purposes, exceeding 10% of your home’s size. Consult a tax professional to confirm eligibility.
My commute to work is long. Can I deduct those costs on my Yukon tax return?
Unlike some provinces, Yukon doesn’t allow general travel expense deductions, including commuting costs.
