On April 27, 2017, Yukon Premier and Finance Minister Sandy Silver delivered the territory’s 2017 budget, entitled “Building a Better Yukon”. This year’s budget focuses on wellness for the territory’s residents, strategic investments in communities, building strong relationships with First Nations and providing jobs for Yukoners in an environmentally sustainable manner.
In addition to proposed reductions in the general corporate income tax rate from 15 to 12 percent and the small business corporate income tax rate from 3 to 2 percent, this year’s budget includes one commodity tax change.
Tobacco Tax Increase
To further discourage smoking and promote health, the tobacco tax rate will increase by 4 cents to 25 cents per cigarette or gram of tobacco, effective July 1, 2017. In addition, the tobacco tax rate will increase by a further 5 cents to 30 cents per cigarette or gram of tobacco on April 1, 2018.
Additional information on the 2017 Yukon budget can be found on the province’s website at:
If you have any questions about how these changes might impact your organization, please do not hesitate to call the Ryan TaxDirectTM line at 1.800.667.1600.