|
Provincial Changes
 |
Northwest Territories |
|
Northwest Territories Tax Rates: |
| Income |
2006 |
2005 |
| Incomes under $34,555 |
5.9% |
5.9% * |
| Incomes between $34,555 and $69,110 |
8.6% |
8.6% * |
| Incomes between $69,111 and $112,358 |
12.2% |
12.2% * |
| Incomes above $112,358 |
14.05% |
14.05% * |
* Subject to inflation
|
Northwest Territories Non-Refundable Tax
Credit |
| |
2006 |
2005 |
| Basic Personal Amount |
$11,864 |
$11,609 |
| Spousal / Equivalent-to-Spouse |
$11,864 |
$11,609 |
| Age Amount |
$5,803 |
$5,678 |
| Disability Credit |
$9,621 |
$9,414 |
| Disability Supplement Amount |
$3,933 |
$3,848 |
| Caregiver Credit |
$3,933 |
$3,848 |
| Infirm Dependant Credit |
$3,933 |
$3,848 |
| Pension Amount |
$1,000 |
$1,000 |
| Tuition Credit |
Actual |
Actual |
| Education |
|
|
| Full-time student |
$400/month |
$400/month |
| Part-time student |
$120/month |
$120/month |
Cost of Living Tax Credit:
Currently there is a 2% payroll tax on people working in the Northwest
Territories. This is to make sure that the government collects at
least some revenue from people who work in the territory but do not
reside in it at the end of the year. At the same time residents of
the Northwest Territories get some of the payroll tax back through
the Cost of Living Tax Credit, which they apply for on their tax
return.
Risk capital investment tax credits:
A taxpayer can claim a credit against Northwest Territories tax of
up to $30,000, or 30% of investments made in eligible shares, to a
maximum of $100,000 annually. The following are some investment
vehicles in the Northwest Territories
 |
labor-sponsored venture capital
corporations; |
|
|
employee venture capital
corporations; |
|
|
community endorsed venture capital
corporations; and |
|
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direct investment in territorial
business corporations. |
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