Northwest Territories Tax Rates

Northwest Territories Tax Rates 2014 2015
5.9% Tax applies to income under $39,808 $44,484
8.6% Tax applies to income between $39,808 & $79,618 $44,484 & $80,971
12.2% Tax applies to income between $79,618 & $129,441 $80,971 & $131,641
14.05% Tax applies to income above $129,441 $131,641

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

  1. labor-sponsored venture capital corporations;
  2. employee venture capital corporations;
  3.  community endorsed venture capital corporations; and
  4. direct investment in territorial business corporations.

Northwest Territories Non-Refundable Tax Credits

Northwest Territories Non-Refundable Tax Credits 2014 2015
Basic Personal Amount $13,668 $13,900
Spousal / Equivalent-to-Spouse $13,668 $13,900
Age Amount $6,686 $6,799
Disability Credit $11,084 $11,272
Disability Supplement Amount $4,530 $4,607
Caregiver Amount $4,531 $4,608
Infirm Dependant $4,530 $4,608
Pension Amount $1,000 $1,000
Tuition Credit Actual Actual
Education (Full-time) $400/month $400/month
Education (Part-time) $120/month $120/month