Northwest Territories Territorial Budget

The Northwest Territories budget was delivered on February 6. The budget contained no income tax measures.

Other Territorial Tax Changes

Like most provinces and territories, territorial brackets and most personal amounts are indexed annually. The indexation factor for the Northwest Territories for 2014 is 1.009 (i.e. an increase of 0.9%). The basic personal amount in New Brunswick is $13,668 for 2014 – the third largest after Alberta and Saskatchewan.

The Northwest Territories dividend tax credit rate is tied to the federal dividend tax credit rate and so the reduction in the federal credit results in a reduction in the territorial credit rate from 7.5% of the actual dividend (9.375% of the taxable amount) to 7.08% of the actual dividend (8.35% of the taxable amount).