Yukon Income Tax Brackets
Yukon adjusts its territorial income thresholds, basic personal amount, and tax reduction amounts based on changes in the consumer price index (CPI). This is called the indexation factor. The indexation factor for 2024 is 4.7%. Yukon income tax rates for the brackets will stay the same in 2024.
Yukon Territorial Income Tax Bracket Changes 2024
| 2023 | 2024 | Rate |
|---|---|---|
| Less than $53,359 | Less than $55,867 | 6.4% |
| Over $53,359 to $106,717 | Over $55,867 to $111,733 | 9.0% |
| Over $106,717 to $165,430 | Over $111,733 to $173,205 | 10.9% |
| Over $165,430 to $500,000 | Over $173,205 to $500,000 | 12.8% |
| More than $500,000 | More than $500,000 | 15% |
The minimum Yukon Basic Personal Amount in 2023 was $13,521, and the maximum was $15,000. For 2024, the minimum basic personal amount is increasing to $14,156, and the maximum is increasing to $15,705. Similar to the federal basic personal income, you can claim the maximum basic personal income of $15,705 if your income is up to $173,205. The amount is gradually clawed back to $14,156 up to an income of $246,752. If you make less than $15,705, then you are exempt from Yukon’s territorial income tax. You may still need to pay EI premiums and make CPP contributions.
Yukon Income Tax Credits
As a resident of Yukon, you may be eligible for several income tax credits, such as:
- Yukon child benefit
- First Nation income tax credit
- Business investment tax credit
- Political contributions tax credit
You can read more about the income tax credits in Yukon on the Yukon government website’s income tax page.