2023 Yukon Income Tax Calculator
Plug in a few numbers and we’ll give you visibility into your tax bracket, marginal tax rate, average tax rate, and payroll tax deductions, along with an estimate of your tax refunds and taxes owed in 2023.
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Yukon Provincial and Federal tax brackets
Your taxable income places you in the following tax brackets.
| Canadian federal tax bracket | Canadian federal tax rate |
|---|---|
| $53,359 or less | 15.00% |
| $53,359 - $106,717 | 20.50% |
| $106,717 - $165,430 | 26.00% |
| $165,430 - $235,675 | 29.00% |
| More than $235,675 | 33.00% |
| Yukon tax bracket | Yukon tax rate |
|---|---|
| first $53,359 | 6.40% |
| over $53,359 up to $106,717 | 9.00% |
| over $106,717 up to $165,430 | 10.90% |
| over $165,430 up to $500,000 | 12.80% |
| over $500,000 | 15.00% |
To calculate your net income in Yukon, follow the step-by-step process given below.
Determine taxable income by deducting any pre-tax contributions to benefits Your taxable income is the gross income earned during the tax year, less deductions. To calculate your annual gross income, first, calculate your annual income from salary. Then add all types of income earned during the year such as commissions, tips, dividend income, interest income, rental income, and all forms of earnings. Find out which federal and Yukon tax deductions you are eligible for. Deduct them from your gross income, to arrive at your total taxable income.
Withhold all applicable taxes (federal and provincial) Using the tax rates in Yukon provided on the CRA website, calculate your taxes. You can also use the Yukon tax calculator to calculate your tax in Yukon. If taxes are withheld from your paycheck, you can check if less or excess tax was withheld from your salary.
Deduct any post-tax contributions to benefits After the withholding of taxes from your paycheck, your employer may withhold post-tax deductions. Post-tax deductions can be union dues, garnishment of wages, or insurance payments. After post-tax deductions, you arrive at your take-home salary.
Garnish wages, if necessary Garnishment of wages refers to the withholding of a portion of your salary that is remitted to the government. A court order obliges the employers to withhold an amount from a person’s paycheck to repay debt or undue taxes. If your wages are garnished, you’ll have to report this amount on your tax returns as garnished wages are a part of your taxable income.
The result is net income After paying taxes, the result is net income that is your take-home salary.
Explore other provincial or territorial tax calculators
FAQs
Tax in Yukon is due on April 30 for employed taxpayers and on June 15 for self-employed taxpayers.
There are 5 Yukon tax brackets. For the first $53,359 of taxable income, the tax rate is 6.4%. Plus 9% on the next $53,358, plus 10.9% on the next $58,713, plus 12.8% on the next $334,570, plus 15% on the amount over $500,000.
To calculate your taxes in Yukon, you can use a Yukon tax calculator or calculate taxes manually with the help of Yukon income tax table provided on the CRA’s website.
Tax deducted from a paycheck in Yukon depends on your total taxable income and the Yukon tax rate that applies to it. For the first $53,359 of taxable income, the tax rate is 6.4%. Plus 9% on the next $53,358. Plus 10.9% on the next $58,713. Plus 12.8% on the next $334,570. Plus 15% on the amount over $500,000.
The carbon tax is charged per ton of greenhouse gas emissions. The carbon tax rebate returns the revenue to the Yukoners. Households, individuals with dependent children, and married and common-law partners are eligible for a carbon tax rebate.
The CRA advises taxpayers to keep tax records for at least 6 years.
Getting a tax refund in Yukon can take up to 2 weeks if you file taxes online. However, the refunds can take up to 8 weeks if you file paper tax returns.
To calculate annual income, you can use Yukon income tax calculator. Or get a tax expert to calculate taxes and your annual net income.
The Yukon tax return can be mailed to the Winnipeg Tax Centre, Post Office Box 14001, Station Main Winnipeg MB R3C 3M3.
The capital gains tax (federal and provincial combined) in Yukon on the first $53,359 of income is 10.70%. Capital gains tax is 14.75% on income over $53,359 up to $106,717. Capital gains tax is 18.45% on income over $106,717 up to $165,430. Capital gains tax is 21.13% on income over $165,430 up to $235,675. Capital gains tax is 20.90% on income over $235,675 up to $500,000. Capital gains tax is 24% on income over $500,000.
The withholding tax in Yukon on the first $53,359 of taxable income, the tax rate is 6.4%. Plus 9% on the next $53,358, plus 10.9% on the next $58,713, plus 12.8% on the next $334,570, plus 15% on the amount over $500,000.
The marginal tax (federal and provincial combined) rate in Yukon is 21.40% on the first $53,359 of income. 29.50% on income over $53,359 up to $106,717. 36.90% on income over $106,717 up to $165,430. 42.25% on income over $165,430 up to $235,675. 45.80% on income over $235,675 up to $500,000. 48.00% on income over $500,000.
There are 5 Yukon tax brackets. For the first $53,359 of taxable income, the tax rate is 6.4%. Plus 9% on the next $53,358, plus 10.9% on the next $58,713, plus 12.8% on the next $334,570, plus 15% on the amount over $500,000.
If you sell the house you live in, you can claim the principal residence tax exemption on Form T2091. Otherwise, you’ll have to pay taxes and report the capital gains on Schedule 3 of Capital Gains taxes.
Yukon-specific income tax credits are the Children’s Fitness Tax Credit, Business Investment Tax Credit, and First Nations Income Tax Credits.
To pay income taxes online, you can use the CRA’s ‘My Payment ‘service. To calculate your income taxes, you can use the Wealthsimple tax calculator. Wealthsimple tax signup is easy and it lets you calculate your taxes instantly.
Tax on split income TOSI refers to the certain types of income of individuals who were born after the year 2003. And individuals who receive related business income. To calculate the tax on split income you can use Form T1206: Tax on Split Income.
RRSP deductions can reduce your income taxes. You can use a Yukon tax calculator to estimate your income taxes after RRSP deductions.