News and Insights

Tax Alert | Yukon Budget 2024

Tax Development Mar 12, 2024

On March 7, 2024, Finance Minister Sandy Silver presented the Yukon’s 2024–25 budget. This year’s budget focuses on improving the lives of Yukoners and tackling the growing need of the territory by promoting healthy communities through infrastructure, housing, and health care investments.

The budget projects an annual surplus of $119 million and a contingency fund of $50 million.

The rate of tax on tobacco under the Tobacco Tax Act is calculated annually and is based on changes to the Whitehorse Consumer Price Index. Resulting from this annual calculation, the rate of tax per cigarette increased to 35 cents, effective January 1, 2024, from 32 cents and is expected to increase to 37 cents in 2025.

This year’s budget includes no new taxes or other tax increases.

More Information

Further information on the Yukon’s 2024 budget may be found on the territory’s website here.

To read key updates from all of Canada’s 2024 provincial budgets, please visit our Key Changes | 2024 Canadian Federal and Provincial Budgets page.

If you have questions about any of the tax changes proposed in recent Canadian budgets, please do not hesitate to call the Ryan TaxDirect® line at 1.800.667.1600.