How much will you save in taxes?

Most Nunavut wage-earners will keep more of the money they earn this year, thanks to the Nunavut government’s tax relief measures.

Nunavut taxpapers will save three ways:

• lower personal income tax rates;

• higher personal tax credits;

• a higher maximum cost of living tax credit, raised from $645 to $750 a year.

Here are the Finance department’s estimates of how these measures will benefit Nunavut wage-earners:

Taxpayers with a spouse, commonlaw, or eligible dependent

• If you earn $20,000 a year, you will save $687.67

• If you earn $40,000 a year, you will save $1,314.24

• If you earn $60,000 a year, you will save $1,772.27

• If you earn $80,000 a year, you will save $2,312.27

Single taxpayers

• If you earn $20,000 a year, you will save $406.46

• If you earn $40,000 a year, you will save $1,095.95

• If you earn $60,000 a year, you will save $1,595.95

• If you earn $80,000 a year, you will save $2,108.97

The income figures given above all assume that the taxpayer is eligible to claim the northern residents’ deduction for 365 days.

Source: The Nunavut government’s department of finance.