The Yukon Property Tax Credit (YPTC) is a refundable tax credit program administered by the Government of Yukon to help offset the cost of property taxes for eligible homeowners. Here’s a breakdown of the key details:
- Purpose: To make property taxes more affordable, particularly for lower-income homeowners and seniors.
- Eligibility: To qualify, you must:
- Be a homeowner in Yukon.
- Be a Canadian citizen or permanent resident.
- Have been a resident of Yukon for the entire previous calendar year (January 1st to December 31st). (Limited exceptions exist for temporary absences due to medical treatment or education).
- Occupy the home as your principal residence on December 31st of the previous year.
- File a Canadian income tax return for the previous year (even if you had no income).
- How the Credit Works:
- Refundable: You receive the credit as a payment, even if you owe no territorial income tax.
- Two Components:
- Base Amount: A flat amount (currently $350) available to all eligible homeowners.
- Income-Tested Amount: An additional amount that phases out as your net (line 23600) income increases:
- Full amount available if net income is $30,000 or less.
- Reduced by $1 for every $4 of net income above $30,000.
- Completely phased out once net income reaches $50,000.
- Minimum Credit: Even if the income-tested portion phases out completely, you still receive the base amount of $350.
- Maximum Credit: The combined maximum (base + full income-tested portion) is currently $1,100.
- How Much Could You Get?
- Net Income ≤ $30,000: $1,100
- Net Income = $35,000: $1,100 – ($5,000 / 4) = $1,100 – $1,250 = $0 (income-tested portion). You still get the $350 base.
- Net Income = $40,000: $1,100 – ($10,000 / 4) = $1,100 – $2,500 = -$1,400 (but negative becomes $0). You still get the $350 base.
- Net Income = $45,000: Still $350 (base amount only).
- Net Income ≥ $50,000: $350 (base amount only).
- How to Apply:
- Seniors (65+): If you filed a Canadian income tax return, you are automatically assessed for the YPTC. No separate application is needed.
- Non-Seniors (under 65): You MUST apply each year. Applications are usually due by June 30th for the previous tax year.
- Where to Apply: Download the application form from the Yukon Government website (search “Yukon Property Tax Credit”) or contact the Property Assessment and Taxation Office:
- Phone: (867) 667-5225
- Toll-Free (Yukon, NWT, Nunavut): 1-800-661-0408 ext. 5225
- Email: property.tax@yukon.ca
- Important Notes:
- One Credit per Property: Only one credit is paid per eligible property, regardless of the number of owners. Co-owners need to decide who applies/claims it.
- Principal Residence Only: Applies only to your main home, not recreational properties or rental properties.
- Deadline: Strict application deadline (June 30th) for non-seniors. Late applications are generally not accepted.
- Funding: Paid by the Yukon Government, not the Canada Revenue Agency (CRA), though income from your CRA return is used for the calculation.
- Changes: Amounts, income thresholds, and rules can change annually with the Yukon budget. Always check the latest information on the official Yukon Government website.
In summary: The Yukon Property Tax Credit is a valuable benefit providing at least $350, and up to $1,100, to help eligible Yukon homeowners pay their property taxes, with higher amounts targeted towards lower-income households and seniors. Seniors typically receive it automatically, while others under 65 need to apply by June 30th each year.
For more Informations, Stay in touch with Us:
