The Government of Yukon tabled Bill No. 34 in the Yukon Legislative Assembly today. The Bill includes changes to the Yukon’s Income Tax Act, Yukon Government Carbon Price Rebate Act and Financial Administration Act.
The Technical Amendments (Finance) Act 2023 brings several pieces of the Yukon’s legislation up to date or addresses unclear language and other minor updates.
This Bill will ensure that the Yukon’s legislation aligns with changes to federal laws as well as internal operational changes and includes language improvements identified when reviewing the Carbon Price Rebate Amendments Act (2022).
Proposed administrative changes to the Income Tax Act will clear up the credits available for Yukoners filing taxes in multiple jurisdictions, expand the application of certain sections of the act to trusts and estates, add reference to federal legislation about notices of determination made under the general anti-avoidance rule and make some minor translation improvements in the French version. The Bill will also add a new definition for a mining asset when applying for carbon rebates to make sure mining businesses can access the appropriate amount. This new definition will also be carried over to the Yukon Government Carbon Price Rebate Act.
Amendments to the Financial Administration Act will repeal several inactive funds, including the Central Stores Fund, King’s Printer Revolving Fund and Wildland Fire Suppression Revolving Fund from the Act. Changes will also replace language referring to the Federal-Territorial Financial Agreement to reflect the new legislation that took its place.
None of these amendments will have a financial impact on taxpayers.
While these technical amendments to our financial legislation are largely administrative changes, they’re still important for keeping our laws accurate and worded clearly. They also make sure the Yukon’s laws are consistent between each other as well as with federal legislation.
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Technical amendment acts are frequently tabled in the Yukon Legislative Assembly to enact a range of changes to multiple pieces of legislation at once.
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Technical amendment acts address inconsistencies, updates and unclear wording in the Yukon’s legislation.
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Central Stores and the King’s Printer no longer provide the services these funds supported, and wildland fire suppression costs fall under the budget for the Department of Community Services.
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None of the changes will have a financial impact on taxpayers.
Renée Francoeur
Cabinet Communications
867-334-9194
renee.francoeur@yukon.ca
Eric Clement
Communications, Finance
867-939-6482
eric.clement@yukon.ca