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ARCHIVED - Completing Your Yukon Forms

5011-N

Form YT428, Yukon Tax

Complete Form YT428 if you were a resident of Yukon at the end of the year.

If you had income from a business with a permanent establishment outside of Yukon, complete Form T2203, Provincial and Territorial Taxes for 2003 - Multiple Jurisdictions , instead of completing Form YT428.

You also have to complete Form YT428 if you were a non-resident of Canada in 2003 and you earned income from employment in Yukon or received income from a business with a permanent establishment only in Yukon.

Step 1 - Yukon tax on taxable income

Enter on line 1 your taxable income from line 260 of your return. Use this amount to determine which one of the four columns you have to complete. Enter this amount on line 2 of the applicable column and complete the calculation.

Step 2 - Yukon non-refundable tax credits

Yukon non-refundable tax credits reduce the amount of territorial tax you owe. However, if the total of these credits is more than the amount of territorial tax you owe, you will not get a refund for the difference.

Step 3 - Yukon tax

Line 14 - Yukon tax on split income

If you have to pay federal tax on split income on line 424 of your federal Schedule 1, complete Part 2 of Form T1206, Tax on Split Income , to calculate the Yukon tax that applies to this income. Form T1206 also contains a special rule that applies to the amount you enter on line 428 of your return. You can find more information on tax on split income in the General Income Tax and Benefit Guide .

Line 22 - Yukon additional tax for minimum tax purposes

If you have to pay minimum tax as calculated on Form T691, Alternative Minimum Tax , you will have to determine your Yukon additional tax for minimum tax purposes.

To do this, complete the calculation on line 22 of Form YT428. You can find information about minimum tax in the General Income Tax and Benefit Guide .

Line 30 - Territorial foreign tax credit

If your federal foreign tax credit on non-business income is less than the related tax you paid to a foreign country, you may be eligible to claim a territorial foreign tax credit.

To claim the credit, get Form T2036, Provincial or Territorial Foreign Tax Credit , from the CCRA's Web site or by contacting us (see the section called "If you have questions…").

Enter, on line 30 of Form YT428, the tax credit amount calculated on line 5 of Form T2036.

Receipts - Attach Form T2036 to your paper return. If you are filing electronically, keep all your documents in case we ask to see them.

Lines 32 to 40 - Yukon low-income family tax credit

This credit reduces Yukon tax by up to $300 for low-income individuals and families who were resident in Yukon at the end of the year. You can claim this credit if your net income is less than $25,000.

If you had a spouse or common-law partner on December 31, 2003, you can claim this credit if you are the person with the higher net income. If you both had the same net income, you and your spouse or common-law partner must decide who will claim the tax credit, as only one of you can make this claim.

Note
Enter your marital status and the information about your spouse or common-law partner (including his or her net income, even if it is zero) in the Identification area on page 1 of your return.

If you are completing this return for a person who died in 2003, you can claim this credit for the person if he or she otherwise qualifies.

Form YT479, Yukon Credits

Lines 1 to 4 - Yukon political contribution tax credit

You can deduct part of the contributions you made in 2003 to a registered Yukon political party or to a candidate seeking election to the Legislative Assembly.

How to claim

Enter your total contributions on line 1, and determine the amount to enter on line 2 as follows:

For contributions of $100 or less, complete Column 1.
For contributions of more than $100 but not more than $550, complete Column 2.
For contributions of more than $550 but not more than $1,150, complete Column 3.
For contributions of more than $1,150, enter $500 on line 2.

Action	Column 1	Column 2	Column 3	Line
Enter your total contributions				A
Line A minus Line B	– 0	– 200.00	– 550.00	B
Line A minus Line B	=	=	=	C
Multiply Line C by Line D	× 75%	× 50%	× 33.33%	D
Multiply Line C by Line D	=	=	=	E
Add Line E plus Line F	+ 0	+ 75.00	+ 300.00	F
Add Line E plus Line F	=	=	=	G

Enter the result on line 2 of Form YT479.

Receipts - Attach to your paper return official receipts signed by an official agent of the political party or candidate. If you are filing electronically, keep all your documents in case we ask to see them.

Lines 5 to 14 - Small business investment tax credit

You can claim this credit if, at the end of the year, you were a resident of Yukon and you were 19 or older. The credit is equal to 25% of the value of eligible shares and subordinated debt that you invested in eligible Yukon businesses in 2003 (that you did not claim on your 2002 return) or in the first 60 days of 2004.

Enter on line 5 the tax credit amount shown on Certificate YSBITC-1 (issued by the Yukon government).

Receipts - Attach the certificate to your paper return or, if you are filing electronically, keep all your documents in case we ask to see them.

Unused small business investment tax credits

You can carry forward unused tax credits for seven years, or back three years.

Any unused tax credit is shown on your most recent Notice of Assessment or Notice of Reassessment. Enter any unused credit from previous years on line 6 of Form YT479 to reduce your 2003 Yukon tax. The maximum amount available is $25,000 per investor per year. This limit includes any carry-over amount.

You may not need all of your credit to reduce your 2003 territorial income tax to zero. Use the chart below to calculate any unused credit available to carry back to previous years.

Action	Column 1	Line
Enter the amount from line 7 of Form YT479		A
Enter the amount from line 11 of Form YT479	-	B
Line A minus line B	=	C

Enter, on line 12 of Form YT479, any part of this amount you want to apply against your 2002 Yukon tax, on line 13 the amount you want to apply against your 2001 tax, and on line 14 the amount you want to apply to your 2000 tax.

Lines 15 to 24 - Labour-sponsored venture capital corporation tax credit

You can claim a credit equal to 25% of eligible investments you made in the Fireweed Fund Corporation in 2003 (that you did not claim on your 2002 return) or in the first 60 days of 2004. The maximum annual credit is $1,250.

If the investment was made into a spousal or common-law partner RRSP, you or your spouse or common-law partner may claim the tax credit.

Enter, on line 15 of Form YT479, the amount shown on the tax credit certificate you received from the Fireweed Fund Corporation.

Receipts - Attach that certificate to your paper return or, if you are filing electronically, keep all your documents in case we ask to see them.

Tax Tip
You are also eligible for a federal tax credit. For details, read lines 413 and 414 in the General Income Tax and Benefit Guide .

Unused labour-sponsored venture capital corporation tax credits

You can carry forward your unused tax credits for seven years or carry them back three years.

Any unused tax credit is shown on your most recent Notice of Assessment or Notice of Reassessment. Enter any unused credit from previous years on line 16 of Form YT479 to reduce your 2003 Yukon tax.

You may not need all of your credit to reduce your 2003 territorial income tax to zero. Use the chart below to calculate any unused credit available to carry back to previous years.

Action	Column 1	Line
Enter the amount from line 17 of Form YT479		A
Enter the amount from line 21 of Form YT479	-	B
Line A minus line B	=	C

Enter, on line 22 of Form YT479, any part of this amount you want to apply against your 2002 Yukon tax, on line 23 the amount you want to apply against your 2001 tax, and on line 24 the amount you want to apply to your 2000 tax.

Line 25 - Mineral exploration tax credit

You can claim this credit if you were a resident of Yukon at the end of the year and you incurred qualified mineral exploration expenses. The expenses must have been incurred during 2003 to determine the existence, location, extent, or quality of a mineral resource in Yukon.

To claim the credit, get Form T1199, Yukon Mineral Exploration Tax Credit, from the CCRA's Web site or by contacting us (see the section called "If you have questions…").

Enter, on line 25 of Form YT479, the tax credit calculated on line 14 of Form T1199.

Receipts - Attach Form T1199 to your paper return. If you are filing electronically, keep all your documents in case we ask to see them.

Line 26 - Research and development tax credit

You can claim this credit if you were a resident of Yukon at the end of the year and you made eligible expenditures for scientific research and experimental development in Yukon.

To claim the credit, get Form T1232, Yukon Research and Development Tax Credit (Individuals) , from the CCRA's Web site or by contacting us (see the section called "If you have questions…").

Enter, on line 26 of Form YT479, the tax credit calculated on line 8 of Form T1232.

Receipts - Attach Form T1232 to your paper return. If you are filing electronically, keep all your documents in case we ask to see them.

Line 28 - Yukon First Nations income tax credit

If you resided on Yukon First Nations settlement land at the end of the year, see Form YT432, Yukon First Nations Tax , at the back of Form YT479, for information about this credit.

Date modified:: 2003-12-12

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ARCHIVED - Completing Your Yukon Forms - T1 General 2003