Yukon’s Carbon Price Rebate Program: General Business Rebate
Rebate
Description:
The Yukon Carbon Price Rebate Program helps Yukon businesses offset the cost of carbon pricing. Businesses that file a tax return in the territory receive a rebate from the Yukon government, administered by the Canada Revenue Agency (CRA). To ensure fairness, the program analyzes fuel consumption trends to estimate carbon levy payments for different business groups. This ensures that, on average, businesses get more back in rebates than they pay in levies.
Comments on Funding:
Continuous Intake
Eligibility:
The applicant’s company is eligible for the general business rebate if it:
1. is a Yukon business;
2. files a tax return in the Yukon; and
3. has not applied for a placer or quartz mining rebate.
Companies involved in exploration projects are also eligible for the general business rebate.
Eligiible Assets:
– Buildings: classes 1 and 3
– Equipment: classes 10, 10.1, 13, 16, 22, 28, 29, 38, 39, 40, 43 and 53
– Assets eligible for a Super Green Credit: classes 43.1, 43.2, 54, 55, and 56
Application Steps:
1. Corporations can claim the rebate on their T2 corporation income tax returns.
2. Individuals operating an unincorporated business can claim the rebate on their T1 income tax returns.
3. Trusts may be able to claim the rebate on their T3 income tax returns. See the T3 Trust Guide (Canada.ca).
Documentation Needed:
Applicants must provide their respective income tax returns;
1. Corporations: T2 corporation income tax return.
2. Individuals with unincorporated businesses: T1 income tax return.
3. Trusts: Refer to the T3 Trust Guide (Canada.ca), for the required documentation.
Other Things to Note:
About the author
Maurice
