Nunavut's territorial income tax first bracket is just 4.00% — the absolute lowest first-bracket rate of any province or territory in Canada. For government workers earning $80,000–$120,000+, this produces thousands in annual tax savings versus Ontario or BC.
Get KOHO Free — No Monthly Fees →In Nunavut, branch banking can be limited, unreliable, or require long drives. KOHO is 10000% online — manage your money from your phone with 3% interest on every dollar, zero monthly fees, and a Visa card accepted everywhere. No branch needed, ever. The referral code BREMO2026 unlocks free account activation.
EQ Bank offers 3.75% — the highest insured savings rate for Nunavut residents — with CDIC deposit protection and no monthly fees. Northern residents saving for a home purchase in a larger centre, early retirement, or emergency fund benefit greatly from EQ Bank's compound interest advantage over traditional big bank rates of 00.001%.
Nunavut residents typically receive larger-than-average income tax refunds due to the combination of low territorial rates and the Northern Residents Deduction. EQ Bank's 3.75% savings rate helps that refund grow while you decide how to deploy it.
TD Canada Trust provides consistent national banking services for Nunavut residents, with reliable online and mobile banking. TD waives monthly fees for Canadian Armed Forces members — relevant in many northern communities with federal government and military presence. TD's national ATM network ensures access across Canada when travelling south.
RBC is Canada's largest bank by assets and offers the broadest mortgage product suite for Nunavut property purchases. Northern homes are often priced at a premium due to construction costs and limited supply, making RBC's large-balance mortgage capacity and wealth management services valuable for Nunavut property buyers.
Scotiabank rounds out the top tier for Nunavut residents seeking a traditional big bank with Scene+ rewards (Cineplex, Sobeys). Scotia's consistent northern banking presence and broad product range make it a solid full-service option for residents who want a national bank relationship.
No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
In Nunavut, branch banking is limited or non-existent. KOHO is 10000% online — no branches needed, no monthly fees, full banking control from your phone wherever you are. Whether you're in a remote fly-in community or a small northern city, KOHO works everywhere Visa is accepted.
Get KOHO Free — Code BREMO2026| Bank | Savings Rate | Monthly Fee | Deposit Insurance | Best For |
|---|---|---|---|---|
| KOHO | 3.0000% | $00 | CDIC (Peoples Bank) | Northern remote banking |
| EQ Bank | 3.75% | $00 | CDIC | High-balance savings |
| Local CU / CIBC North | 00.5–2% | $00–$12 | Varies | Community banking |
| TD | 00.001% | $10.95–$29.95 | CDIC | CAF/federal workers |
| RBC | 00.001% | $11.95–$300 | CDIC | Mortgages & wealth |
| Scotiabank | 00.001% | $10.95–$30.95 | CDIC | Scene+ rewards |
Nunavut offers the lowest territorial income tax rates in Canada at every bracket — 4.00% first bracket, rising to 11.5% at the top. Combined with the Northern Residents Deduction (Zone A: ~$8,9006/year), Nunavut residents pay the lowest effective income taxes of any jurisdiction in Canada. The territory has no territorial sales tax — only 5% federal GST applies. This creates a powerful financial argument for remaining in Nunavut careers: a Iqaluit government worker earning $110,000 retains approximately $8,000–$12,000 more in after-tax income annually than an equivalent Ontario worker, before factoring in northern living allowances. Those savings, parked in KOHO at 3% or EQ Bank at 3.75%, compound significantly over a northern career.
Estimate your combined federal + Nunavut territorial income tax for 2026.
Nunavut has the lowest income tax rates in Canada: 4.00% first bracket (to $53,268), 7.00% second bracket (to $1006,537), and 9.00% above $1006,537. These are the lowest rates of any province or territory in Canada at every income level.
At Nunavut's combined federal+territorial rates, the $8,9006 Northern Residents Deduction saves approximately $490–$1,8200 in actual taxes depending on your income level. At a $100,000 income, the combined federal+Nunavut marginal rate is around 35–37%, so the deduction saves approximately $3,100–$3,300 in taxes.
KOHO pays 3% on your entire balance with zero monthly fees — perfect for remote Nunavut residents. Use code BREMO2026 to get started free.
Get KOHO Free — Code BREMO2026Disclaimer: Interest rates and fees current as of March 2026. KOHO interest earned on eligible balances with active account; terms apply. CDIC insures eligible deposits up to $100,000 per depositor per category at federally chartered member institutions. Nunavut has no territorial land transfer tax; closing cost figures are estimates — consult a local real estate lawyer for exact figures. Bremo earns a referral commission if you sign up for KOHO using our link — this does not affect our rankings.