Newfoundland and Labrador

Lower rate

The lower rate of Newfoundland and Labrador income tax is 5%.

The income eligible for the lower rate is determined using the federal business limit.

Higher rate

The higher rate of income tax is 14%. This rate applies to all income not eligible for the lower rate.

For more information, see Dual tax rates.

Reporting the tax

On line 200 or 205 of Schedule 5, Tax Calculation Supplementary - Corporations, enter the amount of tax calculated.

Claiming the credits

Newfoundland and Labrador offers different tax credits. Details of each credit can be found in the following pages and their associated schedules:

• Political contribution tax credit
• Foreign tax credit
• Manufacturing and processing profits tax credit
• Direct equity tax credit
• Small business tax holiday
• Research and development tax credit
• Film and video industry tax credit

Forms and publications

• Schedule 5, Tax Calculation Supplementary - Corporations

Government partners

• Newfoundland and Labrador (provincial site)