Atlantic Provinces -> Newfoundland & Labrador -> NL 2009 Budget
Personal tax changes
Low-Income Tax Reduction
Dividend Tax Credit (DTC)
Effective for the 2009 tax year, the dividend tax credit rate on dividends eligible for the enhanced dividend tax credit will be increased from 6.65% of grossed-up dividends to 9.75%. This works out to an increase from 9.6425% of actual dividends to 14.1375%. This changes in 2010, because the NL Income Tax Act actually specifies the dividend tax credit as 31.42% of the Federal gross-up amount. See the NL dividend tax credit page for details of future rates.
Labour-Sponsored Venture Capital Tax Credit (LSVCC)
Effective April 1, 2009
Corporate Income Tax
Effective January 1, 2009 the corporate income tax small business threshold will increase from $400,000 to $500,000.
Revised: January 09, 2019
Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved. See Reproduction of information from TaxTips.ca