Atlantic Provinces -> Newfoundland & Labrador -> NL 2014 Budget
NL 2014 Budget Personal Tax Changes
This benefit will be increased, beyond the increase for annual indexation. This results in a maximum payment in October 2014 of $1,036, up from $971 in 2013.
Enhancements to the tax reduction:
Dividend Tax Credit (DTC)
Effective July 1, 2014, the dividend tax credit rate on dividends eligible for the enhanced dividend tax credit will be reduced from 11% of grossed-up dividends to 5.4%. This works out to a decrease from 15.18% of actual dividends to 7.45%. See the NL dividend tax credit page.
Effective July 1, 2014, the dividend tax credit rate on non-eligible dividends (also known as regular, or small business dividends) will be reduced from 5% to 4.1%.
NL Corporate Income Tax
Effective July 1, 2014 the small business corporate income tax rate will be reduced from 4% to 3%.
NL Tobacco Tax Increase
Effective March 28, 2014 the tobacco tax will increase by:
Wholesalers and retailers must complete an inventory, and remit tobacco tax to the Department of Finance on the inventory. A tax return and inventory form will be mailed within the next few days.
Revised: September 19, 2017
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