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Home  ->  Atlantic Provinces   ->   Newfoundland & Labrador ->

Tax Rates   ->   Current Marginal Tax Rates  -> Newfoundland & Labrador

Newfoundland & Labrador 2022 and 2021 Personal Marginal Income Tax Rates

Newfoundland and Labrador Income Tax Act, 2000 s. 6.1, 7, 9

The Federal tax brackets and personal tax credit amounts are increased for 2022 by an indexation factor of 1.024 (a 2.4% increase).

The NL tax brackets and personal tax credit amounts are increased for 2022 by an indexation factor of 1.028 (a 2.8% increase).

The NL 2021 Budget increased tax rates for taxable incomes over $135,973 and added 3 new tax brackets, beginning January 1, 2022.

Bill 15, An Act to Amend the Income Tax Act, 2000 No. 2 increased the eligible dividend tax credit rate from 5.4% to 6.3% and reduced the non-eligible dividend tax credit rate from 3.5% to 3.2%, effective January 1, 2022.

The indexation factors, tax brackets and tax rates have been confirmed to Canada Revenue Agency information.

Tax Tip: read the article Understanding the Tables of Personal Income Tax Rates, especially if you are trying to compare the rates below to the marginal tax rates in the Basic Tax Calculator.

Newfoundland & Labrador Personal Income Tax Brackets and Tax Rates
2022 Taxable Income 2022 Tax Rates 2021 Taxable Income 2021 Tax Rates
first $39,147 8.7% first $38,081 8.7%
over $39,147 up to $78,294 14.5% over $38,081 up to $76,161 14.5%
over $78,294 up to $139,780 15.8% over $76,161 up to $135,973 15.8%
over $139,780 up to $195,693 17.8% over $135,973 up to $190,363 17.3%
over $195,693 up to $250,000 19.8% over $190,363 18.3%
over $250,000 up to $500,000 20.8%  
over $500,000 up to $1,000,000 21.3%
over $1,000,000 21.8%

 

Combined Federal & Newfoundland & Labrador Tax Brackets and Tax Rates
2022 Taxable Income NL 2022 Marginal Tax Rates 2021 Taxable Income NL 2021 Marginal Tax Rates
Other
Income
Capital
Gains
Canadian Dividends Other
Income
Capital
Gains
Canadian Dividends
Eligible Non-Eligible Eligible Non-Eligible
first $39,147 23.70% 11.85% 3.28% 13.19% first $38,081 23.70% 11.85% 4.53% 12.85%
over $39,147 up to $50,197 29.50% 14.75% 11.29% 19.86% over $38,081 up to $49,020 29.50% 14.75% 12.53% 19.52%
over $50,197 up to $78,294 35.00% 17.50% 18.88% 26.19% over $49,020 up to $76,161 35.00% 17.50% 20.12% 25.84%
over $78,294 up to $100,392 36.30% 18.15% 20.67% 27.68% over $76,161 up to $98,040 36.30% 18.15% 21.91% 27.34%
over $100,392 up to $139,780 41.80% 20.90% 28.26% 34.01% over $98,040 up to $135,973 41.80% 20.90% 29.50% 33.66%
over $139,780 up to $155,625 43.80% 21.90% 31.02% 36.31% over $135,973 up to $151,978 43.30% 21.65% 31.57% 35.39%
over $155,625 up to $195,693 47.18% 23.59% 35.68% 40.20% over $151,978 up to $190,363 46.62% 23.31% 36.16% 39.21%
over $195,693 up to $221,708 49.18% 24.59% 38.44% 42.50% over $190,363 up to $216,511 47.62% 23.81% 37.54% 40.36%
over $221,708 up to $250,000 52.80% 26.40% 43.44% 46.66% over $216,511 51.30% 25.65% 42.61% 44.59%
over $250,000 up to $500,000 53.80% 26.90% 44.82% 47.81%  
over $500,000 up to $1,000,000 54.30% 27.15% 45.51% 48.38%
over $1,000,000 54.80% 27.40% 46.20% 48.96%
Marginal tax rate for dividends is a % of actual dividends received (not grossed-up taxable amount).
Marginal tax rate for capital gains is a % of total capital gains (not taxable capital gains).
Gross-up rate for eligible dividends is 38%, and for non-eligible dividends is 15%.
For more information see NL dividend tax credits.
Newfoundland & Labrador Basic Personal Amount
2022 Personal Amount 2022 Tax Rate 2021 Personal Amount 2021 Tax Rate
$9,804 8.7% $9,536 8.7%
Federal Basic Personal Amount
2022 Personal Amount (1) 2022 Tax Rate 2021 Personal Amount (1) 2021 Tax Rate
$14,398 15% $13,808 15%

(1) See the federal tax rates page for information on the enhanced federal personal amount, which increases the marginal tax rates for taxable incomes in the second highest federal tax bracket.  The marginal tax rates in blue above have been adjusted to reflect these changes.

Copyright © 2002 Boat Harbour Investments Ltd.

Revised: September 03, 2022

 

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