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

Newfoundland & Labrador 2023 & 2022 Tax Rates & Tax Brackets

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

The NL tax brackets and personal tax credit amounts are increased for 2023 by an indexation factor of 1.059 (5.9% increase).

The Federal tax brackets and personal tax credit amounts are increased for 2023 by an indexation factor of 1.063 (6.3% increase).

See Indexation of the Personal Income Tax System for how the indexation factors are calculated.

The indexation factors, tax brackets and tax rates for 2023 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.

TaxTips.ca - Newfoundland & Labrador Tax Rates
2023 Taxable Income 2023 Tax Rates 2022 Taxable Income 2022 Tax Rates
first $41,457 8.7% first $39,147 8.7%
over $41,457 up to $82,913 14.5% over $39,147 up to $78,294 14.5%
over $82,913 up to $148,027 15.8% over $78,294 up to $139,780 15.8%
over $148,027 up to $207,239 17.8% over $139,780 up to $195,693 17.8%
over $207,239 up to $264,750 19.8% over $195,693 up to $250,000 19.8%
over $264,750 up to $529,500 20.8% over $250,000 up to $500,000 20.8%
over $529,500 up to $1,059,000 21.3% over $500,000 up to $1,000,000 21.3%
over $1,059,000 21.8% over $1,000,000 21.8%

 

TaxTips.ca - Combined Federal & Newfoundland & Labrador Tax Brackets and Tax Rates
2023 Taxable Income (1) NL 2023 Marginal Tax Rates 2022 Taxable Income (1) NL 2022 Marginal Tax Rates
Other
Income
Capital
Gains
Canadian Dividends Other
Income
Capital
Gains
Canadian Dividends
Eligible Non-Eligible Eligible Non-Eligible
first $41,457 23.70% 11.85% 3.28% 13.19% first $39,147 23.70% 11.85% 3.28% 13.19%
over $41,457 up to $53,359 29.50% 14.75% 11.29% 19.86% over $39,147 up to $50,197 29.50% 14.75% 11.29% 19.86%
over $53,359 up to $82,913 35.00% 17.50% 18.88% 26.19% over $50,197 up to $78,294 35.00% 17.50% 18.88% 26.19%
over $82,913 up to $106,717 36.30% 18.15% 20.67% 27.68% over $78,294 up to $100,392 36.30% 18.15% 20.67% 27.68%
over $106,717 up to $148,027 41.80% 20.90% 28.26% 34.01% over $100,392 up to $139,780 41.80% 20.90% 28.26% 34.01%
over $148,027 up to $165,430 43.80% 21.90% 31.02% 36.31% over $139,780 up to $155,625 43.80% 21.90% 31.02% 36.31%
over $165,430 up to $207,239 47.12% 23.56% 35.60% 40.13% over $155,625 up to $195,693 47.18% 23.59% 35.68% 40.20%
over $207,239 up to $235,675 49.12% 24.56% 38.36% 42.43% over $195,693 up to $221,708 49.18% 24.59% 38.44% 42.50%
over $235,675 up to $264,750 52.80% 26.40% 43.44% 46.66% over $221,708 up to $250,000 52.80% 26.40% 43.44% 46.66%
over $264,750 up to $529,500 53.80% 26.90% 44.82% 47.81% over $250,000 up to $500,000 53.80% 26.90% 44.82% 47.81%
over $529,500 up to $1,059,000 54.30% 27.15% 45.51% 48.38% over $500,000 up to $1,000,000 54.30% 27.15% 45.51% 48.38%
over $1,059,000 54.80% 27.40% 46.20% 48.96% 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.
Copyright © 2002 Boat Harbour Investments Ltd.
TaxTips.ca
Newfoundland & Labrador Basic Personal Amount
2023 Personal Amount 2023 Tax Rate 2022 Personal Amount 2022 Tax Rate
$10,382 8.7% $9,804 8.7%
Federal Basic Personal Amount
2023 Personal Amount (1) 2023 Tax Rate 2022 Personal Amount (1) 2022 Tax Rate
$15,000 15% $14,398 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: November 30, 2022

 

Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved.  See Reproduction of information from TaxTips.ca

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