Newfoundland and Labrador – Provincial corporation tax
Newfoundland and Labrador published the details for the new corporation income tax credit previously announced in its 2022 Budget, the Newfoundland and Labrador all spend film and video production tax credit. See what's new for Newfoundland and Labrador corporations.
The lower rate of Newfoundland and Labrador income tax is 3%.
This lower rate applies to taxable income earned in Newfoundland and Labrador that qualifies for the federal small business deduction.
The higher rate of income tax is 15%.
This higher rate applies to taxable income earned in Newfoundland and Labrador that does not qualify for the federal small business deduction.
These rates also apply to taxable income earned in the Newfoundland and Labrador offshore area.
For more information, see Dual tax rates.
Reporting the tax
You can use Schedule 307, Newfoundland and Labrador Corporation Tax Calculation, to help you calculate the Newfoundland and Labrador tax before the credits are applied. You do not have to file it with your return. See the schedule for more details.
On line 200 and/or 205 of Schedule 5, Tax Calculation Supplementary – Corporations, enter the amount of tax calculated.
See also the details on the Newfoundland and Labrador capital tax on financial institutions.
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:
- Direct equity tax credit
- Film and video industry tax credit
- Foreign tax credit
- Green technology tax credit
- Interactive digital media tax credit
- Manufacturing and processing investment tax credit
- Political contribution tax credit
- Research and development tax credit
- Resort property investment tax credit
- Venture capital tax credit
Forms and publications
- Newfoundland and Labrador (provincial site)
- Date modified: