Atlantic Provinces -> Newfoundland & Labrador -> NL 2014 Budget
NL 2014 Budget - March 27, 2014
For complete budget details see the NL Budget 2014 website. For further details of tax changes see their news release about Enhancements to Tax Programs.
NL 2014 Budget Personal Tax Changes
NL Low-Income Seniors' Benefit
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.
NL Low-Income Tax Reduction
Enhancements to the tax reduction:
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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:
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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: October 26, 2023