Newfoundland & Labrador 2024 & 2023 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 2024 by an indexation factor of 1.042 (4.2% increase).

The Federal tax brackets and personal tax credit amounts are increased for 2024 by an indexation factor of 1.047 (4.7% increase).

The 2024 Federal Budget proposed an increase in the capital gains inclusion rate to 66 2/3% for the portion of gains realized after June 24, 2024 in excess of $250,000, for an individual. We've added an extra column below, to show the marginal tax rate for those gains. The inclusion rate is still 50% for the portion of gains up to $250,000 after June 24, 2024.

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

The indexation factors, tax brackets and tax rates for 2024 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 or the Detailed Tax Calculators.

TaxTips.ca - Newfoundland & Labrador Tax Rates
2024 Taxable Income	2024 Tax Rates	2023 Taxable Income	2023 Tax Rates
first $43,198	8.7%	first $41,457	8.7%
over $43,198 up to $86,395	14.5%	over $41,457 up to $82,913	14.5%
over $86,395 up to $154,244	15.8%	over $82,913 up to $148,027	15.8%
over $154,244 up to $215,943	17.8%	over $148,027 up to $207,239	17.8%
over $215,943 up to $275,870	19.8%	over $207,239 up to $264,750	19.8%
over $275,870 up to $551,739	20.8%	over $264,750 up to $529,500	20.8%
over $551,739 up to $1,103,478	21.3%	over $529,500 up to $1,059,000	21.3%
over $1,103,478	21.8%	over $1,059,000	21.8%

TaxTips.ca - Combined Federal & Newfoundland & Labrador Tax Brackets and Tax Rates
2024 Taxable Income (1)	NL 2024 Marginal Tax Rates					2023 Taxable Income (1)	NL 2023 Marginal Tax Rates
	Other Income	Capital Gains		Canadian Dividends			Other Income	Capital Gains	Canadian Dividends
	Other Income	All Pre- Jun 25	>$250K Post- Jun 24	Eligible	Non-Eligible		Other Income	Capital Gains	Eligible	Non-Eligible
first $43,198	23.70%	11.85%	15.80%	3.28%	13.19%	first $41,457	23.70%	11.85%	3.28%	13.19%
over $43,198 up to $55,867	29.50%	14.75%	19.67%	11.29%	19.86%	over $41,457 up to $53,359	29.50%	14.75%	11.29%	19.86%
over $55,867 up to $86,395	35.00%	17.50%	23.33%	18.88%	26.19%	over $53,359 up to $82,913	35.00%	17.50%	18.88%	26.19%
over $86,395 up to $111,733	36.30%	18.15%	24.20%	20.67%	27.68%	over $82,913 up to $106,717	36.30%	18.15%	20.67%	27.68%
over $111,733 up to $154,244	41.80%	20.90%	27.87%	28.26%	34.01%	over $106,717 up to $148,027	41.80%	20.90%	28.26%	34.01%
over $154,244 up to $173,205	43.80%	21.90%	29.20%	31.02%	36.31%	over $148,027 up to $165,430	43.80%	21.90%	31.02%	36.31%
over $173,205 up to $215,943	47.12%	23.56%	31.41%	35.60%	40.13%	over $165,430 up to $207,239	47.12%	23.56%	35.60%	40.13%
over $215,943 up to $246,752	49.12%	24.56%	32.75%	38.36%	42.43%	over $207,239 up to $235,675	49.12%	24.56%	38.36%	42.43%
over $246,752 up to $275,870	52.80%	26.40%	35.20%	43.44%	46.66%	over $235,675 up to $264,750	52.80%	26.40%	43.44%	46.66%
over $275,870 up to $551,739	53.80%	26.90%	35.87%	44.82%	47.81%	over $264,750 up to $529,500	53.80%	26.90%	44.82%	47.81%
over $551,739 up to $1,103,478	54.30%	27.15%	36.20%	45.51%	48.38%	over $529,500 up to $1,059,000	54.30%	27.15%	45.51%	48.38%
over $1,103,478	54.80%	27.40%	36.53%	46.20%	48.96%	over $1,059,000	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
2024 Personal Amount	2024 Tax Rate	2023 Personal Amount	2023 Tax Rate
$10,818	8.7%	$10,382	8.7%

Federal Basic Personal Amount
2024 Personal Amount (1) Minimum / Maximum		2024 Tax Rate	2023 Personal Amount (1) Minimum / Maximum		2023 Tax Rate
$14,156	$15,705	15%	$13,520	$15,000	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.

Revised: October 15, 2024