Newfoundland and Labrador Income Tax Brackets Changes
Newfoundland and Labrador's income tax brackets and credits are indexed annually using the province's Consumer Price Index (CPI). For 2024, the tax brackets, basic personal amount and other credits were increased by 4.2%.
Newfoundland Personal Amounts 2023 - 2024
| 2023 | 2024 | |
|---|---|---|
| Basic Personal Amount | $10,382 | $10,818 |
| Age Amount | $6,627 | $6,905 |
| Spouse/Common-Law Partner | $8,483 | $8,840 |
| Eligible Dependant | $8,483 | $8,840 |
Source: Government of Newfoundland and Labrador
Similar to other provinces, Newfoundland's CPP contribution rate is 5.95%, CPP2 contribution rate is 4%, and EI premiums rate is 1.66%.
Newfoundland and Labrador Low-Income Tax Reduction
The low-income tax reduction (LITR) is a tax reduction designed to reduce the income tax owed by low-income families and individuals. For 2024, LITR eliminates the provincial income tax for individuals with a net income of up to $23,390 and families with a net income of up to $39,551.
Furthermore, individuals with a net income of up to $29,478 and families with a net income of up to $49,039 can receive a partial reduction.
NL Income Supplement and the NL Seniors’ Benefit
The NL income supplement and NL Seniors’ benefit are refundable tax credits, meaning eligible individuals and families can receive these credits even if they do not have to pay income tax. These benefits are paid out quarterly.
The NL income supplement is available to low-income individuals, families and seniors. For 2023, the maximum credit amount was $520, available to individuals and families with income between $20,000 and $40,000.
Meanwhile, eligible seniors can also receive the NL Seniors’ Benefit. For 2023, the maximum benefit amount was $1,516.
Other Credits in Newfoundland and Labrador
Other credits that can be claimed on your NL provincial tax return for 2024 include:
- Caregiver Amount
- Childcare Amount
- Medical Expense Amount
- Charitable Donations Credit
- Disability Amount
You can find a list of all credits available in NL on the NL government website’s personal income tax page.