Newfoundland Income Tax Calculator 2020 & 2021.

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Newfoundland

Income Tax Calculator

Estimate your 2020 & 2021 total income taxes with only a few details about your income

Tax Year
Your Employment Status
Employment Income
Other Incomes
Capital Gains
Eligible Dividends
Ineligible Dividends

Results

Total Income
$ 50,000
Total Tax
$ 13,051.27
Income Tax
$ 9,820.02
EI Premiums
$ 790
CPP Contribution
$ 2,441.25
After Tax Income
$ 36,948.73
Average Tax Rate
19.64%
Marginal Tax Rate
35%
Canada Federal and Newfoundland and Labrador tax brackets 2020
Your taxable income places you in the following tax brackets.
Federal tax bracketFederal tax rates
Less than $13,229 0%
$13,230 to $48,53515%
$48,536 to $97,06920.5%
$97,070 to $150,47326%
$150,474 to $214,36829%
More than $214,369 33%
Newfoundland and Labrador tax bracketNewfoundland and Labrador tax rates
Less than $19,372 0%
$19,373 to $37,9298.7%
$37,930 to $75,85814.5%
$75,859 to $135,43215.8%
$135,433 to $189,60417.3%
More than $189,605 18.3%

Newfoundland and Labrador Income Tax Brackets Changes

Income tax brackets in Newfoundland and Labrador will be increasing by 0.4% in 2021. The basic personal amount will also increase by 0.4%.

Similar to other provinces, Newfoundland's CPP contribution rate is 5.45%, and EI premiums are 1.58%.

Newfoundland Personal Amounts 2021

20202021
Basic Personal Amount$9,498$9,536
Spouse/Common-Law Partner$8,572$8,572
Eligible Dependant$8,572$8,572

Newfoundland and Labrador Low-Income Tax Reduction

The low income tax reduction provides a non-refundable tax credit depending on your income. The amount of the low-income tax reduction is:

  • $859 plus $479 for eligible spouse/common-law partner plus $479 for an eligible dependent, up to a maximum reduction of $1,338.
  • Reduced from this reduction is your net family income minus $20,537 if single or $34,727 if in a household, multiplied by the applicable rate of 16%.
  • If the result of the reduced reduction is greater than zero, then subtract your family income by this reduction.

The result of this is the tax credit you will receive for the low-income tax reduction.