iCalculator™ CA: Newfoundland and Labrador Tax Calculators

Welcome to iCalculator™ CA, your comprehensive suite of free tax calculators for Newfoundland and Labrador. iCalculator™ has provided free tax calculators for Newfoundland and Labrador since 2014. Since those early days we have extended our resources for Newfoundland and Labrador to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Newfoundland and Labrador Tax Calculator and salary calculators within our Newfoundland and Labrador tax section are based on the latest tax rates published by the Tax Administration in Newfoundland and Labrador. In this dedicated Tax Portal for Newfoundland and Labrador you can access:

Newfoundland and Labrador Tax Calculator 2024/25

The Newfoundland and Labrador Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Newfoundland and Labrador. This includes calculations for

1. Employees in Newfoundland and Labrador to calculate their annual salary after tax.
2. Employers to calculate their cost of employment for their employees in Newfoundland and Labrador.

Discover Newfoundland and Labrador, Canada

Newfoundland and Labrador, located in the easternmost part of Canada, is a province known for its unique geographical and cultural identity. Newfoundland, an island in the Atlantic Ocean, and Labrador, on the mainland, are separated by the Strait of Belle Isle. This province is bordered by Quebec to the west and is close to the maritime provinces of Nova Scotia and Prince Edward Island. Newfoundland and Labrador's rugged coastline, characterized by dramatic cliffs and picturesque bays, has played a significant role in shaping its culture, heavily influenced by maritime traditions and the fishing industry.

The economy of Newfoundland and Labrador is diverse, with traditional industries like fishing still playing an important role. The province's rich marine resources have supported a thriving fishing industry for centuries, contributing to its cultural heritage and economic stability. In recent years, there has been a shift towards offshore oil and gas exploration, which has become a significant economic driver. This sector has attracted investment and spurred growth, although it also brings challenges related to sustainability and environmental impact.

Mining is another key sector in Newfoundland and Labrador's economy. The province possesses substantial mineral resources, including iron ore, nickel, and copper, which contribute to its exports and industrial activities. Additionally, the province has started to focus on renewable energy sources and technology, tapping into its potential for hydroelectric power and wind energy.

Culturally, Newfoundland and Labrador is known for its rich folklore, music, and arts that reflect its maritime history and indigenous heritage. The province celebrates its culture through festivals, storytelling, and music, showcasing a strong sense of community and identity. The unique combination of natural beauty, economic diversity, and cultural richness makes Newfoundland and Labrador a distinctive and dynamic region within Canada.

Overview of Taxation in Newfoundland and Labrador, Canada

In Newfoundland and Labrador, the tax system is composed of both federal and provincial taxes. While federal taxes are significant, this dedicated section on iCalculator™ CA focuses on the provincial taxes unique to Newfoundland and Labrador. We aim to provide a comprehensive overview of the different types of provincial taxes, their purposes, and the compliance requirements essential for residents and businesses of the province.

Provincial Income Tax

Provincial income tax is a key component of the tax system in Newfoundland and Labrador. This tax is levied on the income of individuals from various sources, including employment, business ventures, and investments. Understanding the nuances of provincial income tax is crucial for residents to ensure proper tax filings and adherence to local tax laws.

Provincial Sales Tax (PST)

Besides the federal Goods and Services Tax (GST), Newfoundland and Labrador applies its own Provincial Sales Tax (PST), forming part of the Harmonized Sales Tax (HST), which is a blend of GST and PST. This tax affects a wide range of goods and services purchased within the province. It's important for both businesses and consumers to comprehend how HST impacts their financial transactions in Newfoundland and Labrador.

Corporate Tax

Corporate tax is another vital aspect of the province’s taxation framework. This tax is imposed on the profits of corporations operating within Newfoundland and Labrador. Compliance with corporate tax regulations is essential for businesses to contribute responsibly to the provincial economy and to avoid potential penalties.

Other Provincial Taxes and Levies

In addition to these primary taxes, Newfoundland and Labrador administers various other taxes and levies, such as environmental levies, fuel taxes, and property taxes. These are designed to support specific public services and initiatives, contributing to the province's infrastructure and societal well-being.

Compliance with provincial tax laws is a crucial responsibility for both individuals and businesses in Newfoundland and Labrador. The province offers resources and support to help taxpayers understand their tax obligations and ensure they fulfill their responsibilities accurately and on time. For information on federal tax obligations, additional resources and tools are available on iCalculator™ CA: Newfoundland and Labrador.