Corporate Income Tax is administered on behalf of the Province by the Federal Government.
The provincial corporate income tax rate (CIT) is applied to the same taxable income as is calculated for the purposes of the federal CIT system.
Newfoundland and Labrador is amongst the most competitive provinces with respect to CIT rates in Canada.
Businesses paying CIT in this province may be eligible for the following tax credits;
Corporations that qualify for the Economic Diversification and Growth Enterprises Program (EDGE) receive a ten year tax holiday from provincial CIT.
For more information about corporate income taxes in Newfoundland and Labrador, please contact the Tax Policy Division.