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Corporate Income Tax

Corporate Income Tax (CIT) Rates are as follows:

Effective January 1, 2016
General CIT rate 15%
Manufacturing and Processing Profits CIT rate 15%
Small business CIT rate 3%

Budget 2016 increased the general CIT rate from 14% to 15%, effective January 1, 2016. In addition, Budget 2016 eliminated the Manufacturing and Processing Profits Tax Credit effective January 1, 2016.

CIT is administered on behalf of the Province by the Federal Government.

The Canada Revenue Agency (CRA) can be reached at 1-800-959-5525 to provide answers to specific questions about CIT. Additional information can also be obtained from the CRA website.

The provincial CIT rate is applied to the same taxable income as is calculated for the purposes of the federal CIT system.

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 CIT in Newfoundland and Labrador, please contact the Tax Policy Division.

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