Last updated: May 05 2015
The 2015 Newfoundland and Labrador provincial budget was presented on April 30, 2015.
The budget contained the following income tax changes.
New Tax Brackets:
Effective July 1, 2015, two new tax brackets are added: $125,000 to $175,000 at 14.3% and over $175,000 at 15.3%. Because of the mid-year change, rates for 2015 will be a blend of 2014 and 2016 rates as follows:
2014 |
2014 |
2015 |
2015 |
2016 |
||
$0 to $34,254 $34,255 to $68,508 Over $68,508 |
7.7% 12.5% 13.3% |
$0 to $35,008 $35,009 to $70,015 $70,016 to $125,000 $125,001 to $175,000 Over $175,000 |
7.7% 12.5% 13.3% 13.8%* 14.3%* |
7.7% 12.5% 13.3% 14.3% 14.8% |
*Rates for the two highest brackets are 14.3% and 14.8%, effective July 1, 2015.
HST
As of January 1, 2016 the HST rate will increase from 13% to 15%.
User Fees
User fees will increase in many areas.
In spite of the increased taxes on high-income earners, the budget projects a deficit of $1.1 billion. The government projects to return to a surplus within five years.