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AllTax CreditOpen
Government of Newfoundland and Labrador, Department of Finance
Small Business Tax Credit
Amount
Varies
Deadline
Rolling
Odds
Automatic if eligible
Effort
1–2 hours with an ac
Can you get this?
✓Must be a Canadian-controlled private corporation
✓Income must qualify for federal small business deduction
✓Active business income earned in NL
✓Reduced rate applies to first $500,000 of income
Your real odds
This is a standard tax rate reduction, so if you meet the federal small business deduction criteria, you automatically receive it.
There is no application pool or selection process; eligibility is determined when you file your corporate tax return, and the main risk is simply not meeting the federal small business deduction requirements.
What it takes
Confirm your corporation is a Canadian-controlled private corporation (CCPC) qualifying for the federal small business deduction1–2 hours with an accountant
File your Newfoundland and Labrador corporate income tax return applying the 2.5% rate to eligible incomeAnnually at tax filing time
Worth knowing
The rate dropped from 3% to 2.5% effective January 1, 2024, so if you filed before that date at the old rate, confirm your filings reflect the current lower rate.
What else do you qualify for?
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