It was found by officers on the Crumlin Road during a search of the area.
In a statement issued to the media earlier today the PSNI described it as a "viable" device but this was later retracted.
The device was discovered shortly before a scheduled parade in the area.
Meanwhile another parade - which took a controversial route past a Catholic church in Belfast City Centre - passed off peacefully this morning.
The Apprentice Boys paraded down Donegall Street in the north of the city with only a single drum beat being played as members passed by St Patrick's Church.
Members of the Carrick Hill Residents group protested peacefully from the footpath as the parade passed by.
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