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.
COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? email@example.com