Atlantic Provinces -> New Brunswick -> New Brunswick Budgets -> 2009 Budget
New Brunswick 2009 Budget - March 17, 2009
See the New Brunswick Budget 2009 website for full details.
Personal Income Tax
Personal tax brackets, rates and credits
New Brunswick currently has four personal income tax brackets. The tax rates for these will be reduced each year beginning in 2009. The threshold levels of each bracket will be increased each year, as will the basic personal amount and the spousal amount. In 2012, the four-bracket structure will be replaced with two brackets. The 2009 rate changes are now reflected in the tables of marginal tax rates for New Brunswick.
The Low-Income Tax Reduction (LITR) is currently phased out at a rate of 5% of income over the base amount. This phase-out rate is reduced to 4% for 2009, and 3% thereafter.
The following will be the thresholds for each bracket:
Low-Income Seniors' Benefit
To be eligible for the low-income seniors' benefit, a person must be a resident of New Brunswick on the last day of the previous taxation year, and must have received one of these federal benefits under the Old Age Security Act:
See Low-Income Seniors' Benefit on the NB website.
Small Business Investor Tax Credit (SBITC)
This tax credit provides a 30% non-refundable personal income tax credit on investments of up to $80,000, for a maximum credit of $24,000 per year for NB investors who invest in eligible small businesses in the province.
Effective for investments made after Mar17, 2009, the maximum annual investment will be increased from $80,000 to $250,000 per year, increasing the maximum annual tax credit to $75,000. Other amendments will allow a larger number of investors to participate in an investment project.
Labour-Sponsored Venture Capital Tax Credit (LSVC)
Corporate Income Tax
Revised: September 15, 2021
Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved. See Reproduction of information from TaxTips.ca