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Surpluses forecast for fiscal years through to 2026-2027.
There were no changes to personal or corporate income taxes except:
Permanent increase to the base amount of the Low-Income
Seniors' Benefit to $600 from $400, with the $600 2024 benefit indexed
to the consumer price index annually starting in 2025. Applications for the
2024 benefit will be available on April 1, 2024.
Carbon Tax: New Brunswick will be adopting the "federal
backstop" for carbon taxation, which will result in New Brunswickers
seeing federal climate
action incentive rebates based on the amount of the federal carbon tax
that is collected in the province each year.
start date for this was not indicated. Other Atlantic provinces
are beginning this on July 1, 2023.
No personal or corporate income tax changes were announced
New Brunswick is projecting small surpluses for the 2022-2023 year and for
the following two years.
Tax changes:
Carbon tax increase from $40 to $50 per tonne April 1, as per federal
requirements
Basic personal amount 2022 increase from $10,817 (indexed amount for 2022)
to $11,720, which becomes the new base amount for indexation in future
years.
Low-income tax reduction threshold 2022 increase from $18,268 (indexed
amount for 2022) to $19,177, which becomes the new base amount for
indexation in future years.
Phased-in provincial property tax rate reductions over 3 years starting
with the current property tax year:
by 50% for non-owner-occupied residential properties, including
apartment buildings and other rental properties;
by 15% for other residential properties, including nursing homes;
by 15% for non-residential properties
The government is also introducing a one-year cap, retroactive to January 1,
2022, on the allowable increase to rent of 3.8%, which is equivalent to the
growth in the CPI in 2021.
These are not all budget measures - see the budget link above for complete
details.
carbon tax increase to $40 per tonne from $30 effective April 1, 2021,
resulting in carbon tax increases of 2.21¢ per litre of gasoline and 2.68¢
per litre of diesel fuel.
These are not all measures - see the budget link above for complete details.
maintaining current rules for the New Brunswick Small Business Corporate Income Tax Rate rather than implementing the federal passive income tax
measure: Bill
22, An Act to Amend the New Brunswick Income Tax Act, was tabled in May
2019 and received Royal Assent June 14, 2019.
Corporate general income tax rate increased from 12% to 14% effective
April 1, 2016
Effective January 1, 2016, eliminate top personal tax rate of 25.75%,
lowering rate from 21% to 20.3% for taxable income over $150,000. This
bracket will be indexed effective January 1, 2017.
Increase in provincial portion of HST, total HST rate increased from
13% to 15%, effective July 1, 2016
Provide a refundable provincial HST credit of $300 for individuals,
$300 for spouse or equivalent, and $100 per child under the age of 19.
Single parent families will receive a $300 credit for 1st child.
Full HST credit to New Brunswickers with family income of less than
$35,000, reduced by 2% for income over $35,000.
Increase Corporation Capital Tax rate for banks from 4% to 5%
effective April 1, 2016
Increase real property transfer tax from 0.5% to 1.0% effective April
1, 2016.
Increase tobacco tax by 6.52 cents per cigarette or gram of loose or
fine cut tobacco over the next 2 years to bring it to the same rate as
Nova Scotia. Initial increase of 3.26 cents will be effective
midnight Feb 3, 2016. Second increase of 3.26 cents will be effective
Feb 1, 2017.
Increase fines and establish dedicated enforcement unit to actively
identify and investigate individuals involved in illegal activities.
NB
2015 Budget - March 31, 2015
2 new tax brackets with higher rates, effective January 1, 2015:
Increasing premiums for seniors who use the Medavie Blue Cross
Seniors Prescription Drug Program - will be done in a progressive way,
and drugs for low-income seniors will continue to be subsidized
through a separate plan.
Increasing fuel taxes on gasoline by 1.9 cents per litre and on
diesel fuel by 2.3 cents per litre.
Effective June 1, 2012, Real Property Transfer Tax will increase from
0.25% to 0.50%
Effective April 1, 2012, Financial Corporation Capital Tax will
increase
from 3% to 4%
Dividend Tax Credit for dividends from corporations subject to the
general Corporate Income Tax rate will be reviewed.
Property tax reform plan consisting of a 4 year phase-in of property
tax changes will be implemented beginning in the 2013 property tax
year.
NB
2011
Budget
The 14.3% rate on the highest tax bracket in 2010 is to be retained for
2011 instead of the previously planned reduction to 12.7%. In 2012,
the tax rates for all tax brackets will remain at their 2011 levels,
delaying the previously planned tax rate reductions. See the revised
table on our 2009 NB Budget page.
The previously planned reduction of the general corporate income tax
rate to 8% on July 1, 2012 has been eliminated. The government is
now committed to keeping the rate at 10%.
A reduction in the small business corporate tax rate was announced,
from 5% to 4.5% effective January 1, 2012, with a plan to reduce the
rate by 50% over four years.
There were no income tax changes announced in the
budget, but in April a process will begin of reviewing the entire taxation
system. This will include personal and corporate income tax,
property tax, consumption tax and fuel taxes. A legislative
committee will be appointed to do conduct consultations with stakeholders,
and to report back in the fall with recommendations for the government.
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