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Atlantic Provinces   ->   New Brunswick -> Budgets

New Brunswick Budgets

New Brunswick 2019 Budget - March 19, 2019

     - on NB Dept of Finance website

     - no tax increases

    - maintaining current rules for the New Brunswick Small Business Corporate Income Tax Rate rather than implementing the federal passive income tax measure.

New Brunswick 2018 Budget - Jan 30, 2017 (on NB Dept of Finance website)

     - no new tax changes

     - see their news release for a summary of budget measures

New Brunswick Fall 2017 Tax Changes

    - The non-eligible dividend tax credit is revised to 2.853% of the taxable dividend for 2018, and to 2.75% of the taxable dividend for 2019 and subsequent taxation years.  The NB 2018 Tax Rate Table has been revised.

    - The small business corporate income tax rate will be reduced to 2.5% effective April 1, 2018.

See Bill 23, An Act to Amend the New Brunswick Income Tax Act, tabled November 14, 2017.

NB 2017 Budget - Feb 7, 2017 (on NB Dept of Finance website)

See Bill 60 An Act to Amend the New Brunswick Income Tax Act, which received Royal Assent on May 5, 2017, implementing the 2 provisions below.

    - The small business corporate income tax rate is revised from 3.5% to 3.0% effective April 1, 2017.

    - The dividend tax credit for non-eligible dividends is revised from 3.5% to 3.245% effective January 1, 2017.

NB 2016 Budget - Feb 2, 2016 (on NB Dept of Finance website)

Bill 32, which received Royal Assent July 8, 2016, revised the small business corporate tax rate to 3.5% effective April 1, 2016, and revised both the eligible and non-eligible dividend tax credit rates for 2016, 2017 and later years.

Bill 18 - An Act Respecting Fiscal Measures is available with the legislative changes.

bulletCorporate general income tax rate increased from 12% to 14% effective April 1, 2016
bulletEffective 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.
bulletNo change to the non-eligible dividend tax credit rate.
bulletIncrease in provincial portion of HST, total HST rate increased from 13% to 15%, effective July 1, 2016
bulletProvide 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.
bulletIncrease Corporation Capital Tax rate for banks from 4% to 5% effective April 1, 2016
bulletIncrease real property transfer tax from 0.5% to 1.0% effective April 1, 2016.
bulletIncrease 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.
bulletIncrease fines and establish dedicated enforcement unit to actively identify and investigate individuals involved in illegal activities.

NB 2015 Budget - March 31, 2015 (on NB Dept of Finance website)

bullet2 new tax brackets with higher rates, effective January 1, 2015:
bullet21% for over $150,000
bullet25.75% for over $250,000
bulletsee the revised tax table
bulletNew Seniors' Home Renovation Tax Credit - details to be made available in coming weeks
bulletElimination of the Tuition Rebate.
bulletIncreasing 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.
bulletIncreasing fuel taxes on gasoline by 1.9 cents per litre and on diesel fuel by 2.3 cents per litre.
bulletSmall business corporate income tax rate lowered from 4.5% to 4% effective January 1, 2015.
bulletSmall business (non-eligible) dividend tax credit rate lowered from 5.3% to 4% effective January 1, 2015
bulletMany other changes and cost cutting measures that do not affect taxes.  See the news release for details.

NB 2014 Budget - February 4, 2014 (on NB Dept of Finance website)

bulletNo increases to personal income tax or HST
bulletEnhanced Small Business Investor Tax Credit

NB 2013 Budget - March 28, 2013

NB 2012 Budget - March 27, 2012 (on NB Dept of Finance website)

bulletNo increases to personal income tax or HST
bulletEffective June 1, 2012, Real Property Transfer Tax will increase from 0.25% to 0.50%
bulletEffective April 1, 2012, Financial Corporation Capital Tax will increase from 3% to 4%
bulletDividend Tax Credit for dividends from corporations subject to the general Corporate Income Tax rate will be reviewed.
bulletProperty 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 (on NB Dept of Finance website)

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.

NB 2010 Budget (on NB Dept of Finance website)

NB 2009 Budget

NB 2008 Budget

NB 2007 Budget

Revised: April 21, 2019


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