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New Brunswick Budgets
Canadian Tax and
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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
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.
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.
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.