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Atlantic Provinces   ->   New Brunswick ->
Tax Rates   ->   Current Marginal Tax Rates -> New Brunswick

New Brunswick 2020 and 2019 Personal Marginal Income Tax Rates

New Brunswick Income Tax Act s. 14, 16.1, 19, 35

Please read the article Understanding the Tables of Personal Income Tax Rates.

The Federal and New Brunswick tax brackets and personal amount are increased for 2020 by an indexation factor of 1.019.  New Brunswick uses the Federal indexation factor.  The indexation factors, tax brackets and tax rates have been confirmed to Canada Revenue Agency information.

New Brunswick Personal Income Tax Brackets and Tax Rates
2020 Taxable Income 2020 Tax Rates 2019 Taxable Income 2019 Tax Rates
first $43,401 9.68% first $42,592 9.68%
over $43,401 up to $86,803 14.82% over $42,592 up to $85,184 14.82%
over $86,803 up to $141,122 16.52% over $85,184 up to $138,491 16.52%
over $141,122 up to $160,776 17.84% over $138,491 up to $157,778 17.84%
over $160,776 20.30% over $157,778 20.30%

 

Combined Federal & New Brunswick Tax Brackets and Tax Rates
2020 Taxable Income 2020 Marginal Tax Rates 2019 Taxable Income 2019 Marginal Tax Rates
Other
Income
Capital
Gains
Canadian Dividends Other
Income
Capital
Gains
Canadian Dividends
Eligible Non-Eligible Eligible Non-Eligible
first $43,401 24.68% 12.34% -5.99% 14.83% first $42,592 24.68% 12.34% -5.99% 14.83%
over $43,401 up to $48,535 29.82% 14.91% 1.10% 20.75% over $42,592 up to $47,630 29.82% 14.91% 1.10% 20.75%
over $48,535 up to $86,803 35.32% 17.66% 8.69% 27.07% over $47,630 up to $85,184 35.32% 17.66% 8.69% 27.07%
over $86,803 up to $97,069 37.02% 18.51% 11.04% 29.03% over $85,184 up to $95,259 37.02% 18.51% 11.04% 29.03%
over $97,069 up to $141,122 42.52% 21.26% 18.63% 35.35% over $95,259 up to $138,491 42.52% 21.26% 18.63% 35.35%
over $141,122 up to $150,473 43.84% 21.92% 20.45% 36.87% over $138,491 up to $147,667 43.84% 21.92% 20.45% 36.87%
over $150,473 up to $160,776 47.06% 23.53% 24.89% 40.57% over $147,667 up to $157,778 46.84% 23.42% 24.59% 40.32%
over $160,776 up to $214,368 49.52% 24.76% 28.29% 43.40% over $157,778 up to $210,371 49.30% 24.65% 27.99% 43.15%
over $214,368 53.30% 26.65% 33.51% 47.75% over $210,371 53.30% 26.65% 33.51% 47.75%

Marginal tax rate for dividends is a % of actual dividends received (not grossed-up taxable amount).
Marginal tax rate for capital gains is a % of total capital gains (not taxable capital gains).
Gross-up rate for eligible dividends is 38%, and for non-eligible dividends is 15%.
For more information see New Brunswick dividend tax credits.

New Brunswick Basic Personal Amount

2020 Personal Amount 2020 Tax Rate 2019 Personal Amount 2019 Tax Rate
$10,459 9.68% $10,264 9.68%

Federal Basic Personal Amount

2020 Personal Amount (1) 2020 Tax Rate 2019 Personal Amount 2019 Tax Rate
$13,229 15% $12,069 15%

(1) The 2020 federal personal amount is increased from $12,298 to $13,229 for taxpayers with net income of $150,473 or less.  For incomes above this threshold, the additional amount of $931 is reduced until it becomes zero at net income of $214,368.  The marginal tax rates above have been adjusted to reflect this change.

Copyright © 2002 Boat Harbour Investments Ltd.

Revised: May 28, 2020

Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved.  See Reproduction of information from TaxTips.ca

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