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Home  ->  Atlantic Provinces   ->   New Brunswick ->

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

New Brunswick 2023 and 2022 Tax Rates & Tax Brackets

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

The Federal and New Brunswick tax brackets and personal tax credit amounts are increased for 2023 by an indexation factor of 1.063 (6.3% increase).

New Brunswick uses the Federal indexation factor.

See Indexation of the Personal Income Tax System for how the indexation factors are calculated.

New Brunswick announced November 1, 2022 that their personal income tax rates would be reduced for 2023, with one bracket being eliminated.  This is reflected in their Bill 10, An Act to Amend the New Brunswick Income Tax Act.

The federal and New Brunswick indexation factors, tax brackets and tax rates for 2023 have been confirmed to Canada Revenue Agency (CRA) information.

Tax Tip: read the article Understanding the Tables of Personal Income Tax Rates, especially if you are trying to compare the rates below to the marginal tax rates in the Basic Tax Calculator.

TaxTips.ca - New Brunswick Tax Rates
2023 Taxable Income 2023 Tax Rates 2022 Taxable Income 2022 Tax Rates
first $47,715 9.4% first $44,887 9.40%
over $47,715 up to $95,431 14.0% over $44,887 up to $89,775 14.82%
over $95,431 up to $176,756 16.0% over $89,775 up to $145,955 16.52%
over $176,756 19.5% over $145,955 up to $166,280 17.84%
  over $166,280 20.30%

 

TaxTips.ca - Combined Federal & New Brunswick Tax Brackets and Tax Rates
2023 Taxable Income (1) NB 2023 Marginal Tax Rates 2022 Taxable Income (1) NB 2022 Marginal Tax Rates
Other
Income
Capital
Gains
Canadian Dividends Other
Income
Capital
Gains
Canadian Dividends
Eligible Non-Eligible Eligible Non-Eligible
first $47,715 24.40% 12.20% -6.38% 14.51% first $44,887 24.40% 12.20% -6.38% 14.51%
over $47,715 up to $53,359 29.00% 14.50% -0.03% 19.80% over $44,887 up to $50,197 29.82% 14.91% 1.10% 20.75%
over $53,359 up to $95,431 34.50% 17.25% 7.56% 26.13% over $50,197 up to $89,775 35.32% 17.66% 8.69% 27.07%
over $95,431 up to $106,717 36.50% 18.25% 10.32% 28.43% over $89,775 up to $100,392 37.02% 18.51% 11.04% 29.03%
over $106,717 up to $165,430 42.00% 21.00% 17.91% 34.75% over $100,392 up to $145,955 42.52% 21.26% 18.63% 35.35%
over $165,430 up to $176,756 45.32% 22.66% 22.49% 38.57% over $145,955 up to $155,625 43.84% 21.92% 20.45% 36.87%
over $176,756 up to $235,675 48.82% 24.41% 27.32% 42.60% over $155,625 up to $166,280 47.22% 23.61% 25.11% 40.76%
over $235,675 52.50% 26.25% 32.40% 46.83% over $166,280 up to $221,708 49.68% 24.84% 28.51% 43.59%
over $221,708 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.
Copyright © 2002 Boat Harbour Investments Ltd.
TaxTips.ca
New Brunswick Basic Personal Amount
2023 Personal Amount 2023 Tax Rate 2022 Personal Amount 2022 Tax Rate
$12,458 9.40% $11,720 9.40%
Federal Basic Personal Amount
2023 Personal Amount (1) 2023 Tax Rate 2022 Personal Amount (1) 2022 Tax Rate
$15,000 15% $14,398 15%

(1) See the federal tax rates page for information on the enhanced federal personal amount, which increases the marginal tax rates for taxable incomes in the second highest federal tax bracket.  The marginal tax rates in blue above have been adjusted to reflect these changes.

Copyright © 2002 Boat Harbour Investments Ltd.

Revised: November 30, 2022

 

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