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Home  ->  Atlantic Provinces   ->   New Brunswick ->

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

New Brunswick 2024 and 2023 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 2024 by an indexation factor of 1.047 (4.7% increase).

New Brunswick uses the Federal indexation factor.

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

The 2024 Federal Budget proposed an increase in the capital gains inclusion rate to 66 2/3% for the portion of gains realized after June 24, 2024 in excess of $250,000, for an individual. We've added an extra column below, to show the marginal tax rate for those gains. The inclusion rate is still 50% for the portion of gains up to $250,000 after June 24, 2024.

The federal and New Brunswick indexation factors, tax brackets and tax rates for 2024 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 or the Detailed Tax Calculators.

TaxTips.ca - New Brunswick Tax Rates
2024 Taxable Income 2024 Tax Rates 2023 Taxable Income 2023 Tax Rates
first $49,958 9.4% first $47,715 9.4%
over $49,958 up to $99,916 14.0% over $47,715 up to $95,431 14.0%
over $99,916 up to $185,064 16.0% over $95,431 up to $176,756 16.0%
over $185,064 19.5% over $176,756 19.5%

 

TaxTips.ca - Combined Federal & New Brunswick Tax Brackets and Tax Rates
2024 Taxable Income (1) NB 2024 Marginal Tax Rates 2023 Taxable Income (1) NB 2023 Marginal Tax Rates
Other
Income
Capital Gains Canadian Dividends Other
Income
Capital
Gains
Canadian Dividends
All Pre-
Jun 25
>$250K
Post-
Jun 24
Eligible Non-Eligible Eligible Non-Eligible
first $49,958 24.40% 12.20% 16.27% -6.38% 14.51% first $47,715 24.40% 12.20% -6.38% 14.51%
over $49,958 up to $55,867 29.00% 14.50% 19.33% -0.03% 19.80% over $47,715 up to $53,359 29.00% 14.50% -0.03% 19.80%
over $55,867 up to $99,916 34.50% 17.25% 23.00% 7.56% 26.13% over $53,359 up to $95,431 34.50% 17.25% 7.56% 26.13%
over $99,916 up to $111,733 36.50% 18.25% 24.33% 10.32% 28.43% over $95,431 up to $106,717 36.50% 18.25% 10.32% 28.43%
over $111,733 up to $173,205 42.00% 21.00% 28.00% 17.91% 34.75% over $106,717 up to $165,430 42.00% 21.00% 17.91% 34.75%
over $173,205 up to $185,064 45.32% 22.66% 30.21% 22.49% 38.57% over $165,430 up to $176,756 45.32% 22.66% 22.49% 38.57%
over $185,064 up to $246,752 48.82% 24.41% 32.55% 27.32% 42.60% over $176,756 up to $235,675 48.82% 24.41% 27.32% 42.60%
over $246,752 52.50% 26.25% 35.00% 32.40% 46.83% over $235,675 52.50% 26.25% 32.40% 46.83%
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
2024 Personal Amount 2024 Tax Rate 2023 Personal Amount 2023 Tax Rate
$13,044 9.40% $12,458 9.40%

 

Federal Basic Personal Amount
2024 Personal Amount (1)
Minimum / Maximum
2024 Tax Rate 2023 Personal Amount (1)
Minimum / Maximum
2023 Tax Rate
$14,156 $15,705 15% $13,520 $15,000 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: September 20, 2024

 

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

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