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March 21, 2019
Canada: New Brunswick issues budget 2019/20
On 19 March 2019, New Brunswick Finance Minister Ernie Steeves tabled the province’s fiscal 2019/20 budget. The budget contains no new taxes and no tax increases.
The Minister anticipates a surplus of CA$23 million1 for 2019/20, and projects surpluses for each of the next three years.
Following is a brief summary of the key tax measures.
Business tax measures
Corporate tax rates
No changes are proposed to the corporate tax rates or the $500,000 small business limit.
New Brunswick’s 2019 corporate tax rates are summarized in Table A.
Table A: Corporate tax rates
* The small business rate is based on a 31 December year end.
** The federal small business rate was reduced from 10.00% to 9.00% effective 1 January 2019.
Other business tax measures
?The Minister also proposed the following business tax measures:
Personal income tax rates
The budget does not include any changes to personal income tax rates.
The 2019 New Brunswick personal tax rates are summarized in Table B.
Table B: 2019 New Brunswick personal tax rates
For taxable income in excess of $147,667, the 2019 combined federal-New Brunswick personal income tax rates are outlined in Table C.
Table C: Combined 2019 federal and New Brunswick personal tax rates
* The rate on capital gains is one-half the ordinary income tax rate.
Personal tax credits
There are no proposed changes to personal credits or amounts.
Other personal tax measures include:
1. Currency references in this Alert are to CA$.
For additional information with respect to this Alert, please contact the following:
Ernst & Young LLP (Canada), Dieppe
Ernst & Young LLP (Canada), Saint John