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New Brunswick 2013 Budget

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Atlantic Provinces -> New Brunswick -> New Brunswick Budgets -> 2013 Budget

New Brunswick 2013 Budget - March 28, 2013

See the New Brunswick Budget 2013 website for full details.  The government hopes to return to a balanced budget in the 2015-16 budget year.

New Brunswick Personal Income Tax

Personal tax brackets, rates and credits

New Brunswick currently has four personal income tax brackets.  The tax rates for these are being increased, returning to the rates that applied in 2006, effective July 1, 2013.

The Low-Income Tax Reduction (LITR) is currently phased out at a rate of 3% of income over the base amount.

Tax rates 2008 2009 2010 2011 2012 2013
as per
Budget*
2013
effective
rate*
Bracket 1 10.12% 9.65% 9.30% 9.10% 9.10% 9.68% 9.39%
Bracket 2 15.48% 14.50% 12.50% 12.10% 12.10% 14.82% 13.46%
Bracket 3 16.80% 16.00% 13.30% 12.40% 12.40% 16.52% 14.46%
Bracket 4 17.95% 17.00% 14.30% 14.30% 14.30% 17.84% 16.07%

* The personal income tax rates are increased effective July 1, 2013.  The effective rate is the average of the rate for the first 6 months of the year and the rate for the last 6 months of the year, and will be the rate used when 2013 income tax returns are filed.

See the revised NB 2013 Tax Rate Tables

Basic personal amount $8,395 $8,605 $8,777 $8,953 $9,203 $9,388 $9,388
Spousal amount $7,129 $7,307 $7,453 $7,602 $7,815 $7,971 $7,971
LITR Phase-Out 5% 4% 3% 3% 3% 3% 3%

The following are the thresholds for each bracket:
  2008 2009 2010 2011 2012 2013
Bracket over to over to over to over to over to over to
1 $0 $34,836 $0 $35,707 $0 $36,421 $0 $37,150 $0 $38,190 $0 $38,954
2 34,836 69,673 35,707 71,415 36,421 72,843 37,150 74,300 38,190 76,380 38,954 77,908
3 69,673 113,273 71,415 116,105 72,843 118,427 74,300 120,796 76,380 124,178 77,908 126,662
4 over 113,273 over 116,105 over 118,427 over 120,796 over 124,178 over 126,662

Corporate Income Tax

The general corporate tax rate will be increased from 10% to 12% effective July 1, 2013.

Tobacco Tax

Effective midnight on March 28, 2013, the tobacco tax rate on cigarettes will be increased by 2 cents per cigarette, or 50 cents per package of 25 cigarettes.  The tax rate for loose tobacco and other tobacco products will be increased to 19 cents per gram, and the tax on cigars will be increased to 75% of the normal retail price.

 

Revised: September 19, 2017

 

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