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New Brunswick 2007 Budget

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Atlantic Provinces -> New Brunswick -> New Brunswick Budgets -> 2007 Budget

New Brunswick 2007 Budget - March 13, 2007

Tax changes effective 2007:

bullet personal income tax rates will be increased from 9.68%, 14.82%, 16.52% and 17.84% to 10.12%, 15.48%, 16.8%, and 17.95%.
bullet Low Income Seniors' Benefit to be increased from $100 to $200 on April 1, 2007.
bullet Tuition Rebate program will be amended, providing tax relief to recent graduates of eligible post-secondary institutions.
bullet general corporate income tax (CIT) rate will increase to 13%, restoring the rate that was in effect for the 2006 taxation year.
bullet small business CIT rate will be increased to 5%
bullet income threshold eligible for the small business CIT rate will be decreased from $475,000 to $400,000
bullet the small business dividend tax credit will increase from 3.7% to 5.3%
bullet Federal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Québec:
bullet effective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.
bullet lifetime capital gains deduction increased from $500,000 to $750,000.

For more information see the NB Department of Finance Budget website.

Revised: September 19, 2017

 

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