On March 10, 2020, the New Brunswick government released its 2020-2021 budget.
Income taxes
Personal tax
No personal income tax rate changes were announced in this year’s budget. The current combined personal income tax rates for 2020 are outlined below:
|
Personal (combined) federal and N.B. top marginal tax rates |
|
|
|
Rates |
|
Interest/regular income |
53.30% |
|
Capital gains |
26.65% |
|
Eligible dividends |
33.51% |
|
Other-than-eligible dividends |
47.75% |
Corporate tax
No corporate income tax rate changes were announced in this year’s budget. The current corporate income tax rates for 2020 are outlined below:
|
|
Small business corporations |
General corporations |
||
|
|
Rate |
Threshold |
Non-M&P |
M&P |
|
Federal |
9.0% |
$500,000 |
15.0% |
15.0% |
|
New Brunswick |
2.5% |
$500,000 |
14.0% |
14.0% |
|
Combined |
11.5% |
$500,000 |
29.0% |
29.0% |
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