New Brunswick Bill 23 received first reading on November 14, 2017.
This bill decreases the New Brunswick small business income tax rate to 2.5% (from 3% effective) April 1, 2018; it also makes consequential increases to the dividend tax on non-eligible dividends. The provisions in Bill 23 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of November 14, 2017 (because New Brunswick has a majority government).
Information is current to November 21, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500