The legislature in New Brunswick has advanced the province’s budget for 2019.
New Brunswick Bill 22 received a third reading in late May 2019.
Bill 22 essentially implements the province’s 2019 budget, and amends the province’s income tax law for purposes of calculating the New Brunswick small business limit. The change reflects the province's decision not to align with federal tax measures (2018) that phase out the small business limit on a straight-line basis for certain Canadian controlled private corporations (CCPCs)—that is, those that together with associated corporations, have between $50,000 and $150,000* of adjusted aggregate investment income for tax years beginning after 2018.
Read a June 2019 report prepared by the KPMG member firm in Canada
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