Canada: Tax measures reduce individual income tax rate (New Brunswick)

New Brunswick Bill 48 includes measures that reduce the individual income tax rate.

New Brunswick Bill 48 includes measures that reduce the individual income tax rate.

New Brunswick Bill 48, which received Royal Assent on 11 June 2021, includes measures that reduce the rate with regard to the lowest individual income tax bracket to 9.4% (from 9.68%). This rate applies to taxable income up to $43,835* for the 2021 tax year.

As a result of these changes, individuals are subject to provincial tax at the following rates, effective 1 January 2021:

New Brunswick individual income tax rates and brackets for 2021

Bracket

Rate

Up to $43,835

9.40%

$43,835 - $87,671

14.82%

$87,672 - $142,534

16.52%

$142,535 - $162,383

17.84%

$162,384 and over

20.30%


Read a June 2021 report [PDF 280 KB] prepared by the KPMG member firm in Canada

* $ = Canadian dollar

 

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