New Brunswick: Tax rates and the most popular credits, deductions, programs and rebates
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New Brunswick tax rates
Under the current tax on income method, tax for all provinces (except Québec) and territories is calculated the same way as federal tax. Form 428 is used to calculate this provincial or territorial tax. Non-refundable tax credits that are specific to a province or territory are also calculated on Form 428.
Tax brackets for New Brunswick:
- 9.68% on the first $40,492 of taxable income, +
- 14.82% on the next $40,493, +
- 16.52% on the next $50,679 +
- 17.84% on the next $18,336
- 20.3% on the amount over $150,000.
Your taxable income represents your total income minus federal deductions like the RRSP deduction and child care expenses. Like its name implies, it is the amount on which you pay income tax.
What are some of the tax credits, deductions and rebates specific to New Brunswick?
New Brunswick Child Tax Benefit
Benefits are combined with the Canada Child Tax Benefit into a single monthly payment.
New Brunswick Low-Income Seniors' Benefit assists eligible applicants.
New Brunswick Tuition Rebate: up to $20,000 rebate on your tuition costs
The Residential Property Tax Credit gives eligible homeowners money back on the provincial portion of their property taxes. The Property Tax Allowance can be added to further help low income property owners.
For more information about NB tax credits, please visit the Government of New Brunswick website.
Some NB tax forms
- Form 5004-D: Provincial Worksheet: The NB Provincial Worksheet is used to calculate specific deduction amounts that will be entered on form NB428.
- NB428 - New Brunswick Tax and Credits
- NB overseas employment tax credit
- NB minimum tax carryover
- NB low-income tax reduction
- Labour-sponsored venture capital fund tax credit
- Small business investor tax credit
- NB(S2) - Provincial Amounts Transferred From Your Spouse or Common-law Partner
- NB(S11) - Provincial Tuition and Education Amounts
- T1258 - New Brunswick Small Business Investor Tax Credit
Efficiency NB – residential - several programs exist for existing single-family homes, multi unit residential buildings, new homes and low income households