New Brunswick – Provincial corporation tax
Under announced changes, a new credit will be available to corporations, the New Brunswick small business investor tax credit, effective for the 2014 tax year, and the lower rate of New Brunswick income tax will be reduced from 4.5% to 4%, effective January 1, 2015.
The lower rate of New Brunswick income tax is 4.5% , effective January 1, 2012. It was previously 5%.
The income eligible for the lower rate is determined using the New Brunswick business limit of $500,000 .
The higher rate of New Brunswick income tax is 12% effective July 1, 2013. It was previously 10%. This rate applies to all income not eligible for the lower rates.
The tax is prorated based on the number of days in the year when the tax year straddles these dates.
For more information, see Dual tax rates.
Reporting the tax
You can use Schedule 366, New Brunswick Corporation Tax Calculation, to help you calculate the New Brunswick tax before the application of credits. You do not have to file it with your return. See the schedule for more details.
On line 225 of Schedule 5, Tax Calculation Supplementary – Corporations , enter the amount of tax calculated.
Claiming the credits
New Brunswick offers different tax credits. Details of each credit can be found in the following pages and their associated schedules:
- Film tax credit
- Foreign tax credit
- Political contribution tax credit
- Research and development tax credit
Forms and publications
- Schedule 366, New Brunswick Corporation Tax Calculation
- Schedule 5, Tax Calculation Supplementary – Corporations
- New Brunswick (provincial site)
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