Acts and Regulations

2021, c.20 - An Act to Amend the New Brunswick Income Tax Act

Table of contents
Full text
2021, c.20
An Act to Amend the
New Brunswick Income Tax Act
Assented to June 11, 2021
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1Section 14 of the New Brunswick Income Tax Act, chapter N-6.001 of the Acts of New Brunswick, 2000, is amended
(a) in subsection (3.4) by striking out “For the 2016 taxation year and subsequent taxation years,” and substituting “For the 2016 to 2020 taxation years, inclusive,”;
(b) by adding after subsection (3.4) the following:
14(3.5)For the 2021 taxation year and subsequent taxation years, the tax payable under this Part for a taxation year by an individual on the individual’s taxable income or taxable income earned in Canada, as the case may be, referred to in this Division as the “amount taxable”, is the sum of the following:
(a) 9.4% of the portion of the amount taxable that is less than or equal to $43,835;
(b) 14.82% of the amount by which the amount taxable exceeds $43,835 and does not exceed $87,671;
(c) 16.52% of the amount by which the amount taxable exceeds $87,671 and does not exceed $142,534;
(d) 17.84% of the amount by which the amount taxable exceeds $142,534 and does not exceed $162,383; and
(e) 20.3% of the amount by which the amount taxable exceeds $162,383.
2Section 16.1 of the Act is amended by adding after subsection (1.6) the following:
16.1(1.7)This section does not apply to subsection 14(3.5) and section 49.1 for the 2021 taxation year.
3Subsection 49.1(2) of the Act is amended
(a) in paragraph (a) by striking out “$14,361” and substituting “$17,840”;
(b) in subparagraph (d)(ii) by striking out “$14,361” and substituting “$17,840”.
4This Act shall be deemed to have come into force on January 1, 2021.