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Acts and Regulations
n-6.001
- New Brunswick Income Tax Act
Summary
Regulations
5
Chapter
Title
2001-11
Registered Labour-sponsored Venture Capital Corporations
2001-12
New Brunswick Film Tax Credit
2011-73
Home Energy Benefits
2022-69
Tax Withholding and Deductions
2024-80
Seniors’ Tax Benefit
Full text
Detailled Table of Contents
Current to 1 January 2024
New Brunswick Income Tax Act
1
Definitions
2
Last day of taxation year
3
Tax payable
4
Federal definitions and interpretations
5
Consistency with Federal Act
6
Application of Federal Act
7
Modifications for application of Federal Act
8
Application of federal provisions and amendments
9
Application of Act
10
Exemption
I
 INCOME TAX
A
 Liability for Tax
11
Liability of individual
12
Liability of corporation
B
 Individual Income Tax
a
 Computation of Tax
13
Definitions
14
Amount of tax payable
15
Specific percentage
b
 Adjustments to Tax
16
CPP/QPP disability benefits and other lump sum payments for previous years
16.1
Indexing
c
 Tax Credits and Deductions
17
Married status credit
18
Equivalent to spouse credit (wholly dependent person)
19
Single status credit
20
In-home care of relative credit
21
Dependants credit
22
Additional amount for dependants
23
Age credit
24
Pension credit
25
Charitable gifts credit
26
Medical expense credit
27
Credit for mental or physical impairment
27.1
Tuition tax credit
27.2
Unused tuition tax credits
28
Tuition credit
29
Education credit
30
Unused education credits
30.1
Repealed
31
Credit for interest on student loan
32
Credit for EI premium and CPP contribution
32.1
Transfer of tuition tax credits
32.2
Transfer of tax credits
33
Transfer of tax credits
34
Minimum tax carry-over
35
Deduction for taxable dividends
36
Overseas employment tax credit
36.1
Volunteer firefighters and search and rescue volunteers
d
 Restrictions on Credits and Other Rules
37
Part-year residents
38
Ordering of non-refundable credits
39
Credits in separate returns
40
Tax payable by non-resident
41
Credits in year of bankruptcy
42
Tax payable by inter vivos trust
43
Deductions not permitted for trusts
44
Bankrupt individuals
e
 Other Taxes Payable
45
Tax on split income
46
Minimum tax
f
 Multi-jurisdictional and Non-resident Individuals
47
Multi-jurisdictional and non-resident individuals
g
 Repealed: 2001, c.25, s.13
 Surtax
 Repealed: 2001, c.25, s.13
 Surtax
 Repealed: 2001, c.25, s.13
48
Repealed
h
 Foreign Tax Deduction
49
Foreign tax deduction
h.1
 Low-income Tax Reduction
49.1
Low-income tax reduction
i
 Labour-sponsored Venture CapitalCorporation Deduction
50
Deduction respecting labour-sponsored venture capital corporation
i.01
 Political Contributions Tax Credit
50.01
Political contributions tax credit
i.1
 Small Business Investor Tax Credit
 Repealed: 2014, c.20, s.16
50.1
Small business investor tax credit
j
 Child Tax Benefit andWorking Income Supplement
51
Child tax benefit and working income supplement
j.01
 School Supplement
51.01
School supplement
j.1
 First-time University Student Tax Benefit
 Repealed: 2009, c.16, s.6
51.1
First-time university student tax benefit
k
 Seniors’ Benefits
52
Seniors’ tax benefit
52.01
Seniors’ home renovation tax credit
k.01
 Harmonized Sales Tax Credit
52.02
Harmonized sales tax credit
k.1
 Home Energy Benefits
52.1
Home energy benefits
l
 Capital Gains Refund to Mutual Fund Trust
53
Capital gains refund to mutual fund trust
C
 Corporation Income Tax
a
 Computation of Tax
54
Definitions
55
Amount of tax payable
55.1
Corporate straddle provision
b
 Foreign Tax Deduction
56
Foreign tax deduction
c
 Small Business Deduction
57
Small business deduction
d
 Capital Gains Refund to Mutual Fund Corporation
58
Capital gains refund to mutual fund corporation
e
 Research and Development Tax Credit
59
Research and development tax credit
f
 New Brunswick Film Tax Credit
60
New Brunswick film tax credit
D
 Deductions Available to All Taxpayers
61
Political contributions
61.1
Small business investor tax credit
II
 TAX ON LARGE CORPORATIONS
62
Tax payable
63
Capital deduction
64
Exemption
65
Return
66
Application of Federal Act
67
Tax credits
III
 RETURNS, ASSESSMENTS, PAYMENT ANDOBJECTIONS TO ASSESSMENT
68
Returns
69
Estimate of tax
70
Assessment
71
Reassessment or additional assessments
72
Reassessment respecting child tax benefit and working income supplement
73
Withholding
74
Instalments for tax by farmers and fishermen
75
Instalments for tax by other individuals
76
Payment of remainder where paying by instalment
77
Payment of tax by corporations
78
Payments, interest and special rules for trusts and estates
79
Penalties
80
Repeated failures to report income and gross negligence
81
Penalty for late or deficient instalments
82
Refunds
83
Objections to assessment
IV
 APPEALS
84
Appeals to The Court of King’s Bench of New Brunswick
85
Notice of appeal
86
Reply
87
Power of Court or judge
88
Appeal deemed action in Court
89
Application of Federal Act
90
Appeal procedure
V
 COLLECTION OF TAX
91
Collection agreement
92
Application of tax payments
93
Remittances not recoverable
94
Tax paid to other agreeing province
95
Non-agreeing provinces
96
Enforcement of judgments
VI
 ADMINISTRATION AND ENFORCEMENT
97
Administration
98
Application of interest
99
Enforcement
100
Certificates
101
Warrants
102
Garnishment
103
Acquisition of debtor’s property
104
Payment of money seized from tax debtor
105
Direction to seize chattels
106
Restrictions on collection
107
Demand for payment
108
Money withheld
109
Liability of directors
110
Books and records
111
Inspections
112
Privilege
113
Information return
114
Execution of documents by corporations
115
Offence respecting regulations
116
Offence respecting returns and records
117
Other offences and penalties
118
Action under section 116 or 117
119
Offence respecting disclosure of tax information
120
Officers, directors and agents of corporations
121
Power to decrease punishment
122
Procedure and evidence
123
General anti-avoidance rule and benefit conferred on a person
123.1
Collection and use of information
VII
 REGULATIONS
124
Regulations
VIII
 TRANSITIONAL PROVISIONS
125
Tax Agreement Act, 1957
126
Repealed
127
Common-law partners
IX
 CONSEQUENTIAL AMENDMENTS
128
The Income Tax...
129
Stock Savings Plan Act
X
 COMMENCEMENT
130
Commencement
0
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