New Brunswick Income Tax Brackets Changes
Income thresholds will be increasing by 1% for the 2021 tax year.
New Brunswick Provincial Income Tax Changes 2021
| 2020 | 2021 | Rate |
|---|---|---|
| Less than $10,459 | Less than $10,564 | 0% |
| $10,460 to $43,401 | $10,565 to $43,835 | 9.68% |
| $43,402 to $86,803 | $43,836 to $87,671 | 14.82% |
| $86,804 to $141,122 | $87,672 to $142,534 | 16.52% |
| $141,123 to $160,776 | $142,535 to $162,383 | 17.84% |
| More than $160,776 | More than $162,383 | 20.30% |
New Brunswick Low-Income Tax Reduction
The low income tax reduction provides a non-refundable tax credit depending on your income. You are eligible for this tax credit if your income is less than $40,055, or your family income is less than $62,655.
The amount of the low-income tax reduction is:
- $678 plus $678 for eligible spouse/common-law partner plus $678 for eligible dependant, up to a maximum reduction of $1,356.
- Reduced from this reduction is your net family income minus $17,455 multiplied by the applicable rate of 3%.
- If the result of the reduced reduction is greater than zero, then subtract your family income by this reduction.
The result of this is the tax credit you will receive for the low-income tax reduction.
New Brunswick Low-Income Seniors' Benefit
Those receiving the Guaranteed Income Supplement, Allowance for Survivor Program, or the Allowance Program are eligible to receive a $400 benefit. If both spouses are eligible, only one benefit can be paid.