Taxes
Property Tax Rates / Corporate Tax & Incentives
Property Tax Rates (2008)The City of Fredericton has the lowest property tax rate of all New Brunswick cities.
| Non-Residential (Commercial) |
|
|
| *Inside City Rate 1.4176 x 1.5 = |
2.13 |
|
| Provincial Tax Rate 1.50 x 1.5 = |
2.25 |
|
| Provincial Tax Rate (Assessment & Collection) |
0.02 |
|
|
SubTotal |
$4.40 |
|
| Business Improvement Area (if applicable) |
0.20 |
|
| |
$4.60 |
|
| Residential |
Inside |
Outside |
| City Rate |
$1.4176 |
$1.0632 |
| Provincial Rate |
1.5000 |
1.5000 |
| Provincial Rate (assessment & collection) |
0.0200 |
0.0200 |
|
Sub-Total |
2.9736 |
2.5832 |
| Less Provincial Tax Credit |
(1.5000) |
(1.5000) |
|
Total Tax Bill |
$1.4376 |
$1.0832 |
|
Source: City of Fredericton Finance
Notes: *For owner-occupied dwellings |
|
|
Corporate Tax Rates & IncentivesProvincial: (as of January 2008)
Provincial general corporate income tax rate is 13%, and small business rate is 5%. The income threshold up to which the provincial small business rate is applied is $400,000. For more info, http://www.gnb.ca/0162/tax/Corporate.htm
There are various tax credits available, such as:
- Dividend tax credit - The New Brunswick Dividend Tax Credit is a non-refundable personal income tax credit. For more info, http://www.gnb.ca/0024/tax/dividend.asp
- New Brunswick Labour Sponsored Venutre Capital - The New Brunswick Labour Sponsored Venture Capital (LSVC) tax credit is a personal non-refundable income tax credit provided for purchases of approved shares in prescribed LSVC corporations. For more info, http://www.gnb.ca/0162/tax/labour_sponsored-e.asp
- Small Business Investor Tax Credit - The New Brunswick Small Business Investor Tax Credit offers a 30% non-refundable personal income tax credit of up to $15,000 per year on eligible investments by New Brunswickers. For more info, http://www.gnb.ca/0162/tax/sbitc/smallbusiness.htm
- R&D Tax Credit - The New Brunswick R&D tax credit is 15% and is fully refundable, meaning that the credit benefits New Brunswick corporations even if the corporation does not have provincial taxes owing. The refund amount will be equal to the amount of the credit in excess of tax otherwise payable under the New Brunswick Income Tax Act.
- Film tax credit - The Province provides a Film Tax Credit equal to a maximum of 40% of eligible salaries paid to New Brunswick residents. The value of this credit may also be included as part of the calculation of a production company's equity in a production. For more info, please see http://www.nbfilm.com/programs/tax_credit.asp?language=e&show=tc.
- Federal Investment Tax Credit Program - Deducted from federal tax payable, this credit is 10% of net investment in equipment and buildings in manufacturing, processing, mining, oil and gas, logging, farming, and fishing. Investment Tax Credits which exceed federal tax payable can be carried back to reduce federal tax in the three previous years or carried forward up to ten years. This credit applies only in the Atlantic Provinces and Quebec's Gaspé region.
- Provincial Sales Tax Rebate - New Brunswick has combined its provincial sales tax rate with the federal sales tax rate, resulting in the HST (harmonized sales tax). The entire 13% sales tax (or value-added tax (VAT)) on business inputs and purchases is a refundable tax credit for most businesses in New Brunswick
For additional information, please see: http://www.gnb.ca/0398/investment/incentives/index-e.asp#tc and http://www.gnb.ca/0024/tax/index.asp
Federal: For complete information, visit:
http://www.cra-arc.gc.ca/tax/business/menu-e.html
